Although black women are leading the way in the corporate world, women only holdĀ 20 percent of C-suite positions in the corporate industry in the US. Women are 18 percent less likely to be promoted than their male counterparts. This is especially true for black female entrpreneurs.
Despite these issues, women of color strive tirelessly in the business world. Since 2007, the number of businesses owned by black women hasĀ increased by 17 percent. Despite being the largest minority group in the US, they remain relentless.
Women entrepreneurs, especially black founders, face numerous hurdles and challenges regarding capital and investment.Ā Reports showĀ that many entrepreneurs use their savings or turn to banks for loans.
This article is for you if you’re an emerging entrepreneur looking for advice to build your own company. Continue reading!
Find a Mentor
The importance of having an experienced mentor can’t be stressed enough. If you’re in college, you could find a professor, or if you’re a working professional, you could look for a co-worker or boss to mentor you. Their ideas and advice can broaden your perspective.
Working in the corporate world, you will benefit from a mentor’s insight and guidance. Even if you have some experience in the field, you can still use some advice. You’ll find out that you will always have a lot to learn no matter where you stand. Even experienced mentors learn a lot from their mentees.
When wanting to get a plumbing job done, people only think once before hiring a professional. A similar logic applies here as well. Consider your mentor an experienced professional in the business world who offers advice and insight that you can use to navigate your business.
If you can’t find a mentor at work, in your family, or at university, a few mentorship programs available on the internet could be worth your time.
Business Coach
Trust us when we say navigating today’s cutthroat business world is difficult. You’ll need all the help you can get. In addition to a mentor, a talented business coach can help you steer you in the right direction.
Whether you’re going for a paid coach or free counseling, getting help will always do you good. Life coaches areĀ cost-effective, and their advice can help you save money.
Build a Network
You’ll need to connect with the business world to achieve your business goals and objectives. Building a strong network will help you run your business seamlessly. Running your business will become easier if you have a person for everything you need to get done.
You can make informed decisions and minimize mistakes through your network and advice from your business coach. You’ll also find loyal employees, vendors, and customers, helping your business grow. Depending on your business, a few places to build a network are a local circle of entrepreneurs, local business organizations, and entrepreneur clubs.
Women Entrepreneurs Loans and Investment
If you need capital to get started, you can search for women-specific loans designed for women of color. Many such programs cater to black female entrepreneurs’ needs and provide loans and required training.
Your business coach and mentors can also help you find programs where you can find investors or get loans for your business.
Tips From Other Black Female Entrepreneurs
Britney Winters
Britney Winters is the founder and CEO ofĀ Upgrade Boutique, who started her business in 2019 after leaving her job in the investment banking sector. According to Winters, one of the biggest challenges women entrepreneurs face is theĀ lack of capitalĀ before starting a business.
Winters advises aspiring businesswomen to start small with whatever capital they have initially. Invest it by selling products initially to grow a steady customer base. Once customers are willing to buy your product, you can reinvest the money until your business becomes profitable. This will prevent entrepreneurs from relying on investors who have the power to change their business’s core values.Ā
Janna M. Hall
Janna is a leading black female entrepreneur who started her company,Ā Leap Innovative Group, with very little capital.Ā According to Janna M. Hall, compared to their white counterparts, women of color struggle to acquire capital for their businesses. This results in a certain lack of confidence that causes many entrepreneurs to underprice their services.
To overcome this insecurity, Janna M. Hall encourages entrepreneurs to seek mentorship and become confident enough to stand behind the prices that they’re offering. Carry out extensive market research and avoid taking rejections.
Janna M. Hall has confidently built her business and has a strong clientele network willing to pay any price for her service because they recognize the value she brings.
LaTonya Story
LaTonya Story ownsĀ LPS Consulting PR, a minority sports marketing firm founded in 2001. Story’s firm has worked with some of the biggest names in the sports industry, like Dwight Howard and Michael Vick.
As a black female entrepreneur in the sports marketing industry run mainly by white male counterparts, Story struggled and worked hard to establish her firm.
StoryĀ encourages aspiring entrepreneursĀ to be confident and unafraid of reaching out to people. She stresses the significance of networking in the business world. Reaching out to people and finding mentors is the key to running a successful business.