August 21, 2024
60 Day Hustle judge and business development consultant Terry Rice understands firsthand the complexities of business startup and funding challenges. Working for large tech companies, including Adobe and Meta, Rice entered the consulting space in 2015. The New York native received his first yes from a local t-shirt company but knew he had to scale fast. In just two years, Rice developed a reliable method for attracting clients, appeared on Good Morning America, and spoke at events like AdWeek and SXSW.
In the world of entrepreneurship, time is often the most valuable currency. For 12 ambitious entrepreneurs, 60 days is all they have to prove their business acumen and secure a life-changing $100,000 prize. The stakes couldn’t be higher in 60 Day Hustle, a new Amazon Prime series launched on Aug. 8, where emerging business talents compete in a high-intensity accelerator program.
New businesses are launched daily across America, but starting a business doesn’t guarantee success. Around 35% of companies still operate after 10 years, with nearly 18.4% failing in the first year and almost 50% closing by the fifth year. Furthermore, according to a SCORE survey of roughly 1,000 small business startups nationwide, 78% of respondents relied on personal funds and income from another job to get their startup up and running.
BLACK ENTERPRISE spoke with Rice about the vision behind 60 Day Hustle, the importance of sustainability, and mentorship.
The Vision Behind 60-Day Hustle
Rice describes the show’s genesis as rooted in a passion for empowering the next generation of business leaders. “Rudy Mawer, the show’s creator, saw an opportunity to provide the kind of support he wished he had when he started,” Rice explains. Mawer, coming from a family with a legacy in sports rather than business, realized the critical need for guidance and resources that young entrepreneurs often need more.
“The 60 Day Hustle is about bridging that gap,” says Rice, “offering both financial support and mentorship from seasoned experts.”
Created and executive produced by Chris Hayman and Michelle Delamor, with production led by Adam Horner of Sonic Gods Studios, the show promises to be more than just entertainment. It’s a platform where dreams are either realized or reshaped. “This show is not just about the competition,” Rice adds. “It’s about giving viewers practical lessons in entrepreneurship.”
A Behind-the-Scenes Look
Walking into the $30 million studio where 60 Day Hustle was filmed, Rice was struck by the scale and sophistication of the production. “From the green screens to the LED volume, everything was designed to create an immersive experience,” he recalls. But what stood out most was the energy on set. “There was a palpable sense of hope and excitement,” Rice notes. “These entrepreneurs weren’t just there to compete; they were there to transform their lives.”
The selection process for the show was intense. “We conducted a nationwide casting call, reviewed countless business plans, and interviewed many candidates to ensure we had the best of the best,” Rice explains. The final 12, Avijah Scarbrough of Viju Beauty and Marcus Thomas of Marcus Alexander Footwear were chosen for their business ideas and growth potential. “Diversity was a key factor,” Rice says. “Each contestant brought their unique worldview and experiences to the table.”
The Entrepreneurial Challenges Ahead
The entrepreneurs face rigorous challenges throughout the two-month program to simulate real-world business obstacles. “The goal is to condense two years of business development into just 60 days,” Rice explains. With the guidance of mentors like Fabletics Co-Founder Ginger Ressler and Fab Fit Fun Co-Founder Daniel Broukhim, contestants will have to think fast, adapt, and execute. “This isn’t just about who has the best idea,” says Rice. “It’s about who can implement, scale, and sustain their business under pressure.”
The show’s format also allows viewers to learn alongside the contestants. “Every 60 Day Hustle episode is packed with actionable insights,” Rice shares. “If you’re an entrepreneur watching from home, take notes. The lessons here are invaluable.”
Mentorship That Matters
One of the most unique aspects of 60 Day Hustle is the mentorship provided to the contestants. “The mentors are not just there to critique; they’re there to coach,” Rice emphasizes. “We have people like Peter Pham, Science co-founder, who built billion-dollar brands. Their advice is gold.”
For Rice, being a judge on the show was more than just evaluating performances. “I couldn’t help but pass on some guidance as well,” he admits. “You see their potential and want them to succeed, not just in the show, but in their future endeavors.”
What a Judge Looks For
As a judge, Rice emphasizes that several key factors are crucial when determining who should win a competition like 60 Day Hustle. “It’s not just about having a great idea,” he says. “We look for adaptable, resourceful entrepreneurs who can pivot when faced with challenges.”
Execution is another critical factor. “A brilliant idea is only as good as its execution,” Rice explains. “We pay close attention to how well contestants can bring their ideas to life, whether they can deliver on their promises and meet their business demands.”
Sustainability also plays a significant role. “We want to see businesses that don’t just flash in the pan,” Rice says. “They need a plan for long-term growth and a vision beyond the initial excitement.”
Lastly, passion and leadership are indispensable qualities. “An entrepreneur’s passion can be the difference between success and failure,” Rice notes. “Their ability to inspire others and lead their team through tough times is what sets apart the good from the great.”
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