top of page
Search

Scaling Smart: What CEO Karla Trotman Taught Us About Black Business Funding, Fear & Mindset

On August 26th, the BBL Podcast team hosted a Watch Party that featured our  conversation with Karla Trotman, CEO and President of Electro Soft Inc. If you missed it, don't worry. We’ve saved some of the best takeaways for you in this insightful Q&A, showcasing some of the questions from business owners who attended.



What is the best way to get free funding to scale your business without paying loans upon loans? 

There are numerous exemplary methods to secure non-repayable funding (grant capital) for the purpose of expanding your enterprise:

Grant program

Look for government grants at federal, state, or local levels, often aimed at specific industries or demographics. Resources: Grants.gov and your state’s economic development office.

Competitions & Pitch Contests

Win cash prizes by entering local or major competitions like SXSW Pitch. Universities, accelerators, and corporations often host these events.

Equity Investment (Non-Debt)

Angel investors and venture capitalists provide funds in exchange for equity—no loan repayments required. You also gain mentorship and networks.

Revenue-Based Financing

Investors give capital in return for a percentage of future revenue until repayment plus profit, instead of fixed loan payments.

Accelerators & Incubators

Programs like Y Combinator or Techstars offer funding, mentorship, and resources in exchange for minor equity stakes.

Crowdfunding

Platforms such as Kickstarter or Indiegogo. let you raise money from consumers who pre-order products or support your vision

Corporate Partnerships

Big corporations may invest in or sponsor startups that align with their strategy through innovation funds or partnership programs.


"Entrepreneurship requires a lot of courage because you're betting on yourself. Yes, there is fear but it's all about calculated risk "

Did you experience any fear related to achieving success? At any point, what strategies did you use to overcome that fear?

Ask any entrepreneur, and they will tell you they are still striving for success. The goal keeps shifting as you learn from others and the world opens up around you. My biggest concern is more about not taking chances or waiting too long to make changes. Entrepreneurship requires a lot of courage because you're betting on yourself, so yes, there is fear. But it’s all about a calculated risk.


The strategies that I use are:

  • Good strategic planning

  • Advisory board

  • Good professional team - outsourced CFO, CPA, investment team, bankers

  • Understand financials

  • Good financial reporting

  • Business coaching


These things help me stay aligned with my goals, and when I am headed in the right direction, the fear dissipates. I can only focus on the things within my own control.



I want to run a successful business, but I’ve always felt  I do not have the mindset to do so. How can I put this doubt to rest?


The first thing you should do is develop a positive mindset. You need to believe in yourself and your abilities and stay motivated to succeed. Entrepreneurship is for resilient individuals. I recommend reading books about the entrepreneur mindset to see if it aligns with you. It's not for the faint of heart. 

Here are some additional ways to obtain small business ownership via traditional and non-traditional funding, (as mentioned in the full video):


  • Acquire an existing business through a business broker

  • Obtain a Small Business Administration (SBA) loan

  • Explore Seller Financing options to pay back the loan over time 

  • Build wealth by structuring a “Debt Deal” to assume the business’s debt


There are other ways to get involved in the entrepreneurial ecosystem, such as investing. Don't force it if it's not right for you. 



Watch the Karla Trotman Episode 

The full conversation is live on our YouTube channel. Don't miss the wholesome, unfiltered version of everything you read here.



About the Black Business Live Podcast


The Black Business Live Podcast is a platform to honor Black Excellence, where we shine the spotlight on the journeys of successful entrepreneurs, creatives, and business leaders who have scaled their companies and are committed to lifting others as they rise.


We invite you to participate in future episodes, powerful conversations, behind-the-scenes moments, with the energy of a connected audience. Visit our podcast page for updates on future in-studio tapings, online watch party or community events. 


 
 
 

Comments

bottom of page