August 9th 2024.
Starting a business is no easy task, as any entrepreneur will tell you. And for those belonging to minority groups in America, the challenges can be even greater. Black founders, in particular, face numerous obstacles, such as difficulties with obtaining capital or funding. Many have to rely on their savings, investments, or even turn to family and friends for loans. Some even have to dip into their retirement plans just to get the necessary funds. And for Black women, these challenges can be even more daunting.
But despite these challenges, Black entrepreneurship continues to thrive. Studies have shown that more and more African Americans are taking the leap and starting their own businesses, often at a young age. In fact, there has been a significant increase in the number of Black millennial founders, particularly among women. It's worth noting that while the average female-led small business makes up 27% of all small businesses, Black women make up 35% of small business founders.
If you're reading this, you may be wondering how to start your own business despite the obstacles and potential mistakes that come with being a new founder. Our advice? Learn from those who have already succeeded. There's no better way to ensure the success of your new business than by taking advice from other successful Black founders.
So, here are five pieces of business advice from Black startup founders.
First and foremost, Chris Bennet, the founder of Wonderschool, stresses the power of word of mouth. In an interview with Forbes, he shares that most of their first customers came through referrals or attending in-person events. Building relationships and trust with your customers is crucial for success, as word of mouth is free marketing and can greatly influence potential customers. Studies have shown that up to 92% of people trust recommendations from friends and family, and even complete strangers can have a significant impact. So, focus on providing excellent service and nurturing relationships with your early customers, as they can help spread the word about your business.
Next, Zim Ugochukwu, the founder of Travel Noire, reminds us that taking risks is essential for success. When she launched her website, she faced numerous challenges, but her hard work paid off when her travel guide was acquired by a prominent Black publication. Ugochukwu advises aspiring founders to embrace uncertainty and take risks, as without risk, there can be no reward. Disappointments will happen, but they can be overcome. As author Angela Duckworth writes in her bestselling book, grit is a combination of passion and perseverance, and it can be learned and improved upon.
Sevetri Wilson, the founder of Solid Ground Innovations and Resilia, offers valuable advice to entrepreneurs, especially those from minority groups. She reminds us that disappointments are inevitable but can be conquered. For Black people, disappointments can be particularly challenging, but learning to deal with them and getting back up after being knocked down is essential for success. Trusting the process and having grit, as Wilson suggests, is crucial for overcoming disappointments and achieving success.
Jahkeen Washington and Thomas Boatswain, the founders of JTW Fit, are determined to promote better health and fitness in their community. As their business grows, they remind us to trust the process. While it's easier said than done, putting in the work before seeing results is necessary for any business to succeed. But it's also vital to find a balance and take care of yourself to avoid burnout. As statistics show, burnout is a significant issue for all individuals, regardless of race or occupation. So, work hard, but also work smart and prioritize self-care to achieve success.
Finally, celebrity hairstylist and founder of Kim Kimble Salons & Kimble Haircare System, Kim Kimble, shares her advice for fellow Black entrepreneurs. She stresses the importance of putting in the work and taking control of your business's success. While there's no guarantee of when your business will become profitable or gain a steady stream of clients, being the hardest working person in the room is crucial. But it's also essential to take breaks and reflect on your business strategy to avoid burnout.
Starting a business as a member of a minority group can be challenging, but these successful Black founders show that it's possible to overcome obstacles and achieve success. By taking their advice and learning from their experiences, you can increase your chances of starting a successful business. So, embrace word of mouth, take risks, conquer disappointments, trust the process, and put in the work to achieve your entrepreneurial dreams.
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