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10 Business Tips For Powerful Black Female Entrepreneurs

Nov 07, 2021

Black women are currently the fastest-growing business owner population. With business ownership at a 164% increase since 2007, Black female entrepreneurs are leading the way when it comes to reaching for their goals.


However, there are still many challenges that come with taking this risk.


Certain hurdles that lie on the journey of entrepreneurship for Black business owners (especially women) aren't always included in other peoples' journeys. But that doesn't mean success is impossible. Quite the contrary!


If you're a black female owned business forging your own path, there are some key factors that can help along the way. Keep reading for 10 business tips for Black female entrepreneurs that can take you to the top.


1. Start With Your Values


Business can be a cutthroat game for any entrepreneur. Sometimes there will be situations in which people ask you to do things that you just don't have the capacity for or aren't aligned with your values. Women especially have a tendency of overextending themselves.


In order to stay balanced and clear-headed, you need to remain connected to your values. Write down your goals and the things that are important to you. Keep this vision in your mind as you move through making daily decisions for your business.


Be wary of partnerships, deals, or even advice from others that doesn't sit well with you. It's best to use, both, your logic and your women's intuition so you don't lose track of your unique path and destination.


2. Research the Market


Starting a new company where you'll be able to serve and assist others is an exhilarating experience. However, even with good intent at the forefront, you need to make sure you research the market. This is especially essential if you are disrupting an industry with something fresh and new. 


Market research begins with you collecting basic demographic information about your intended target audience. This includes things like age, location, occupation, etc. You'll also want to gather information about competitors to get a big picture of how the market runs and where you can fit in.


The last thing you want to do is introduce your company and feel unprepared. Figure out what's going on around the industry to best position yourself for success.


3. Be Willing to Take Risks


Hollywood powerhouse and creator of Grey's Anatomy, Shonda Rhimes, has something to say about taking risks. In her 2015 hit memoir, "Year of Yes", she highlights the great potential of changing your life with a three-lettered word. She spoke of how saying yes to more things helped her to take risks and become more fulfilled.


These same concepts can be applied to Black female entrepreneurs in their pursuit of happiness. Rhimes made it a goal to consistently bet on herself and open up to new opportunities. Remember that the breakthrough you might be looking for could be on the other side of something that scares you.


How often do you find yourself standing in your own way? Take more risks and be open to change. You should still use discernment and calculate the ROI for certain decisions.


4. Overcome Imposter Syndrome


Many Black female entrepreneurs hold high accolades, including multiple degrees, certificates, and years of experience. However, there's still this chronic feeling of self-doubt that tends to take over. If you've ever felt like you weren't good enough even when all logic says that you're overqualified, you might be experiencing imposter syndrome.


Imposter syndrome is extremely common in women of color. You'll see plenty of stories from women in executive positions who doubt their ability to lead well. And more accounts similar to these plague female owned business founders.


But the one thing about imposter syndrome that can't be denied is that it's all typically a lie. The voices you hear in your head aren't typically an accurate depiction of the situation. Oftentimes, this internal dialogue and scenarios pop up as defense mechanisms to protect us from failure (or success).


When you find yourself feeling like a "fraud" or devaluing your worth, interrupt those thoughts with positivity. Try making a list of all your accomplishments and using affirmations. Make constant efforts to psyche yourself up and practice validating yourself instead of giving others' opinions too much weight.


5. Identify Available Resources


Black female entrepreneurs might find it difficult to start a business due to a lack of accessibility to available resources. While there is truth to this, it doesn't have to stand in the way of you and your dreams. As a business owner, it's important to keep your eyes open to what can be resourceful to you. 


For instance, your community is a resource. You can lean on your local neighborhood or online communities for support. People love to support great causes and missions so hosting fundraisers or other events for them to participate in can go a long way.


Also, remember to research different organizations for business such as a chamber of commerce. Be proactive about putting your name out there for people to offer their support.


6. Find Funding Options


Most businesses fail within the first three years. One of the main reasons for this is due to lack of financing. Many

business owners underestimate the importance of being realistic with starting funds until profitability kicks in.


For Black female entrepreneurs, this can be discouraging as there seem to already be fewer financial options. But with a little digging, you'll find that there are piles of money waiting to be granted or lent. You just need to go after them.


Avoid the financial struggle by looking into various funding options. Here are a few ways to get funding for your business:

  • Apply for SBA loans (via US government)
  • Research grants specifically for women and minorities
  • Find a private lender (bank, credit union, etc.)
  • Search for cash giveaways for small businesses (social media helps with this)
  • Consider crowdfunding
  • Seek out angel investors
  • Connect with venture capitalists


Try multiple methods of funding if one doesn't work for you. And remember, just because you get a "no" doesn't mean you won't find your "yes".


7. Master Networking


You may have heard of the old saying "It's not what you know, it's who you know" once before. And this statement couldn't be any more relevant to business owners. 


Building a strong network can open your business up to new opportunities (and revenue) that you would have never imagined possible. It can also help you connect with others who can help you along your journey. Some people may shy away from networking for multiple reasons but it's worth brushing up on your people skills.


Reach out to others and develop genuine relationships. Remember to provide value to them as a reciprocal relationship is important to most entrepreneurs.


8. Keep Track of Finances


Besides having enough money to fund the business, another part of financial struggles is money management. Thriving businesses find success when they understand positive cash flow and how this is created. If you don't have a system for tracking finances, it's best to put one in place immediately.


Being in charge of all the business finances can be overwhelming. So start with a simple routine. Write out all of your expenses and subtract them from how much money the business is bringing in.


Create a budget and monitor this in a spreadsheet to keep these numbers organized. Check in on your finances on a weekly, monthly, quarterly, and yearly basis to get an overall picture of where your cash flow is. Try to keep your overhead low in the beginning until consistent revenue comes in.


9. Outsource Small Tasks


When your business starts to grow, you automatically become busier. Most of the time, the small day-to-day tasks you could handle are too much for you. They take away time from the things that tend to make your business run.


If you have too much business and not enough time then consider outsourcing. You can outsource some of your tasks to different contractors to help get the job done. For instance, you may hire a virtual assistant to keep up with your email inbox and scheduling appointments.


Most successful people get the most out of their outsourcing partnerships is to already have systems in place. This way, the person knows exactly what to do and how you do it.


10. Build a Solid Support System


Running a business is no easy feat. There will be times when you feel like giving up or become discouraged. In these cases, lean on your support system for some uplift and inspiration.


Taking time away from your business sometimes to be with family and friends is healthy for business owners. Also, consider joining groups of other entrepreneurs that can provide advice and guidance as well.


Black Female Entrepreneurs Are Leading the Way


Black female entrepreneurs may face adversity in business but this hasn't stopped them from reaching great success. One of the most vital things to remember when you start a company is everyone starts somewhere. Keep your big vision in the front of your mind when things get tough. 


Looking to find more advice and guidance on running a successful black owned business? Check out our RiseUrbanNation podcast today.


By site-4_kaFg 23 Jan, 2023
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
18 Sep, 2022
Do you want to know influential Black entrepreneurs? Read this article to discover the top 10 influential Black entrepreneurs! Black business is booming! More than 3.1 million businesses have Black owners in the United States. The majority of these businesses are small, and some have only one employee. Yet Black entrepreneurs are getting millions of dollars and running massive corporations. If you're looking to start a business, you should examine a few entrepreneurs and model yourselves after them. Who are the major Black entrepreneurs in the arts, technology, and business sectors? How did their careers start, and what companies have they created? How much money have they raised? Answer these questions, and you can join the legions of Black professionals throughout the United States. Here are 10 great Black entrepreneurs. 1. Young Paris Milandou Badila, better known as Young Paris, was born in Paris in 1988. From a young age, he became interested in music, and he began a music teaching career in New York when he was 17. Young Paris's career took off in 2016 when he signed with Jay-Z's ROC Nation. He released his debut album that year, combining Afrobeat with rap and hip-hop. His second album, Blood Diamond, became popular in Africa and has more than five million streams on Spotify. Young Paris went on to join the fashion scene. He is currently an ambassador for the Council of Fashion Designers of America, working with elites like Anna Wintour. In addition to fashion, Young Paris has produced artworks for NFTs and the Metaverse. He is outspoken about his hopes for Black designers and artists to join the Metaverse, as he thinks NFTs have high potential return. 2. Kimberly Bryant Kimberly Bryant was born in 1967 in Memphis. She excelled in mathematics and science at an early age, and she went to college with plans to be a civil engineer. However, Bryant grew interested in personal computers, and she became an electrical engineer instead. After working for electrical companies, she switched to a career in pharmaceuticals and business. She became an entrepreneur in 2011 when she founded Black Girls CODE. Black Girls CODE is an educational organization that provides classes to young Black women in afterschool and summer programs. Black Girls CODE became a fast success, opening 15 chapters across the United States. In 2014, it received a $50,000 grant from Microsoft. In 2018, the organization partnered with Lyft, allowing drivers and users to donate to the organization. 3. Jason Njoku Jason Njoku was born in London in 1980. He moved to Nigeria when he was 12 years old and went to the University of Manchester where he studied chemistry. After he graduated, he started a magazine for students called Brash Magazine. He then tried launching a series of businesses, but none of them succeeded. He moved back into his mother's home and developed the idea of a distribution business for movies in Nigeria. In 2010, he launched NollywoodLove, a YouTube channel that would post Nigerian movies online. He received $3 million for the project from the venture capital fund Tiger Global. In 2011, he launched a video-on-demand movie platform called iROKO. The platform became extremely popular, and Njoku has raised tens of millions of dollars for it. Njoku has also started Spark, an investment vehicle for internet start-ups in Nigeria. The company has invested in dozens of companies, helping Black professionals throughout the country. 4. Jessica O. Matthews While a student at Harvard, Jessica O. Matthews and a classmate launched a product called SOCCKET. SOCCKET was a soccer ball that stores kinetic energy as people kick it around. Users could then attach the ball to lights and power them for three hours. The product was successful, and Matthews founded a company called Uncharted Power to handle its production. Matthews served as CEO of Uncharted Power, guiding it to three consecutive years of doubled gross profit margins. In 2016, the company was valued at $57 million. She raised $7 million in funding for the project, making her one of the few Black female entrepreneurs to have raised $1 million in funding. Matthews has also worked on infrastructure projects. She serves as the executive director of KDDC, which develops hydropower dams in Nigeria. 5. Ryan A. Williams Ryan A. Williams was born in Baton Rouge in 1988. At 13, he founded his first company, a sports apparel organization. He went to Harvard where he founded the Veritas Financial Group, which helps students become more financially literate. While at Harvard, he became interested in real estate technology. After graduating, he worked at Goldman Sachs and Blackstone and then founded his own company, Cadre. Cadre is a financial technology company that users can use to invest in real estate. The company intends to make the real estate market similar to the stock market, as investors can select individual transactions to make. Cadre has received tens of millions of dollars in funding, including from Harvard University. In 2021, the company sold three buildings for more than $310 million, making it one of the largest ever online real estate transactions. He also works as a public speaker, educating people on financial literacy. 6. Paul Judge Dr. Paul Judge began his entrepreneurial career with CipherTrust, an email security company. The company was sold in 2006 for more than $270 million, and Dr. Judge transitioned to Purewire, a web security company. In 2011, Dr. Judge co-founded Pindrop Security. The organization helps companies stay safe during phone calls. Pindrop acquired more than $100 million in funding between 2012 and 2016. In 2014, Dr. Judge co-founded TechSquare Labs, a company-building studio. The organization has invested in dozens of technology companies, many of them run by Black entrepreneurs in 2022. Dr. Judge also serves as Managing Partner for Panoramic Ventures, an organization that funds technology companies in the Southeast. He focuses on funding projects run by overlooked founders, including students and entrepreneurs of color. 7. Binta Brown Binta Brown began her career as a legal clerk to Supreme Court Justice Antonin Scalia. She then served as a corporate advisor and public policy aide. In 2014, Brown founded her first company, Fermata Entertainment, an artist development firm. In 2016, Brown co-founded the Music Lab, an after-school program to teach high schoolers about music and open mic performances. The Music Lab became popular, and Brown has since dedicated her career to the music industry. She has worked with artists like Chance the Rapper and advises several music companies on diversity and legal matters. 8. Yetnebersh Nigussie Yetnebersh Nigussie was born in Ethiopia in 1982. She lost her eyesight when she was five, and her parents sent her to a school for the blind. Yetnebersh was an extremely successful student, chairing several clubs. In the mid-2000s, Yetnebersh became involved in AIDS activism. She received awards for her work and used her fame to start dozens of organizations. She co-founded the Ethiopian Center for Disability and Development, funding companies in Africa. In 2016, Yetnebersh joined Light for the World, an NGO that fights for disability rights. She continues to work for Light for the World and several human rights organizations. 9. DeMaurice Smith DeMaurice Smith began his career as a trial lawyer. He then worked in the U.S. Attorney's office and with the Department of Justice, arguing cases in the U.S. Court of Appeals. In 2009, Smith was elected to become the executive director of the National Football League Players Association. Smith has worked with NFL owners to raise money for players and improve player safety. Smith has since expanded his portfolio to cover many operations in football. He founded a venture capital company that lets players use their name, image, and likeness rights to make money. He also partnered with the NFL and MLB to create a trading card company currently valued at more than $1 billion. 10. Larry Lawson Larry Lawson worked as a producer at CBS News. His work included reporting on Princess Diana's death, which was viewed by millions of people. In 2008, Lawson became a senior news director at NESN. He produced digital tools and handled millions of dollars in operating budgets, helping expand network viewership by 40%. In 2021, Lawson joined the Black News Channel. He launched the organization's streaming platform and created production tools to streamline operations. Influential Black Entrepreneurs in America Black entrepreneurs affect every sector of the American economy. Major entrepreneurs in the arts include Young Paris, Jason Njoku, and Binta Brown. Black technological entrepreneurs include Kimberly Bryant, Jessica O. Williams, and Dr. Paul Judge. Many entrepreneurs like DeMaurice Smith and Larry Lawson started their careers outside of business and then successfully transitioned into it. Other entrepreneurs like Yetnebersh Nigussie and Ryan A. Williams combine their efforts with charity work. Whatever business you want to start, you can get help and inspiration for it. RISE Urban Nation helps support Black entrepreneurs and business leaders. Contact us today.
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