The number of Black-owned businesses has been increasing rapidly even before the pandemic business boom. The number of Black-owned businesses in 2021 was 161,031, an increase of nearly 20% from 2019 to 2021, according to the Census Bureau's 2022 Annual Business Survey.
Learn how 18 Black founders and business leaders approach entrepreneurship and create and sustain successful businesses through these inspiring quotes.
1. “If you approach 100 people for seed capital, 99 may say no. You need it.”
— Dr. William Picard, Chairman of the World Automobile Alliance and Co-Owner of Five Black-Owned Newspapers
When you're starting out as an entrepreneur, all it takes is one person who supports your goals and ideas to help your business grow. Rather than putting pressure on the number of people needed to support your business, focus on the quality of the individuals.
— Earl Graves, Founder of Black Enterprise
Whether you work a 9-to-5 job or have a side hustle you'd like to share with the world, you can start cultivating your personal brand and vision that will lead you down the path of entrepreneurship. Consider ways to market your skillset and experience and expand your network.
[Read more: Best Entrepreneurial Advice From the Founders Behind America’s Hottest Startups]
3. “We can go beyond predetermined narrative scripts and pave the way to the future we design. We need that power within us, that belief. , it’s just about bringing out that determination.”
— Robert F. Smith, Founder, Chairman, and CEO, Vista Equity Partners
Gaining inspiration and support from Black leaders, communities, and networks can inspire and support your business ventures during difficult times. Create your own path and story and find helpful mentors.
4. “Women of color are the fastest growing demographic of entrepreneurs, so this is a great time for us. It’s important that they get the mentorship and training they need to get where they want to go.” is.”
— Angela Benton, Founder and CEO of NewME Accelerator
There are many identity-centered mentorship, fellowship, and training programs available to jump-start your entrepreneurial goals.
5. “Dream small. Setting small goals and achieving them will give you the confidence to move on to higher goals.”
— John H. Johnson, founder of Johnson Publishing Company
Breaking down big goals into bite-sized, achievable steps can help you stay motivated throughout your journey as a business owner. Goals that are too unrealistic or too lofty may ultimately prevent you from even starting.
6. “I didn't try to force ideas over time, I just let them come to me. And this time, I made sure it was something I was passionate about.”
— Tope Awotona, Calendly Founder and CEO
People with an entrepreneurial spirit may feel the need to pursue every idea they come up with. He should always pursue ideas that he is passionate about.
— Arlan Hamilton, Founder of Backstage Capital
Being creative and curious is part of being a successful entrepreneur or business owner. Take advantage of creative opportunities and exploration as you build and maintain your business.
[Read more: 15 Black-Owned Small Business Directories]
8. “Success depends on your employees. For me, getting to know and connecting with my employees is very important.”
— Dr. Divine Ndulukula, Founder, SECURICO
As you build your business, the people you hire and welcome into your community are essential to your organization's growth. Think about how you can create a strong, honest, and healthy work environment.
— Kevin Dedner, Hurdle Founder
As you grow your business, you may feel pressured to compromise your values and views on the company. Find someone who supports both your business goals and your personal vision.
Let's have a small dream. Setting small goals and achieving them will give you the confidence to move towards higher goals.
John H. Johnson, founder of Johnson Publishing Company
10. “If a company only builds business relationships, people may enjoy and love the widget, but it won't win their hearts. And if you don't have their heart, ultimately You could be replaced.”
— Parnell Caesar, BLK & Bold CEO and Co-Founder
Adopt a consumer-focused lens when building your business. How can customers invest in your product or service?
[Read more: How to Build a Stronger Black-Owned Business Ecosystem in the U.S.]
11. “I want to stop trying to transform and just be myself.”
— Ursula Burns, former CEO of Xerox
Being a business owner often requires wearing many different hats. But there comes a point in your entrepreneurial journey when you need to stop trying to change yourself to reach another level or goal and celebrate your strengths and who you truly are as a leader. .
12. “You can and should set limits for yourself and express them clearly. This takes courage, but it is also liberating and empowering, and can earn you new respect. is common.”
— Rosalind Brewer, former CEO of Walgreens Boots Alliance
Be sure to clearly communicate your personal boundaries to your team. This can be uncomfortable or nerve-wracking when you want to have an intimate relationship. But once you have the courage, you'll feel relieved (and even empowered) when your employees start respecting you.
13. “The road back may not be as short as we would like…but there are solid reasons to be confident about the future.”
— Richard Parsons, Senior Advisor, Dynasty Equity, and former Chairman and CEO, Time Warner
In difficult times, it can be difficult to get your business back on track. Reflect on the experience and the lessons you learned from it, and use it to create a clear path for your future. Stay positive and push through the discomfort. You and your business will come out the other side stronger than ever.
14. “When I was young, there was something inside me. There was a passion. I may not have known what I was going to do with that passion, but there was something – and I still feel it. This little engine is roaring inside me and I just want to keep going.”
— Sheila Johnson, BET Co-Founder, Salamander Hotels and Resorts CEO
Entrepreneurs may embrace their passion from an early age, but if they focus that passionate energy on their business, it can turn into a great empire. Consider following your passion by brainstorming new ideas for products and services while running your business.
15. “If you have a dream and a job, great!” You can learn how to navigate both. Your employer, or what I like to call your “investor,” is giving you money to invest in your dreams and paying the bills while you chase your dreams. ”
— Lisa Nichols, Founder and CEO, Motivating the Masses, Inc.
There can be great synergy between working full time and pursuing your dreams. Don't give up on your dreams just because you have a career. You can accomplish both as long as you allow yourself the time and effort.
— Sherrell Dorsey, Founder of TP Insights
Improving your emotional intelligence is a lifelong endeavor. But by understanding, harnessing and managing your emotions in a positive way, you can build stronger relationships with your employees and customers and create an optimistic work culture.
— Wayne Sutton, Founder and CEO of Icon Project
How can you show up for others if you don't show up for yourself first? Be sure to take the time you need to de-stress and establish self-care habits so you can be a strong leader for your team.
18. “We must ask big, bold, wide-ranging questions of ourselves and those around us. [These insights] It will help inform your best next action. ”
— Felecia Hatcher, Center for Black Innovation Co-Founder, Black Ambition CEO
As a business owner, you'll get a lot of questions from your employees, customers, etc., but get used to asking your team questions as well. You may not have all the answers at first, but asking questions and thinking outside the box can open up new opportunities.
This article was originally written by Ami Sherson.
CO— aims to provide inspiration from leading and respected experts. However, before making any business decisions, you should consult a professional who can advise you based on your personal circumstances.
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