Being an entrepreneur can be stressful, and being a Black entrepreneur can come with extra stressors that can push against progress exceptionally hard. Therefore, utilize these five methods to combat those extra stressors as a Black entrepreneur.
Start Networking Early … Super Early
The earlier you begin showing up, the more people you will interact with in order to create business relationships. Building rapport is crucial in propelling your future business forward because business relationships and even well-known brands start with people being familiar and trusting you and what you bring to the table. Therefore, show up and continue showing up.
Secure Venture Capital Through Private Investors
It isn’t inevitable that a Black entrepreneur can secure a business loan from a financial institution. Therefore, that networking that you started doing should definitely pay off when securing venture capital from individual investors who believe in what you do. They are the financial backing that can help launch your business.
Lead With Your Product or Service
People see color… no matter that false saying that they don’t. With that comes stereotypes and even racism when it comes to being a Black entrepreneur. There isn’t a way around it, however, one of the best ways to push forward and knock it down is to lead with your product or service, not yourself.
There are instances where in order to break through into a certain market, one needs to introduce the product and not the person. This has been done in the past, such as with the inventor of the gas mask, and present, and unfortunately, we are still in that zone somewhat. Therefore, just as there are various ads for the same product targeting a different markets, do the same. Lead with your product or service one way for a specific audience and then in another way with another audience.
Emergency Business Fund & Investments
Because many times the black community is hard hit during times of crises, it is imperative that Black entrepreneurs make it a point to save money prior to expanding. This money is to draw from only in the event of a catastrophe that may last longer than expected.
Congratulate Yourself on Your Success
Finally, be proud of yourself. Success in business is always a success regardless if you are a wealthy business owner or just getting off the ground or even somewhere in the middle. If you set out to launch a business and did it, congratulate yourself because it’s a win! Each day you get up after a long yesterday and an even busier today, take the time to breathe, pray, thank God and say hurray! You are your own BOSS. That in itself has its challenges, but who said you weren’t up for it?
Go get ’em.