Every entrepreneurial journey is different, but most include at least a few difficult moments of uncertainty. However, the common traits that assist many small businesses, especially those owned by black entrepreneurs, succeed through resiliency, perseverance, connection, resources, expertise, and values.
Increasingly, black businesses are finding ways to thrive in tough times. Yet, with rising inflation rates, supply chain disruptions, and workforce shortages, small business owners face tough challenges. In a recent survey, nine out of ten graduates of the Goldman Sachs 10,000 Small Businesses program expressed concern about the economy’s future. Still, sixty-five percent are optimistic about their financial trajectory this year.
Resilient leaders are crucial to success. They need to be able to maintain a positive attitude throughout their business life, and they also need to be able to develop a strong support system in their community.
In nature, resilience and adaptability are fundamental survival traits. In business, the most resilient teams are more likely to be successful. A more rigid team may have superior talent but can’t adapt to changing conditions.
Perseverance is one of the most important qualities of a successful business owner. Black entrepreneurs face a number of challenges that are unique to their communities. Racial wage gaps, health care disparities, and other barriers to economic success affect Blacks across the country. But, despite these obstacles, 11 Black entrepreneurs are thriving and leaving their mark on American business history.
Despite these challenges, Black business owners are finding ways to succeed by demonstrating resilience and perseverance. Despite the low levels of venture capital, grants, and funding, Black entrepreneurs continue to make strides in facing obstacles and challenges.
Becoming An Expert at Connecting
One of the keys to success for Black business owners is the ability to connect. It’s crucial to create content that speaks to customers and solves their problems. Success comes naturally if people feel that you care about them, appreciate the service you offer, and believe that they are in capable hands. Discover ways to use your personal strengths to your advantage in order to grow your business. This is exemplified through making the relationships that develop a community for your company.
Access to Capital
For black entrepreneurs, access to capital is a critical issue—more than three times as many reports that their lack of access to capital adversely affects their profitability. Fortunately, there are some resources available. These resources can help you find the funding you need. The first step is to identify what type of capital you need.
Institutional racism is one of the biggest problems that prevent black entrepreneurs from getting the capital they need. This barrier is deeply rooted in our society and will take many decades to eliminate. But it’s imperative to recognize a problem and begin to address it. While the solution to this problem will differ for each person, it must point toward a common goal: giving every business owner an equal chance to succeed.
Many lenders, particularly those who focus on BIPOC businesses, are constrained by their capital. Increasing their available capital would increase their willingness to approve loans.
Be the Best at What You Do
Entrepreneurs need to be experts in their field in order to stand out from the competition. Given that the majority of business owners believe that many services and things have turned into commodities. Black business entrepreneurs face far tougher circumstances. As minorities, they should view the saying “working twice as hard to get half as far” as evidence of their toughness and determination. It is needed now more than ever.
Leaning into organizational values has had the strongest influence on the company, despite the fact that there are many well-known “secrets” to success in business. The proper energy can be projected, the right clients and team members can be drawn in, and the corporate brand can be strengthened by having an authentic set of values. Not who you pretend to be or believe yourself to be, but rather who you consistently present yourself as, whether times are good or bad, is everything in business. Core values have served as both a compass on gloomy days and a call to arms on sunny ones.