Balanced Black Girl Podcast Summary
Episode: "How to Bet On Yourself with Amira Rasool of the Folklore Group"
Release Date: October 1, 2024
In this compelling episode of the Balanced Black Girl podcast, host Les engages in an insightful conversation with Amira Rasool, the dynamic founder and CEO of the Folklore Group. Recognized as a Forbes 30 Under 30 honoree, Amira shares her inspiring journey from a media professional to a visionary entrepreneur aiming to bridge the gap between African brands and global consumers.
1. Introduction to Amira Rasool and Her Career Journey [02:24 - 07:08]
Amira begins by recounting her early aspirations in the media industry. Starting with internships at prestigious publications such as Women's Wear Daily, V Magazine, Marie Claire, and The Fader, her initial goal was to become the editor-in-chief of Vogue. However, her academic pursuit in African American Studies at Rutgers University sparked a transformative shift in her career trajectory.
Amira reflects, “I started feeling a little bit disenchanted... because I'm not going to be able to make the type of impact that I want on my community working for predominantly white publications” (04:07). This realization propelled her to explore opportunities beyond traditional media, leading her to a pivotal trip to South Africa that ignited her passion for African culture, fashion, and entrepreneurship.
2. Launching the Folklore Group: From Vision to Reality [07:17 - 10:25]
Determined to create a platform that empowers African and diaspora brands, Amira decided to launch the Folklore Group. She pursued a master’s degree at the University of Cape Town to immerse herself in the local landscape and understand the unique challenges and opportunities. Amira shares a humorous yet telling anecdote about the logistical hurdles of shipping inventory from Africa to the U.S., saying, “I just flew and came home with like five suitcases and I have a bunch of hats on top of my head” (10:25).
Despite the initial challenges, Amira successfully launched a multi-brand, direct-to-consumer e-commerce platform, eventually pivoting in 2022 to focus on a B2B model driven by demand from retailers wanting to stock the brands she represented. She emphasizes the importance of adaptability, stating, “We sent out a survey to all of our brands... 100% of them said wholesale. And we were just like, okay, look, they're telling us what they want” (13:13).
3. Fundraising Experiences and Strategies [30:45 - 37:10]
One of the most enlightening segments of the podcast delves into Amira’s experiences with fundraising. Initially facing setbacks, Amira candidly shares, “I tried to fundraise at the beginning and failed... everybody was like, you don't know what you're doing” (30:58). Her perseverance paid off when she joined Techstars in 2021, where mentorship transformed her approach to raising capital.
Amira explains her strategic alignment with mentors, including white male investors, to adopt their assertive fundraising techniques. “I wanted to go in with the attitude of a white man raising capital,” she reveals (36:22). This methodical and audacious approach enabled her to secure significant investment rounds, highlighting the critical role of mentorship and adaptability in overcoming systemic barriers.
4. Building Confidence and Leadership [22:11 - 25:26]
Confidence emerges as a recurring theme in Amira’s narrative. She attributes her self-assuredness to her upbringing and supportive father, who encouraged her independence from a young age. Amira recounts, “When I went to get my first apartment... my dad was like, all right, tell me where to wire the money” (24:29). Participation in competitive sports further fortified her leadership skills and resilience.
Amira emphasizes the importance of preparation and accountability in building confidence. “When you are prepared for the meeting, if you know what you're going to say... build confidence” (22:11). Her proactive stance on owning mistakes and learning from them underscores a pragmatic approach to leadership.
5. Navigating Challenges as a Black Woman Entrepreneur [42:24 - 48:29]
The conversation takes a poignant turn as Amira discusses the unique challenges faced by Black women entrepreneurs. She touches upon the backlash encountered when brands undergo changes, such as MIELLE’s partial sale to Procter & Gamble, and the broader misconceptions about fundraising being perceived as "selling out." Amira reflects, “We can still do that while taking in additional fund. That's really what it is” (43:20).
Amira advocates for education and open conversations within the community to demystify fundraising and investment. “It's a business transaction and treating it that way... playing the game” (37:10). She underscores the necessity of scaling businesses through strategic investments to enhance accessibility and economic empowerment within the Black community.
6. Future Plans and Global Shopping Initiatives [51:14 - 57:50]
Looking ahead, Amira shares exciting plans for the Folklore Group's expansion, focusing on global shopping and conscious commerce. She outlines the platform's four key pillars: globalization, diversity, sustainability, and innovation. Amira states, “We're really coming in to fill that void of like conscious commerce where people can go in and shop with a purpose” (52:00).
The Folklore Group is set to host pop-up shops in major cities like Los Angeles, New York, and Accra, providing brands with enhanced visibility and consumers with curated, purpose-driven shopping experiences. Amira highlights the importance of supporting diverse and innovative brands, enabling shoppers to cultivate a global closet that reflects their unique styles and values.
7. Building Community and Relationships [50:17 - 51:51]
Amira emphasizes the significance of building genuine relationships with brands and fostering a supportive community. “I actually do want to hear, I am interested in their stories... I also care about their success” (50:25). Her hands-on approach in engaging with brands through direct communication and feedback loops ensures that the Folklore Group remains attuned to the needs and aspirations of its partners.
8. Conclusion and Call to Action [57:54 - End]
As the podcast concludes, Amira encourages brands interested in joining the Folklore Group to visit folklore.com and apply through the platform. She reiterates the mission of empowering underrepresented brands and expanding their reach through strategic partnerships and global initiatives.
Les wraps up the episode by expressing gratitude to Amira for sharing her invaluable insights and urging listeners to support the Folklore Group in their mission to create a more inclusive and empowered global marketplace.
Notable Quotes:
- Amira Rasool [04:07]: “I started feeling a little bit disenchanted... because I'm not going to be able to make the type of impact that I want on my community working for predominantly white publications.”
- Amira Rasool [10:25]: “I just flew and came home with like five suitcases and I have a bunch of hats on top of my head.”
- Amira Rasool [13:13]: “If they're telling us what they want, then we listen and pivot accordingly.”
- Amira Rasool [36:22]: “I wanted to go in with the attitude of a white man raising capital.”
- Amira Rasool [43:20]: “We can still do that while taking in additional fund.”
Key Takeaways:
- Adaptability: Amira’s ability to pivot from media to entrepreneurship illustrates the importance of flexibility in achieving long-term goals.
- Confidence and Preparation: Building confidence through preparation, accountability, and mentorship is crucial for leadership and success.
- Community Empowerment: Strategic investments and scaling businesses are essential for economic empowerment within the Black community.
- Global Conscious Commerce: Expanding globally with a focus on diversity, sustainability, and innovation fosters a more inclusive marketplace.
Amira Rasool’s journey is a testament to the power of self-belief, strategic thinking, and community-focused entrepreneurship. Her insights offer valuable lessons for aspiring Black women entrepreneurs aiming to make a meaningful impact while navigating the complexities of the business world.