Tips, Strategies, and Inspiration for Women in Business
Running a business is hard work, especially as a female entrepreneur of color.
Black female entrepreneurs are more likely to face biases in the workplace — making things like networking and obtaining business funding more of a challenge. Additionally, fewer mentorship opportunities are available to Black women entrepreneurs in the earliest stages of their careers.
The BRICC Foundry aims to change all of this for the better. Check out these best practices for Black women in business to learn how to overcome potential obstacles and succeed in entrepreneurship!
Overcome Common Challenges
Though 49 percent of U.S. businesses are women-owned, female entrepreneurs still face many challenges in the entrepreneurial world — especially women of color. Women entrepreneurs, for instance, often experience challenges acquiring venture capital funds (VCs) and government contracts, maintaining a healthy balance between home life and work. And even in 2021, gender discrimination remains common in the workplace.
To help you overcome common obstacles such as these, ZenBusiness offers several recommendations. As one example, you can achieve a healthier work-life balance as a female entrepreneur by asking for help when you need it, learning to delegate tasks, and shifting your priorities when necessary. There is no such thing as a “perfect” work-life balance, but these strategies will help you blend the two for improved health and happiness.
Connect With Other Black Female Entrepreneurs
Fewer mentorship opportunities may be available to Black entrepreneurs, but The BRICC Foundry is an excellent starting point for mentees and mentors looking to connect with other women of color. BRICC mentees develop their skill set and learn to lead and manage others, while mentors coach and empower young women of color.
Hold Yourself Accountable
As a female entrepreneur, it is important to learn how to hold yourself accountable — as doing so will boost your self-confidence, help you better manage your time and projects, and support your employees, family, and community members.
To keep yourself accountable as an entrepreneur, start by writing a personal mission statement, setting small, attainable goals for yourself, and clarifying your goals on paper so you can track your progress and check each item off as you go. You could also use business productivity apps such as Asana, Trello, and Toggl to stay on track toward achieving your goals.
Get Financially Fit
Whatever your financial situation may be, there are several best financial practices all entrepreneurs must follow to keep their small businesses afloat. These include:
Preparing financial statements such as balance sheets, income statements, and cash flow statements.
Choosing between accrual and cash basis accounting methods.
Preparing a small business budget.
Reconciling business bank accounts monthly.
To learn all about financial statements, cash flow forecasts, and measuring the financial health of your business, check out the SCORE Association's free recorded webinar for Black-owned businesses. In addition to recorded webinars, SCORE offers on-demand courses, local workshops, live webinars, and additional resources for Black, women, and Hispanic business owners.
Communicate with Confidence
To succeed in business, female entrepreneurs must be able to speak, confidently, and courageously. And fortunately, you can become a better speaker and communicator with a bit of practice. Mary McGlynn of PowerSpeaking recommends taking a speaking class, joining a local Toastmasters club, and looking for opportunities to speak or lead wherever you can.
The Bottom Line
Entrepreneurial women of color may face more challenges than white male or female business owners, but the number of Black female-owned businesses continues to grow. Half of all women-owned businesses in the United States are owned by minorities — including those identifying as African American (21 percent), Hispanic (18 percent), Asian American (9 percent), Native American/Alaskan Native (1.4 percent), and Native Hawaiin/Pacific Islander (0.3 percent).
Don’t let your race, gender, or lack of experience prevent you from succeeding in business. Keep these tips and best practices in mind no matter where you are on your entrepreneurial journey!
Are you ready to share your entrepreneurial experiences with young women of color? Are you looking for a mentor who can help you to kickstart your career? Contact The BRICC Foundry today! startwithus@briccfoundry.org