10 Things to about Black Entreprenuership

The odds are not good but can be increased in a major way if we understand and know what we are facing. These points are REAL.

10 things you will face realistically as black an entrepreneur

1. Don’t expect instant money. Just because you open a store or build a website it does not mean people will beat a path to your door or your site! The truth is with a physical store many white people & Mexicans will not come to your store but SOME will. I think partly because they are just uncomfortable with it. I don’t think its so much hatred than it’s just so unfamiliar to them. This has been my honest experience…..most Asians and Arabs WILL NOT BUY ANYTHING PERIOD! They may walk in to see what you are doing but a purchase will be very small or nil. Black people will come and will eventually buy……but very slowly so be prepared to wait. If you have enough money to market correctly, have a great product/ service a reach the masses all groups will buy!
2. Black business is just suspect and attached to a very negative stereotype. People will not be afraid to say to you what they will not dare to say to other groups. So please do your research on the mindset you will have to deal with first and demand respect! If you have worked hard and you know you present a great product of service speak up for yourself.
3. You will be questioned extensively on your product or service. The underlying theme is actually trust. This is factor in all businesses but especially yours. Be as knowledgeable as possible and no matter how many times you hear the same skeptical question, answer courteously an as professional as possible.
4. Build multiple streams of income. If you sell a product sell it multiple ways. This will increase your chances of survival. I have used this technique very successfully over the years. I had 3 flea markets running, wed-site, store front, credit card machine, wholesale, consignment, & sale people all a one time! That’s an example of gorilla hustle tactics!
5. Your chance of getting a loan may be slim however it is always good to have a business plan. Some would say to focus your energy on a good presentation, dress appropriately, form an LLC, and seek investors and get a loan. This may be a very good option for someone who has the knowledge of business structure, the communication skills, & personal connections to actually get a business loan but the real is….all capital will be raised by you! Do what you can and start where you are at. Manage your money and invest a little at a time when you can. It could be buying key pieces of equipment. It could be consistently putting away money toward your project. What worked for me was to sell items that have a 300% to 1000% mark up! Set up and infrastructure that would allow me to sell 1000’s of pieces of the same item. Then invest in other things that make money.
6. Talk to people who have experience in business, especially if they are in a similar business. I like to speak with older people who have been successful and are retired or about to retire. I have found them to be more open with information. I have found that white people are very good about helping you and sharing vital information. Many entrepreneurs are in compete mode and to be real when it comes to money people can be cut throat. It is hard to weed through the pretenders, liars, & speculators but you have to. Mistakes cost money and this is not an environment for armatures. READ, READ, and READ books by successful people. If you think you know it all it is a fact you really don’t know shit! I am a lifetime student.
7. You will be judged on how you dress and how you talk. That is a fact. Black people especially will listen to anything you say if you are dressed well a drive a nice car. All people in general respond to a well dress person. I’m here to tell you that there many broke ass people who look and talk like money but really don’t have anything. That’s just the truth and it’s nothing wrong with that. A business suite makes a big difference. You would be surprised how different people will treat you with that suit and tie on.
8. People are not used to seeing a black man in a position of power. Even if you know what you are doing you will be questioned. To some blacks according to how they were raised and what time they grew up in they will perceive you a being and “uppity black” or “who does he think he is”? Don’t keep caught up….fire them or separate yourself from these type of people. Running your business is a hard enough task as it is rather than to expel energy trying to convince a fool.
9. Every rejection is not race based! Something you have to work on within yourself. Don’t just assume every person of another race that does not facilitate your product or service hates you because you are black.
10. Put in work! Your work will always be obvious. The goal is to have as many options as possible to make money. Some successful people have written 50 books. Some people have performed or spoken at over 300 events a year. Some people have over 200 videos posted on you tube. Lil Wayne report ably had over 1400 songs ready……these are examples of work!  Once you know your value you can present your creativity, ideas, & vision to the market place and convert it all into cash!