Young entrepreneurs are hardly ever taken seriously and more so, young black entrepreneurs. When you read about the entrepreneurs that have made it, they all say that the rules are the same. Starting a business at 18 years or at 50, you go through the same challenges and the discipline to excel stays the same.
Three Key Points That Contribute To The Success Of Young Black Entrepreneurs
Do your research
Regardless of how much experience you believe you have in a particular domain, you must research on the current players, consumer needs, as well as, the market size. Having all the fact is especially important for your success and more so if you were looking for investors.
As a young black entrepreneur, you may be disadvantaged because of the cultural prejudice but the only way to overcome this is to be knowledgeable about your subject. An investor will only support your venture when they are sure that you are dedicated to its success. Without adequate knowledge of your new venture, potential investors will lose confidence in your ability and will refuse to put their hard-earned money to your idea.
Be an active participant in your local entrepreneurial community
One of the best ways to learn is being part of a project. Communities have entrepreneurial groups that are run by established people with amazing entrepreneurial skills and traits. Such people are ideal mentors to young and upcoming entrepreneurs. Join such groups, attend their group discussions and participate, network and increase your visibility with the community. When you do this, it makes people aware of you and when you finally start your business, they will be your support system.
Surround yourself with a power team
As you establish yourself, it is crucial that you have advisers who will guide and believe in you. Be open-minded and ready to receive advice and criticism from those who have experience and have built successful businesses.
Most young black entrepreneurs fail at the start-up stage and one of the biggest contributors to their failure is pride. Do not allow ego to get in your way. You need people with different skill sets in your corner to guide you.
As a young black entrepreneur, having a business idea does not result in success. Understanding the idea intimately however is one of the essentials to success. Network, find mentors and a team that you trust to carry your vision.
Finally, be humble. There is always more to learn.