Arlan Hamilton discusses new book on how to reach entrepreneurial goals
"I wanted to write the book that I wish was written when I was starting out."
Arlan Hamilton has made a name for herself over the years as one of the top Black venture capitalists in the country.
She recently published her second book, "Your First Million: Why You Don't Have to Be Born into a Legacy of Wealth to Leave One Behind," to provide people with ways to follow in her path.
Hamilton spoke with ABC News' Linsey Davis about the book.
ABC NEWS LIVE: So you have such an inspiring story, as we were talking about. We met a few years ago and I remember you talking about struggles with poverty, with homelessness at one point. Now you're a venture capitalist, super successful, many times over. Why did you decide that you wanted to pay it forward and show other people you can do this, too?
ARLAN HAMILTON: Thanks for having me here. I wanted to write the book that I wish was written when I was starting out, and I'm continuously learning and I'm in rooms that a lot of people are not in it, from a perspective that is unique. And so every time I'm in those rooms, I'm taking notes to bring back to other people.
ABC NEWS LIVE: You have a podcast of the same name, "Your First Million." How will people get different advice or how does it differ from the advice that they're going to see written down in the pages of your book from what they can tune in and listen to on the podcast?
HAMILTON: I think both are great and accessible. I'm usually interviewing other people on the podcast. I'm getting their perspectives just so we can have representation of 'you can start from anywhere.' And the book, I wanted it to be a guidebook. I wanted to inspire, but also teach you some tactical things and some takeaways. On each section, there are actionable takeaways that you can start implementing today.
ABC NEWS LIVE: You talk often about changing the demographics of the world's decision makers. Elaborate on that thought for us.
HAMILTON: Yeah, I just think that if the world and the country were more representative in the places of power of the demographics, then there would be a lot of different outcomes. The power and control and just a higher quality of life, I think, for more people.
ABC NEWS LIVE: And you literally put your money where your mouth is. Talk to us about Backstage Capital, what you do, and how that really focuses in a different way.
HAMILTON: Sure. I started Backstage Capital about ten years ago when very few people were talking about race and gender and orientation in Silicon Valley, And less than 10% of venture funding goes to women, people of color and LGBTQ. So we invest in that demographic, those demographics .
ABC NEWS LIVE: Less than 10%?
HAMILTON: Less than 10%, where white men make up about 30% of the country. So…it's outsized.
ABC NEWS LIVE: What kinds of tips would you give for people who have that entrepreneurial bug, but they're just afraid and they and they don't know how or where to start?
HAMILTON: Well, read my book. That's a great start. Seriously, because I have a different perspective and I've been there. I understand that perspective. Also, it really first is about a mindset shift. And I think that what really helped me unlock a lot of things was to understand that we really don't have a lot of time to worry about imposter syndrome or if we're supposed to be in the room because we have a lot of time to make up for as underrepresented, underestimated people.
ABC NEWS LIVE: For people who haven't gotten a chance to get the book just yet, [it] just came out today, one little tip, one little secret nugget?
HAMILTON: Yeah. I would say to start writing down, maybe do a staycation or something and write down what is your passion, what fulfills you, and what's something that you think you could do for a few years that would sustain you and then write down why you would be doing it? Who are you doing this for? Yourself and others? I think that's the thing that will help you find your calling rather than just your dream.