Get All Access for $5/mo

'Undercover Billionaire': The 3 Questions You Should Ask Yourself Every Day Monique Idlett-Mosley, the founder and CEO of technology fund Reign Ventures, discusses what it take to find success.

By Dan Bova

Courtesy of Discovery

Take all of your contacts, funds and resources and light them on fire. Now try to build a million-dollar company in 90 days. Sound hard? It is. Just ask the contestants of Discovery's reality series, Undercover Billionaire. The second season, which premieres tonight (January 6 at 8 PM ET/PT), features three entrepreneurs all racing to grab seven figures first.

The brave players are Elaine Culotti, a real estate developer, interior designer, builder and founder of House of Rock, Grant Cardone, a motivational speaker, real estate investor, author and Entrepreneur contributor and Monique Idlett-Mosley, the founder and CEO of technology fund Reign Ventures.

We caught up with Monique to discuss her road to success — and what it felt like to start from scratch.

Did you have a grand vision of what you wanted to become when you first started out?

The only plan I had was to be strategic and intentional. I always ask myself three questions when I'm approaching a new project, and they all have to have the answer yes. Is it right for Monique? Is it right for the other person, partner or community? And is it the right thing to do? Each day, I ask myself those things.

What do you think was vital for you to achieve success on this show and in life?

For me, the most vital part of this challenge was to never give up. It was allowing myself to be a student, to put myself in environments where I wasn't the smartest person. I've also always approached things that the glass is half full. It's super important to me to have a positive mindset.

What do you always advise people who are just starting out?

I always advise people to put themselves around like-minded people. I tell entrepreneurs that you are the sum of the five people you surround yourself with. Most importantly, you can't give up. The road is not easy. I think with digital media that we're able to see the end result of this success. Documenting the process is important since the journey is full of obstacles, and it's about getting around these obstacles and keep pushing and pushing.

What do you look for when people are pitching you for investment?

For any investments, I'm looking to understand the founders. I'm looking to understand the problem. Then the solution. I'm looking to see how the founders handle adversity. We research – not just the market opportunity but the founders. Who they are? What do they stand for? Do they have a profit model? They need to explain the company in a few sentences: the who's, the what's and the why's. Are you showing up on time for the meeting and going the extra mile? There are a lot of character traits we're looking for outside the business model. We are looking for founders that are exceptional willing to deal with adversity as a leader.

Related: This 'Gold Rush' Star Wants to Put Himself Out of Business

This show gave you the chance to start over. What has changed about the business world since you began?

Covid! Also, technology, businesses and markets are evolving every second. However, the concept of being able to pivot is not new. It's more prevalent today than ever before. Businesses need to be willing to pivot.

Dan Bova

Entrepreneur Staff

VP of Special Projects

Dan Bova is the VP of Special Projects at Entrepreneur.com. He previously worked at Jimmy Kimmel Live, Maxim, and Spy magazine. His latest books for kids include This Day in History, Car and Driver's Trivia ZoneRoad & Track Crew's Big & Fast Cars, The Big Little Book of Awesome Stuff, and Wendell the Werewolf

Read his humor column This Should Be Fun if you want to feel better about yourself.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Celebrity Entrepreneurs

The Pep Talk From Mickey Mouse We All Need to Hear, Compliments of Chris Diamantopoulos

Chris Diamantopoulos, the star of "The Sticky," "Red Notice" and the voice of Mickey Mouse, gets real about resilience, chasing dreams, and his desperate wish for a normal hobby.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.