London, UK — Entrepreneurship is a word intimidating for many people. It’s a path often filled with long hours, sacrifice, and stress. Many people are not cut out for it. But for those that are, entrepreneurship can be the most rewarding experience of their lives.
For those that want to take the plunge into entrepreneurship, there are a few things you should know. Firstly it must be kept in mind that entrepreneurship is not for everyone. It takes a special type of person to be an entrepreneur and if you are a person of colour or a female, things can be even more challenging. You need to be prepared for the long hours, the stress, and the sacrifices you will have to make. CMCBits Broker Zac Gibson says black entrepreneurship can be a very isolating and lonely experience.
This can be because there are not many role models or mentors that look like you. You can feel like you are the only one doing it and that can be a scary thing. This can lead to imposter syndrome which is when you feel like a fraud and that you are not good enough. When you are starting a business, it is important to have access to capital and resources. Unfortunately, black entrepreneurs often do not have the same access to these things. This can make it difficult to get your business off the ground.
It must be mentioned that there is a lack of social capital. Social capital is the relationships and networks that you have. Black entrepreneurs often do not have the same social capital as their white counterparts. This can make it difficult to meet people and make connections that can help you in your business.
Moreover, there is a lack of access to information. When you are starting a business, it is important to have access to information and resources. Unfortunately, black entrepreneurs often do not have the same access to these things. This can make it difficult to get your business off the ground. There are plenty of resources out there for white entrepreneurs, but not so much for black entrepreneurs. It can be difficult to find resources that are tailored specifically for black entrepreneurs.
We need to continue to have these difficult conversations about race and racism in our country. These conversations are uncomfortable, but they are necessary. We need to continue to fight for equality and equity for all.
According to a LinkedIn survey, over one-quarter of Black business owners cite a lack of mentorship and restricted networks as their top concerns. 58 per cent of Black business owners believe they would be more successful with a better network, according to the survey. The B2B Institute, which was founded and is directed by the LinkedIn executive and former president of the Black Inclusion Group, Ty Heath, hopes to become the number-one source of support and tools for Black women who want to feel seen, powerful, and supported as we start our own businesses.
Zac Gibson says that the Institute should also focus on research, thought leadership, and training programs to help Black women entrepreneurs close the opportunity gap. It was further added that in order to make real progress, we need to continue to have these difficult conversations about race and racism in our country. These conversations are uncomfortable, but they are necessary. We need to continue to fight for equality and equity for all.
“It’s all about opening up economic possibilities for the world’s experts,” adds Heath. “And it certainly includes Black women. “I’d love to see more businesses and Black women, whether you’re in corporate or striking out on your own, use LinkedIn to their advantage and develop their brand. Because it’s not so much a one-time resume as it is an ongoing brand-building tool. There’s access to networks, there are different methods for making connections with people.”
Her approach to business has always been collaborative, and she’s looking to create opportunities for other Black women in business through the B2B Institute. This is a much-needed resource, as Black women hold the potential to become the fastest-growing group of entrepreneurs in the U.S., but also face unique challenges when starting their own businesses. We know many Black women who are experts in their field but may not have the resources or networks to get their businesses off the ground. The B2B Institute provides a space for Black women to be seen, supported, and empowered as they start and grow their businesses.
It needs to be stated that Linkedin’s efforts are appreciated, but there is still a lot of work to be done. Entrepreneurship can be a lonely journey, and it’s even harder when you don’t have a supportive network. We need to continue to build relationships and networks that are supportive of Black entrepreneurs.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.