Black entrepreneurs have faced several hurdles on the pathway to success. Thriving in today’s business ecosystem requires hard work, and for many Black entrepreneurs and businessmen, that includes several roadblocks because of issues like racism, lack of financial literacy, and mass incarceration.
According to a report by the Toronto Star, many Black business owners are struggling with lower profit margins. Many of these businesses perform less well financially than businesses owned by white people or other radicalized groups. Given such hurdles, what can Black men and women do to break barriers? Consider a few examples.
Eszylfie Taylor, President of Taylor Insurance and Financial Services, who works with several high-profile executives, says, “The most difficult part of being an entrepreneur in this economy is access to capital and people who can afford your services.” The antidote to that, he says, is to find those with not only the need, but the discretionary income to utilize your products and services.
Despite all the hurdles, many Black entrepreneurs are thriving. So, what’s the secret? Consider a few strategies.
Build Strong and Authentic Relationships
Taylor, quoted above, believes networking and building relationships are the most important parts of being an entrepreneur. He says that building relationships is the foundation of being a successful entrepreneur. If you think about it, if people do not know you or trust you, they would be less inclined to do business with you. Nevertheless, when you establish rapport and trust with your clients, they would not be inclined to do business with other people and would want to get their products and services from you as opposed to a competitor.
“I take measures to strengthen relationships. Price is generally no issue, of no consequence, whenever a relationship is present and you are supporting your friends, colleagues, and confidants, “Taylor says. To that end, Taylor has several relationships with clients of different backgrounds, and he is on a mission to help them achieve financial freedom.
Leverage Data and Tap into Underserved Markets
Another shining example is that of Greg Maurice, a first-generation Haitian American entrepreneur. Maurice has acquired and licensed over 300 films, generating $100 million in revenue from platforms such as Amazon Prime, Apple TV, HBO, and others.
Maurice believes that the key to success is for entrepreneurs to leverage data to identify market gaps where certain groups or needs are underserved. And indeed, this is what he did. Maurice focused on overlooked communities and catered to their needs. “I heavily relied on data to identify services and tools for immigrant professionals and international students, a large group that’s often misunderstood or forgotten,” he says.
Invest in Compelling Brand Storytelling
Maurice has utilized another tool, and that is creating a compelling story for his brand. Maurice strongly believes that connecting with your clients emotionally is vital to success. One of the things he did was invite immigrant professional leaders to share their career journey on his podcast. That’s one way people can relate to them and learn about their ups and downs and how they overcame their challenges. This is also a smart way to humanize your brand.
“A well-crafted narrative not only sets a business apart but also creates a lasting emotional connection with customers,” Maurice says. This not only ensures the brand remains relevant but also resonates with the audience and fosters deeper engagement. As an entrepreneur, you too can use visuals to craft a compelling narrative that resonates with others and tells your story.
So, there you have it, although the pathway to success might be riddled with bumps and roadblocks, that doesn’t undermine the fact that many Black entrepreneurs achieved success. The two examples above are among many that show how Black entrepreneurs are changing the face of business.
David Messiha| Staff Writer
