'Parallel Entrepreneur' Meets Obama

David Mullings is one of the most successful entrepreneurs we know and his clever use of social media has a lot to do with that success.

In Part 1 of our interview with Mullings, he discussed his new book, Things #Entrepreneurs Say, and what he's learned over the past few years about using social media.

In this article, he shares more advice for entrepreneurs, including the biggest lessons he's learned.

We'll also get the scoop on his meeting with President Barack Obama.

Learn from failures

You learn far more from failure than success. There are very few ways things that can go right, but millions of ways things can go wrong

Schepp: What advice can you give entrepreneurs about researching competitors and what they can learn from doing so?

Mullings: Research competitors who failed, and try to understand why they failed. Then research the ones still around to understand where you can find an edge. However, don't let competition stop you from trying, if you think you can do a better or different job. If you can't find competition, then you haven't actually done proper research.

You learn far more from failure than success. There are very few ways things that can go right, but millions of ways things can go wrong. Maximize your chance of success by learning from the mistakes of others.

Obama is 'down to earth'

Schepp: We saw the picture of you with President Obama on Facebook. How did that meeting come about, and what was meeting the president like?

Mullings: It was inspiring. Meeting President Obama came about because my wife and I volunteered for the campaign in 2008 and 2012, manning phones, walking neighborhoods, and through our own social media efforts.

For the 2012 campaign, I helped put on Soccer for Obama, a soccer tournament in Miami, where the entry fee was a donation. So when President Obama announced he was coming to Orlando later in the year, I was contacted and offered a photo opportunity with him and my family.

He was so down to earth and our baby son Luke stole the show. We walked up to him, and President Obama said that he didn't know whom we would be holding in the picture, because he would be holding Luke.

I have never met anyone that was important, and yet so normal and willing to really engage in a genuine conversation

Even when Luke blew raspberries and drooled on his suit, and an aide reached to wipe it off, he said it was fine. I have never met anyone that was important, and yet so normal and willing to really engage in a genuine conversation.

When I met the former prime minister of Jamaica recently, he pointed out to me that when he saw the story in the Jamaican papers he was so proud, and then realized that I had met President Obama before he did!

Entrepreneur stays 'a little busy'

Schepp: In our first article you described yourself as a parallel entrepreneur with many ventures operating simultaneously. What are some of those ventures?

Mullings: I recently launched my family office Parker009, my brother and I set up an investment firm, Keystone Augusta, and bought 80 percent of a mobile app development company and 10 percent of another one.

We also resurrected our music company RealVibez, [and have] four operating companies, a record label that just released its first single and music video, Gimme Tonight by Cezar, and a film company that just shot its first film. An interactive gaming company I'm involved with is working on two mobile games to release this year.

There's also an animation company with two projects in the concept phase, one a television series and another a Japanese anime feature film with a Reggae soundtrack. Then there is our energy company Palisade Group.

It has been a ton of fun to find the right people to run each of these companies, and bring my crazy ideas to life

I've been a little busy, but it has been a ton of fun to find the right people to run each of these companies, and bring my crazy ideas to life with the guidance of my brother and a great team of advisers.

The biggest lessons

Schepp: What else would you like to share with your fellow entrepreneurs?

Mullings: Here are some of the biggest lessons I've learned in the last few years:

• Never give up equity to anyone who wants it just to open their network to you. Always use earned equity tied to specific milestones. Real supporters offer to connect you to people in their network for nothing just because they love what you are trying to do and want to help.


• Only include people in your life who have a goal larger than just to make money and drive fancy cars. You will find out your true friends and supporters when you are at your lowest. The others will come running back when you make the papers. Remember those who stuck by you and supported you, even when you weren't paying them.


• Focus on your character more than your reputation. You have limited control over what people think of you. That's reputation. But no one but you controls your character. Make sure that shines through in everything you do.


• I also agree with Jack Welch that if you can't be No.1 or No.2, then you should get out and focus your limited resources into things you can do very well at.



You will find out your true friends and supporters when you are at your lowest. The others will come running back when you make the papers

• Take Steve Jobs' quotes to heart when it comes to deciding whether to follow your heart and intuition. Haters are everywhere, and it is a sign you are doing something right.


• Most investors don't get it, so look hard to find those who do, but don't wait on them to get started. Everyone likes a doer, not a talker.


• Nothing is better than being able to actually try something. You learn to ride a bicycle by getting on it and pushing off, not reading about it and watching others. You will fall a few times, but soon you will be able to ride a bicycle. Business is the same way.


• Focus on systems and the team. You should not be getting busier as the company scales; you should be freeing yourself to focus on strategic vision and long-term thinking.


• Don't just be an "idea" person, be an "execution" person. One of my mentors, Emile Spence, drilled that into me.


• Last, I have learned that it's stupid not to do something because you are worried about bruising your own ego or your pride is holding you back. Time heals those wounds. Pride keeps us from making some very tough, but necessary, decisions. Get over it and make those tough decisions.

Schepp: Thanks, David! We look forward to catching up with you again in a few years to see what's up.