Inspiration and Empowerment for Minority-Owned Business
Although progress has been made toward an increase in minority-owned businesses, there is still a disappointing gap in the economy for minority entrepreneurs. In order for the economy to thrive, roadblocks that prevent a diverse group of innovative and talented individuals from becoming success stories need to be removed. Providing inspiration and empowerment for minority entrepreneurs should be a priority if the end goal is to see an increase in minority-owned business creation.
Reduce Harmful Language
Although you may hear people refer to some individuals as natural-born entrepreneurs, the continuation of this term can be discouraging to those who have not heard this term throughout their youth. It perpetuates the idea that entrepreneurs are born and not made, so if you weren’t recognized as having the potential at an early age it may be too late for you. It can be particularly discouraging for minorities who do not have as many minority entrepreneur mentors to emulate. Encouraging the idea that innovation and inventiveness can occur through hard work and creativity at any age creates a better stage for progress.
Recruit Minorities in the Finance Field
The lack of minority representation when it comes to the finance field can be a determining factor when a potential minority-owned business needs start-up funds. When the vast majority of venture capitalists and even bank business loan officers do not have minority representation, it becomes more difficult for potential minority business owners to obtain funding due to reluctance to apply for funds as well as a potential bias. Trends show that the majority of capitalists tend to fund projects led by people who belong to their same-sex and racial demographics.
Reinforcement Through Support
If you want to see an increase in minority-owned businesses, one of the easiest actions you can take is to support the ones that already exist. Showing potential minority entrepreneurs that minority-owned businesses can be thriving and successful provides some of the best motivation and inspiration to follow their example. Exposing young individuals to successful minority-owned businesses can have a long-lasting effect on how they view their potential to develop into an entrepreneur.
Tapping into the talent of members of minority groups involves a purposeful exposure to successful minority-owned businesses and a change in the language used to describe the typical entrepreneur. Empowering minorities to start their own businesses is beneficial to society as a whole since a well-developed economy depends on the innovation of motivated and creative individuals from diverse backgrounds.