Monica McCoy: Inspire Underrepresented Businesses to Achieve Success
Monica McCoy
Monica Motivates LLC, the applicant organization, was founded in 2017 and is owned and managed by Monica McCoy. Monica's organization provides a wide offering of research, education, and consulting services to women and entrepreneurs from underrepresented groups.
Monica Motivates works to close the opportunity gap for women of color entrepreneurs created due to a lack of education, resources, and funding in underrepresented communities. Monica is recognized for bringing strategic and financial parties to women of color, thus garnering national attention and most importantly measurable success stories for attendees whose businesses have launched, grown, and scaled.
To date, fourteen hundred (1400) minority firms have been positively impacted by Monica Motivates.
What was the inspiration to start this business?
In 2017 I left my corporate job to pursue my entrepreneurial passion full time. During my corporate career, I encountered so many women and minority business owners who were extremely talented and innovative. They had great ideas but did not succeed in business due to a list of “lack-of”.
The list included lack of education, lack of experience, lack of resources, and lack of opportunities. I began to research the rise and failings of women-owned businesses and found that the opportunity gap for women was dismal. I wanted to start a business that could help women overcome some of the obstacles preventing them from starting and sustaining a successful business. I launched a company with a series of programs under the umbrella of “Pitch University”.
I recognized that most women entrepreneurs had the vision, had the plan, and had the tenacity, but failed to be able to articulate the business proposition needed to secure support and funding resources. Female start-ups received less than 3% of the $136 billion invested by venture capital firms last year. I became committed to helping women close this gap and effectively prepare to access the funding that is available to them.
My research also showed that every time a woman pitches her business, men have pitched nine times. I developed a proprietary “Art of the Pitch” 5-step process to help women learn to close deals, obtain funding, and win and sustain corporate contracts. Pitch University Programs begin with a level set on the disparity of the opportunity – including trends and patterns specific to women-owned businesses. The potential for women entrepreneurs to boost economic growth in this country has not been fully realized. I am committed to moving the needle and changing the data one woman at a time.
When you started your business, did you ever envision that you would be where you are now?
Yes. I always believed in the importance of having a vision and a solid strategy in place. Although I have had to pivot several times, the north star has remained the same.
Was there ever a time that things didn't fall into place, struggles, or challenges? What were they and how did you get past it and grow from the experience?
As a founder, I have had so many times when things did not fall into place. What I have learned is that you have to embrace failure. The key is not to give up and learn the lesson. I have grown so much as a founder by embracing both my successes and my failures.
What was the biggest lesson you learned while starting and growing this business?
My biggest lesson that I've learned is to enjoy the process. There is not an overnight success story with being a founder. It is truly a journey. The founders that make it to long-term success are those who celebrate small wins along the journey instead of only looking for the big wins. The key is to know that difficult seasons are temporary.
What would you tell a FEM that is struggling in her business and feel like it's too difficult?
Please don't give up! Entrepreneurship is not easy. It is probably one of the most challenging, yet most rewarding things that you will ever do. Remember that everything is a season and the difficult season will pass and blossom into beautiful wins. The problem is that most founders give up right before their major breakthrough. Always remember to embrace the seasons of struggle as you are developing muscles that you did not know existed. This too shall pass...
What continues to inspire you to keep on growing your business?
I always wanted to make an impact while walking in my authentic purpose. I realized at an early age that I wanted to live a life of significance. I'm inspired by the countless founders that our organization is able to touch.
Final advice for those thinking of starting a business or looking to grow their current business?
Please take the leap of faith! The world is waiting for you to bring to gift to life! Please do not let this life pass you by without walking in your authentic purpose!
To connect: @monicamotivates