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What Black Leaders Want You to Know About Entrepreneurship

Apr 13, 2022

Entrepreneurship is not an easy path, but for people of color, starting a business can be especially difficult. Historically, Black people have faced many roadblocks whenever they reached for financial empowerment. Despite all these problems, there has never been a better time for Black people to become entrepreneurs.


Black leaders in business that have built successful enterprises are excited by the increasing number of Black entrepreneurs. They are willing to share the wisdom they have gained from triumphing over their business battles.

If you are an aspiring Black entrepreneur, you could save a lot of time and money by standing on the shoulders of these giants.


Keep reading to learn some of the most important things Black business leaders want you to know about entrepreneurship.


1. Feel the Fear But Start Your Business Anyway


For years, Black people have faced a lot of barriers to ascending the corporate ladder. This is why entrepreneurship has always been a great avenue to make our way in the world. This is evidenced by the fact that in 2021 there was a 
38 percent increase in the number of Black entrepreneurs after many people lost their jobs due to COVID.


Even so, Black entrepreneurship is still lower than that of other demographics. In 2019, only 
2.3 percent of all American businesses were Black-owned. This is concerning when you consider that the fastest way to become

financially independent and create generational wealth is to start a business.


This is why many Black leaders want you to start your own business. The more Black-owned businesses we have, the wealthier the Black community will get. Black-owned businesses can hire disenfranchised members of the community.


Their success can also inspire other Black people to start their businesses. A strong community of Black entrepreneurs can also help influence government policies in a way that makes life better for Black Americans. 

2. Learn and Know Your Numbers

If there is one skill entrepreneurs cannot thrive without, its financial literacy. You may hire an accountant to manage your financials, but you must have a general idea about the financial health of your business.


Many 
Black leaders have fallen into bankruptcy or financial hardship due to unscrupulous accountants that swindled them of their hard-earned money. For example, Steve Harvey had to pay the IRS $20 Million in back taxes and late fines. For years his accountant had been stealing the money intended for his tax payments. Knowing your numbers will allow you to identify red flags in your business’s finances and prevent your staff from stealing from

you. 


Black leaders also want entrepreneurs to know their business numbers like they know the back of their hands. A business is only viable if its sales exceed its expenses. Entrepreneurs often get sidetracked by their business idea and other glamorized aspects of running a business.


But there is a reason why the first thing investors ask for is your numbers. Knowing your numbers will keep you focused on the important things that will keep your business operational. It will also give potential investors the confidence that you know what you are doing.


So, what are the numbers we are talking about? Well, make sure you know your annual revenue, gross profit percentage, setup costs, operating costs, breakeven point, and payback period. 


3. Be Yourself Unapologetically


One of the benefits of being part of a minority group is your uniqueness. Do not try to blend in with the rest of the business crowd as doing so will dilute your power. No one else can be like you, so guard your authenticity and show off your real self to the world.


But don’t confuse this advice as a ticket to behave unprofessionally. There is a difference between being yourself and showing up late for meetings or being loud at inappropriate times. Observe business etiquette but maintain and display your sense of self and culture.

4. Master Your Emotions


Nothing will push you out of your comfort zone as much as entrepreneurship. Running a successful business will force you to do things that scare you. For instance, if you are introverted you may have to spend most of your time networking, pitching to investors, or selling your product.


If you hate the limelight, you may find yourself having to toot your own horn to market your business. You may hate numbers but be forced to learn financial management. 


On top of operating outside their comfort zone, Black entrepreneurs may also have to deal with humiliating encounters stemming from racism or sexism. All these stressors and microaggressions will take a toll on your mental health, so you must strengthen your emotional intelligence. Many people get triggered by such circumstances and become verbally or physically violent which costs them lucrative contracts or important business connections.


Emotional intelligence is the ability to recognize, use and manage your emotions in a way that allows you to live your best life and achieve your goals. Those with high emotional intelligence can also recognize the emotions of those around them to their advantage.


Mastering your emotions will help you react appropriately to stressful situations at work. You will also be able to manage your team and clients better. The Harvard business review estimates that emotional intelligence accounts for more than 90% of what sets apart 
high-performing leaders from their average peers. 

5. Push for Equality


The Black community trails behind other racial groups when it comes to wealth. One reason for this is unequal access to wealth creation opportunities. For instance, Black women earn 63 percent of what white men earn for similar jobs.


Can you imagine how much more wealth the community would have if women got paid their full 100 percent? Black leaders want entrepreneurs to do their part to ensure that all their employees get equal treatment.


If you're in a position that can help empower Black people, you should take your role seriously. For instance, bankers can help Black entrepreneurs access capital and funding. Real estate agents can also help reform their sector to reduce 
racial inequality in housing so that more Black people own homes.


6. Give or Get Exposure


The future of Black America is in the hands of our young adults. But they can’t be everything they can be if they don’t know of the possibilities open to them. Successful Black entrepreneurs can help mentor young adults to show them all the possibilities they have in the business world. 


Exposure to excellent role models does wonders for children and young adults. Successful entrepreneurs can help mold the mindset of the younger generation.


Black entrepreneurs also need to be visible because representation matters. Children and young adults should see people that look like them succeeding in certain industries or as entrepreneurs. This can help them to be more confident to pursue similar goals. 


7. Support Black-Owned Businesses


Black entrepreneurs need our support to grow. This is especially true in their start-up phase. Established Black business owners can also support upcoming business owners through mentorships.


Successful entrepreneurs have insight that could help new entrepreneurs reach their goals faster. Established business owners may also have important networks and contacts. These may be of great help to newer entrepreneurs. 


8. Capitalize on Your Teams Strengths


One thing new entrepreneurs quickly learn is that they can’t run a business alone. You must hire people that are experts in their field to help you achieve your vision. Each of your team members will have a unique talent that they can use to build your business. 


To get the most out of your team you must create a collaborative environment where everyone feels compelled to contribute their best. Give directions on what you want but build the trust that allows you to loosen the reins on your business. This will empower your team to do their work while you concentrate on growing your company. 


9. Take Regular Breaks for Your Self Care


It takes a lot of energy and mental capacity to run a business. This is why entrepreneurs must take care of their physical, mental, and emotional health. Without self-care, you will burn out and fail to achieve your desired goals.

So, what do we mean by self-care? First, you must ensure that you are eating healthy, nutritious food.


Entrepreneurs are always on the go so they can fall into a habit of eating junk food on the run.


Take a few hours a week or month to cook batches of healthy nutritious food so that you always have something to eat during the busy week. If you can afford it, hire a chef or food service that does your weekly meal prep for you. 


You must also include about 30 mins of daily exercise into your routine. This could be a morning or evening gym session or something as simple as going for a walk during your lunch break. Exercise will help you maintain your physical and mental health.


You should also include a daily spiritual practice like prayer, meditation, or journaling to destress. Also consider hiring a coach, counselor, or therapist. You may need a support system to help you navigate stressful periods of your entrepreneurship journey. 


Get Motivated By What Black leaders Want You to Know About Entrepreneurship


Black leaders know how important entrepreneurship is for the Black community. This is why they have given lots of advice on how Black people can succeed in the business world.


Use the tips above to start and grow your successful Black enterprise. For more guidance on how to grow a thriving business, contact us today to learn how we can help.


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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