Managing a Non-Profit and a For-Profit Venture with “IRON” Mike Steadman | Live with Bottleneck
On this episode of Live with Bottleneck, our guest “IRON” Mike Steadman talks about managing a non-profit and for-profit venture, and how you can stop the bottlenecks from happening in them.
“IRON” Mike Steadman is a retired combat Marine officer. He is also a three-time National Collegiate boxing champion in the military. He’s the founder of Iron Bound Boxing and Education, which is a non-profit in New Jersey.
So if you are interested to learn about his thoughts on the matter, stay tuned to this episode.
Who is “IRON” Mike Steadman?
Mike Steadman got his passion for entrepreneurship when he was at the naval academy. He was also a three-time national boxing champion, and captain of their boxing team, and really enjoys the sport.
He brings all of this up as it relates to his next point, when he visits the local gyms:
“Every time I went inside these gyms, there was a lot more people that looked like me. Unfortunately, they felt like they didn’t have any options outside of the ring. It felt like their only option was either to turn pro or go back to the streets. And I felt like this was a broken system.” – Mike Steadman
He wanted to find a way to help these young adults and even those who are passionate but struggling to find options and opportunities for themselves. This was the thing that lit up his entrepreneurial spark even more.
Ironbound Boxing Academy
So after he got out of the Navy, he relocated with the intention of starting a free boxing gym.
“This gym became what is the Ironbound Boxing Academy, our flagship gym here in Newark. And that was the start of my entrepreneurial journey. It’s really just me starting out, saying “hey, I want to fund free amateur boxing training for youth and young adults in the inner city.” – Mike Steadman
At first, they started in a place that was a recreation center, and flipped that into a boxing gym with limited budget. After that, they were off to the races.
Transitioning to Ironbound Full-time
“Iron” Mike adds that during all that time, he still had his full-time job. So there was his full-time work, and he also manages Ironbound. To top it all off, he was also doing graduate school.
“It was like the ultimate hustle. But you know, one of the things I realized was I wanted to really grown Ironbound and make it something special. I eventually got the bug of doing it full time, and so I transitioned away from my full-time job and jumped into the entrepreneurial hustle.” – Mike Steadman
But he knew he had to do something about expenses. Running a gym for a lot of people could be costly, what with equipment and all. And since he will be doing it full time, he also needs to find a way to pay the bills. That’s when “Iron” Mike had the idea to make a for-profit arm for Ironbound, which caters to companies as a form of employee wellness for their staff.
To hear more from “Iron” Mike Steadman and his thoughts on running a Non-Profit and a For-Profit Venture, continue listening to this episode.
Bio
Mike Steadman is the Founder & CEO of IRONBOUND Boxing & Education, a nonprofit organization based in Newark, NJ that provides free amateur boxing training, entrepreneur education, and employment opportunities for Newark youth & young adults. Mike and his partner Keith Colon, oversee the IRONBOUND Boxing Academy, their free boxing gym for youth in Newark, NJ.
Mike is also a three-time National Collegiate Boxing Champion from the United States Naval Academy and Marine Corps Infantry Officer, with deployments to Afghanistan and Japan/Philippines. Mike trains CEOs and nationally ranked boxers. Outside of boxing, Mike’s provided consulting services to a billion-dollar corporation around veteran entrepreneurship. He also serves as an advisor and brand strategist to Dope Coffee Company, an Atlanta-based e-commerce brand. In conjunction with Dope Coffee, he hosts a weekly podcast entitled “Confessions of a Native Son,” where he shares his perspectives on race, culture, and business. Through his efforts to grow IRONBOUND Boxing, Mike has established himself as a high-profile veteran advocate, and the new face of social entrepreneurship.
Connect with “IRON” Mike Steadman!
Website: IronboundBoxing.org | IronboundMedia.com | DogWhistleBranding.com
Linkedin: in/Iron-Mike-Steadman
Instagram: @IronMikeSteadman
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About Jaime Jay
Meet Jaime Jay – a man who wears many hats, and wears them all admirably. He's a master connector, an entrepreneur extraordinaire, and a published author who knows how to get things done.
Before he found his way to the business world, Jaime served his country as a brave paratrooper in the U.S. Army. But that's just the beginning of his many accomplishments.
He's the founder of the renowned Bottleneck Distant Assistant Services firm, and his book "Quit Repeating Yourself" has become a must-read for entrepreneurs everywhere.
When he's not busy building his empire, you can find him on his beloved Harley Davidson, cruising through the countryside and taking in the invigorating effects of Uitwaaien – a Dutch practice that involves facing the wind to boost health and relieve stress.
He enjoys spending his free time outside building stuff with his wife, Nikita the dog and their two kittens (for now at least) Tommy and Tater.
He is ‘over-the-moon’ happily married to his wonderful wife Sara, his amazing daughter, Jessica, who is serving our country as a United States Army soldier. Jaime and Sara are the proud grand parents of two beautiful little girls.
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