'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.
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.
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.