5 Challenges of A Black Entrepreneur
Updated: Apr 26, 2022
We hear stories regularly about the challenges entrepreneurs face and the lives they lead. One story we don’t always take the time to fully understand is that of the African American entrepreneur. For the stories of all entrepreneurs to be heard we must recognize this one as well. Along with this story comes 5 distinct challenges faced by myself and many other Black business owners regularly.
5 Challenges 1.) Being Taken Seriously 2.) Defying Societal Expectations 3.) Equal Access to Funding 4.) Exposure to Other Entrepreneurs and Mentors 5.) Lack of a Network of Supportive Institutions Forbes’ 6 Tips For Overcoming Adversities As A Black Entrepreneur by Soulaima Gourani (@SoulaimaGourani) offers the following tips: 1.) Be Resourceful and Find Other Means to Fund or Bootstrap Your Business 2.) Learn as Much as Possible About Your Industry 3.) Have a Tribe of Supporters 4.) Understand What Your Cash Flow and Requirement Is to Start Your Business 5.) Focus On the Things that Will Drive Your Business Forward 6.) Have Clear Agreements and Understandings with Yourself and Others The journey of an African American entrepreneur does not have to be one filled with unnecessary barriers. Despite the challenges we face regularly the spirit of black entrepreneurship remains as resilient as ever, even in these uncertain times. Even so to the fact that black women have now surpassed the number of black male entrepreneurs. Thus making African Americans the only ethnic group to have more female business owners than their male peers. As we continue to further this narrative and strive for solutions to these challenges, I remain optimistic for the future of African American entrepreneurs and all business owners alike.
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