Business and Finance
4 Tips for a Successful Black Entrepreneur
Author: Talisha Bekavac, Executive Vice President, US Black Chambers
Taking the leap into entrepreneurship requires not only courage, but resilience. Business owners must embrace uncertainty while finding ways to attain stability and growth, often learning along the way in which. But for Black business owners, this leap often requires more. Racial disparities, harmful biases, and heightened socioeconomic aspects that create a harder path in comparison with our non-Black peers can often threaten the progress and financial success of our entrepreneurial endeavors.
These barriers can manifest themselves in many alternative ways. According to data from Intuit QuickBooks Black History Month Survey79% of Black small business owners have experienced racism from a customer previously 12 months. Additionally, nearly half of respondents say fear of getting to beat racial stereotypes nearly stopped them from starting a business.
While these realities can sometimes be discouraging, they’re a good greater accomplishment for the community after we succeed despite these odds, and today many small black businesses are finding ways to beat the challenges they face. At a time when most small businesses lagging in employment, black-owned small businesses are showing growth. Despite only making up 3% Of U.S. firms with employees, 71% of Black-owned businesses reported that that they had hired additional full- or part-time staff previously 12 months, confirming our importance to the general economy.
As Black business owners proceed to make significant strides, listed below are some suggestions to contemplate as you’re employed to grow businesses that should not only sustainable, but thrive, and ultimately create wealth for our communities.
Don’t be afraid to begin small
Every great accomplishment often begins with one small step. Whether which means deciding to open a business or signing up one recent client, these should not insignificant steps to future success. This includes Black business owners, a lot of whom are already taking risks and paving recent trails of their local communities and industries.
Data shows that 70% of Black small business owners say they’re the primary of their family to own a business. They are also revolutionary, with greater than 2 in 5 (46%) noting that they’re the one or a part of several businesses of their community offering their specific products/services.
These steps are something to have a good time, and so they are milestones that lead to non-public and communal success that may encourage others in our community to follow their passions. Each milestone is a testament to what could be achieved with labor and a clear vision. You can start small, deal with quality, and steadily grow your enterprise. This will create a solid foundation for lasting success.
Set high standards
When constructing a business, professionalism is essential to constructing trust and reliability along with your customers. You deliver exceptional quality and repair, and also you need to be paid for that gold standard. Yet greater than half of Black small business owners say they underprice their services, and with economic uncertainty still looming, nearly a third say they haven’t any plans to boost prices in the following 12 months or aren’t sure in the event that they should, given inflationary pressures.
It’s essential to be clear about your enterprise purpose and the worth you bring. Researching what your competitors are charging can be a excellent place to begin to avoid underselling. However, don’t underestimate the total range of costs of your enterprise, including time, materials, and overhead, and set prices that reflect your value. Understanding these costs will aid you construct a realistic but transparent pricing model to teach customers in regards to the quality and craftsmanship of your services or products.
Harness the ability of community
Don’t underestimate the ability of the Black community to construct entrepreneurial success. As a business owner, you will have a powerful opportunity to assist grow our economic power. But that impact could be even greater while you act as a savvy consumer. Nearly 9 in 10 (88%) Black small businesses recognize the purchasing power of Black consumers—greater than larger corporations (83%).
By supporting other Black-owned businesses, we will boost local economies and make sure the Black dollar continues to flow into in our community while we proceed to succeed as entrepreneurs.
Find the balance between your personal and business funds
More than half of Black small business owners use personal funds to cover business expenses, effectively putting their personal wealth aside. There isn’t any definitive manual for starting and growing a business, but there are resources and tools to aid you manage and stay on top of your enterprise funds, from fintech products to organizational support. Nonprofits just like the US Black Chambers and our national network of over 160 local Black Chambers of Commerce have a wealth of educational tools and financial resources to aid you access and effectively manage your funds on the trail to entrepreneurial success.
The entrepreneurial journey begins with a vision and a dream. But it takes determination and resilience to succeed. Successful Black businesses function a powerful reminder that with the best mindset and financial resources, loyal customers will follow—and that support from the Black community will propel us all forward.
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Business and Finance
The US dollar fell as voters headed to the polls
The US dollar dropped in value on November 5 as crowds of American voters went to the polls to forged their ballots.
The dollar even fell in betting markets like PredictIt and Polymarket indicated The probabilities of Trump winning the presidential election are increasing, Reuters reports. With Donald Trump returning to the White House with a Republican-led House and Senate, extreme currency movements ought to be expected.
Trump’s immigration and tariff policies are expected to fuel inflation, while tax cuts for the wealthy and deregulation could spur growth by pushing up longer-dated Treasury yields and pushing up the value of the dollar.
By contrast, a Democratic victory was expected to weaken the dollar as bets on Trump were withdrawn, and investors were concerned about the economic impact of upper taxes on the wealthy and stricter business regulations.
“We may be seeing some leveling off… my impression is that people are being cautious,” said Steve Englander, head of worldwide G10 FX research and macroeconomic strategy for North America at Standard Chartered Bank’s New York branch.
“Right now, the mood seems to be in favor of Trump,” Englander said. “On the other hand, for most of October and early November, Trump’s trading was characterized by a stronger dollar and higher yields.”
Globally, a Trump victory may lead to a weakening of the euro, Mexican peso and Chinese yuan, as these regions could face recent tariffs under his administration. Bitcoin rose 2.76% to $68,928, with Trump’s views seen as more favorable towards cryptocurrencies. Traders are closely watching the Federal Reserve’s two-day meeting that ends on Thursday, expecting the U.S. central bank to cut rates of interest by 25 basis points.
Elsewhere on Tuesday, the U.S. services sector rose to its highest level in greater than two years in October, with employment rebounding strongly. This suggests that the near halt in job growth last month was an aberration.
Business and Finance
First Black-owned gift wrapping brand sold at Lowe’s, Hallmark
Ardean Miller, pioneering entrepreneur Mah Melaninis breaking barriers because the founding father of the primary Black-owned gift wrapping brand, partnering with Hallmark and Lowe’s across the country. With a concentrate on cultural representation, she founded Mah Melanin to fill a niche available in the market for products that commemorate the wonder and variety of black culture.
“When I started Mah Melanin, I wanted to create something more than just beautiful gift packaging. I wanted to start a movement — a place where our stories are told, our beauty is celebrated, and our community is uplifted,” she says. “Partnering with these iconic retailers is a testament to the growing demand for products that reflect our experiences and heritage.”
Breaking down barriers and empowering communities
The partnership with Hallmark and Lowe’s represents a big step toward greater diversity and inclusion within the retail space, reflecting a broader cultural shift. This groundbreaking achievement highlights the growing recognition of the importance of culturally authentic products that encourage and empower.
Under her leadership, Mah Melanin has developed from a small start-up right into a nationally recognized brand. The company has gained endorsements from industry icons comparable to Teddy Riley, Master P and Denise Boutte, and has been noticed by major organizations including an NBA feature and a finalist on QVC’s “The Big Find.” These awards confirm the brand’s commitment to quality, creativity and resilience.
Inspiring the subsequent generation of Black entrepreneurs
He is devoted to not only the success of his brand, but in addition supporting the expansion of other Black entrepreneurs by offering mentorship, sharing resources and creating opportunities for collaboration. Through his efforts, he wants to construct a legacy that can encourage future generations to interrupt barriers and achieve greatness,” he adds.
Mah Melanin’s journey reflects a commitment to celebrating Black culture and amplifying Black and Brown voices through its products, making a profound impact available in the market and beyond.
Discover their products at MahMelanin.com and remember to follow the brand Facebook AND Instagram
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Business and Finance
Jayson Tatum wants to invest in a potential WNBA team in St. Louis
The WNBA plans to add an expansion team to its current roster, and NBA champion Jayson Tatum of the Boston Celtics plans to grow to be an investor in bringing the team to his hometown of St. Louis.
According to , Tatum is connecting two billionaires who want to bring the league’s sixteenth team to Missouri City. The ownership group is headed by billionaires Richard Chaifetz and David Hoffman. Chaifetz’s previous investments include the Alpine F1 team, Major League Pickleball and the Drone Racing League. Hoffman is a developer and owner of the Florida Everblades, a minor league affiliate of the St. Louis Blues.
But despite interest in having a WNBA team in her city, WNBA commissioner Cathy Engelbert says at the least 10 other teams will pose stiff competition.
“The good news is that we have a lot of demand from many cities,” Engelbert said before the WNBA Finals. “I might say about 10 or possibly even plus at this point because I believe the more people watch the WNBA and see what we’re developing here and see these players and the product on the court, the more persons are interested in having it in their cities “.
Tatum has informally agreed to invest in a potential WNBA team. He wants to present the group’s offer to other potential investors and the league itself behind the scenes.
The presentation shown to other potential investors outlines town’s basketball history, dating back to the times of the St. Louis Hawks, which won the NBA championship in 1958. The team can have a home at Chaifetz Arena, where the University of St. Louis is home. The 10,600-seat arena was named in honor of Chaifetz, who donated $12 million to his alma mater in 2007 just over 15 years ago in 2007.
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