We live in a world where entrepreneurship is a hot topic. There are many entrepreneurs who share the highlights of their journey. While this is okay, it’s just as important to share the challenges of being an entrepreneur.
With so many entrepreneurs experiencing mental health challenges, it’s past time we discuss the not-so-glitzy parts of entrepreneurship. Today, we will identify common issues entrepreneurs face and how they can be overcome.
Access to Capital
Black women are starting businesses in record numbers. The unfortunate reality for many of us is being denied capital from traditional funding options. Black women receive less than 1% of venture capital. Grants can be included as an option for starting & growing your business. One resource that I highly recommend is Hello Skip. Hello Skip offers many different grants as well as resources to establish business credit and obtain lines of credit. Join Hello Skip at https://tryskip.co/r/CASSANDRA183
Business Infrastructure
The right foundation for a business ensures success. While I don’t recommend waiting to start a business until everything is perfect, it is in an entrepreneur’s best interest to have a system in place allowing potential clients to easily purchase services/products. There should be a way for clients to pay digitally. Setting up a payment processor like Stripe, PayPal, Venmo, etc., is highly recommended. Other tools that will come in handy include having a website and a CRM. Both of these tools will allow an entrepreneur to connect with their ideal target audience.
Community
No one is an island. Success as an entrepreneur will happen by connecting with the right people. Your name can be spoken in places where your feet will never touch. Build relationships with people inside and outside your industry. Collaborations are goldmines as they provide an opportunity for entrepreneurs to cross-promote and reach new audiences. Join professional organizations like the Chamber of Commerce and LinkedIn groups. Attend networking events and conferences to begin forming relationships. Remember, the goal is to learn about another person’s endeavors so you can support.
Wrap-Up
The peaks and valleys of entrepreneurship can be overcome. Developing healthy coping mechanisms will be of value as you ride the waves of entrepreneurship. For guidance to improve your emotional and mental well-being, join me on Substack https://substack.com/@transformationagentforblackwomen.
