In an age where banking has become a mostly online affair with an occasional stop at the ATM, most people rarely have to talk to a banker face-to-face. But Obi Chukwumah, former commercial banker and founder of Space and Equity, says if you are an entrepreneur, you have to have a relationship with a banker.
Chukwumah believes in the relationship so much that he quit his job and now educates business owners on bank literacy and wealth creation.
So why did Chukwumah quit his $177,000 a year job to teach banking and wealth?
“Passion,” says Chukwumah. “[My] passion was completely on the Space and Equity platform. Banking was just a way to fund it. I thought that I could do both.”
When Chukwumah realized burning the candle at both ends would not work, he took a leap of faith.
The idea of Space and Equity is to provide entrepreneurs with ongoing support for their business while working on the “end goal,” Chukwumah tells The Dallas Express.
As for what that looks like, Space and Equity focuses heavily on education and provides commercial brokerage, business loans, and fractional CFO services. There is even a concierge service where Space and Equity members can take advantage of a suite of services, including vetted attorneys, CPAs, and SEO-proficient professionals.
While most people see banking as a service, Chukwumah describes the banker relationship as “emotional.”
“The banker is a co-partner with an entrepreneur; [they help with] expanding their dreams,” explains Chukwumah. “They need, in some cases, multiple bankers to understand their vision. The banker helps them organize it to advocate for that company, the credit committee, and the community that we should push money over here to grow the business.”
Space and Equity is a model of the message for which it advocates. Chukwumah has three siblings who have an entrepreneurial spirit and have owned and created businesses. They help him run Space and Equity and other family business ventures.
“It’s rough at the beginning of entrepreneurship. There is a need for ruggedness, trust, and self-determination to withstand the early stages. My siblings have all of those qualities.”
Besides Space and Equity, Chukwumah’s sister, Ifey, manages five Scooter’s Coffee Shops in Fort Worth, Texas. One of his brothers is the COO for Space and Equity, while his other brother handles direct sales and the consulting side of the platform.
With his family rooted in the business, Chukwumah has set out to help other individuals and families find a path to building wealth.
So what, according to Chukwumah, does it take to get on the right business path?
“Step one, invest in yourself,” urges Chukwumah. “Get the professional help around you that you need and prioritize. You can’t run a business without a CPA or an attorney, so invest in one.”
His second piece of advice: “Don’t sell yourself short when you go out on your own.”
Chukwumah explains that if you give discounts, you only hurt yourself, explaining people will treat you based on the value you appear to determine for yourself.
Finally, he says, “Surround yourself with other people that dream like you. Entrepreneurs by nature have a strong imagination.”
“Sometimes we can get so bogged in life. Where do we have time for our imagination?” Chukwumah ponders the question before speaking about his faith.
“I’m not a fool to think, ‘I’m gonna change minority wealth.’ I can do [my] part; I can be a part of the change.” he says. “I know that I’m doing the work that God set out for me, and there are challenges associated with that. When you know those challenges are coming, it’s actually more exciting sometimes.”