Opinions expressed by entrepreneurial contributors are their own.
As a black female entrepreneur, I have been able to run successfully Diversity, Equity and Inclusion (DEI) Consultancy for last six years. But I promise, it wasn’t easy. For me, becoming an entrepreneur seemed like getting a doctorate in organizational leadership and working my way to business ownership. Despite the years I have dedicated to my entrepreneurial journey, I still benefit from a level of privilege that not many people share when it comes to entrepreneurship.
I’ve been talking about how for years Black women are not supported Or the guidance they need to succeed in the workplace as well as the many Black ways Entrepreneurs struggle in this space. But we must talk about the privilege that us to do Get success in business. It should also talk about the reasons why people from marginalized communities start businesses in the first place and how their entrepreneurial efforts can be long-lasting and successful.
Complexities of Specialization in Entrepreneurship Huge but worth discussing. We have to peel back the layers to figure out how more entrepreneurs from marginalized communities can lift themselves out of poverty and into prosperity.
Related: 18 business leaders on creating an inclusive and equal society
1. Having start-up funding is a privilege
How will I fund my business? This question is on many entrepreneurs. when 66% One of them uses his money to start a business and the other 33% Starting with less than $5,000, that’s a perfectly valid concern. This means that unless they were born with a silver spoon in their mouth, some people have to look beyond their personal bank accounts to kickstart their business.
Whether it’s a venture capitalist, friends, family or a bank loan Funding options, but most of these have serious strings attached. It’s a privilege to have access to these resources in the first place, but it usually feels oppressive to ask. Knowing that the loan you use to start your business will double, triple, or quadruple your personal debt is a daunting realization.
I was fortunate enough that when I started my DEI consultancy, I did not have to struggle for funding. I was fortunate to have a husband who was ahead of me in his adventurous journey. His entrepreneurial endeavors gave me the freedom to build my consultancy without the pressure of contributing to our household income. Not everyone gets such an opportunity. equal access Getting funding for a business is not easy and every entrepreneur falls somewhere on the spectrum of privilege and oppression when it comes to funding.
Related: 6 Ways to Support Black Entrepreneurs
2. Discovering other entrepreneurs is a privilege
Whether it’s a parent, grandparent, aunt or uncle, having someone in the family who is an entrepreneur makes your dream of starting your own business seem more attainable.
I didn’t have any entrepreneurs in my family, but my husband did. His father was the example that inspired a ripple effect of entrepreneurs in the family. Watching his family members start, grow and scale businesses was inspiring to witness. As we all know, Representation matters. Seeing entrepreneurs who look like us experience the ups and downs of business helps us know that our dreams are possible.
However, if we have never seen entrepreneurs like us, it is difficult to imagine how it will be possible to start and grow our business. For some of us, having access to a successful entrepreneur in our lives is a privilege that likely affects the success of the businesses we hope to build.
3. It is a privilege to have a college education before starting a business
As someone who received her doctorate, I am in the minority of entrepreneurs: 62% While entrepreneurs have at least a bachelor’s degree 7% Have a doctorate or other degree. I also receive additional financial benefits as a result of my educational privilege. It turns out that entrepreneurs with doctoral degrees earn 35% More than those with a high school diploma.
But not all entrepreneurs have the privilege of going to college. Many people choose entrepreneurship because it promises unlimited earning potential, even those with only a high school diploma. For many marginalized people who do not have access to college or university, entrepreneurship seems to be the only way out of their economic situation and towards a brighter future.
4. It is a privilege to have a business that lasts more than three years
Despite being one of the Black women Fastest growing Demographics of entrepreneurs in the US, CNBC reported Eight out of 10 black-owned businesses Failed in the first 18 months. A great business idea and some funding will help accelerate your journey; However, maintaining a business for more than five years is rare. around 49% Women-owned businesses are less than five years old, and as they reach the 6- to 10-year window, that number drops to 17.5%.
There are many reasons why not everyone enjoys the privilege of business longevity. Funding runs out, an unexpected business crisis appears or the entrepreneur simply has a change of heart about their venture. Whatever the reason, a business that spans decades is a privilege for some Marginalized entrepreneurs just dream
Related: 10 Reasons Why 7 Out of 10 Businesses Fail Within 10 Years
5. Can actually start your own business create Privilege
In light of the recent layoffs in many industries across the country, now is a great time to try entrepreneurship. The main motivators for becoming an entrepreneur are the numerous ways it can develop and expand our financial and personal futures. Research shows That women who start their own businesses do so because they are willing to pursue their passion and work for themselves.
Entrepreneurs of color are starting businesses for similar reasons. Dissatisfaction with their bosses and the lack of diversity, equality and inclusion in corporate America lead many to start their own businesses.
Most importantly, for many entrepreneurs, their salary ambitions can reach whole new heights. While the average woman Earns 82 cents For every dollar a man earns, an average female entrepreneur earns 91 cents. Although a one-to-one earnings ratio would be the best-case scenario, it is clear that for many women, starting their own business helps them narrow the wage gap.
The lifestyle and flexibility benefits of entrepreneurship also cannot be overstated, such as working from home with hours that suit your schedule. The ability to be or simply avoid being a parent or caregiver to someone you love Micro Invasion, pay disparities and unequal treatment at work are all new privileges afforded by starting your own business. For many marginalized people, this kind of economic and personal freedom is a dream that can only be realized with entrepreneurship.
Related: Why paying women equal pay helps — not hurts — your business
Final thoughts
As marginalized people balance the pros and cons of becoming an entrepreneur, those of us who have already found success in this field must ask ourselves: What can we do to nurture more entrepreneurs from marginalized communities? How can we leverage our privilege and power to be sensitive to the issues that arise for new entrepreneurs? How can we fund and support them in the most critical phase of their business?
In my opinion, successful entrepreneurs have a responsibility to share their privilege with others and help more people confidently enter the entrepreneurial space. Name the new entrepreneurs in the room who are important. Offer loans or donate capital to entrepreneurs in marginalized communities. Mentor new entrepreneurs and flatten their learning curve so they are more likely to grow past the five-year mark.
Sharing entrepreneurial wisdom and offering resources when available can help more women, people with disabilities, queer and people of color reach entrepreneurial success and expand their careers beyond imagination.
—————————————————-
Source link