KEY TAKEAWAYS
1. Now is the time for Black entrepreneurs to seek attention from investors and consumers, small business advisers say.
There is “heightened conversation around supporting and finding and exploring Black-owned businesses” right now, said Lauren Maillian, head of Digitalundivided, an incubator for Black and Latina women entrepreneurs. “Take advantage of it.”
2. Customers are checking their own consumption.
The renewed racial reckoning that is sweeping many cities across the U.S. has prompted consumers to re-evaluate their purchases. A Yelp report found that searches for Black-owned businesses on the platform from May 25 to July 10 increased more than 71 times from the same period last year.
3. Don’t be afraid to ask.
“If you are questioning your worth, your value in receiving funding, you have nothing to lose,” Maillian said. “Write the email, ask for the check.” Although accessing federal funding can be difficult, entrepreneurs can apply for micro-investments from organizations focused on funding entrepreneurs of color, as well as crowd equity funding, she said.
4. Being shut out of the job market could be an opportunity.
This could give you the chance to start your business. “There has not been a better time to become an entrepreneur,” said Jewel Burks Solomon, general partner at Collab Capital, an investment fund focused on Black founders.
Black Entrepreneurs Urged to Seize the Moment Despite Difficulties
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Black Entrepreneurs Urged to Ride the Current Momentum - Wall Street Journal
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