To grow and succeed, Black entrepreneurs need to be a part of an ecosystem that supports them. Networking is critical for business owners seeking longevity and security for their company.
The absence of an accessible entrepreneurial ecosystem has made it difficult for business owners to create effective partnerships with other Black entrepreneurs.
The significance and necessity of Black business owners in America are crucial and can only be fully realized through creating a broadly available entrepreneurial ecosystem. The best way to build a sustainable and robust ecosystem is by networking with like-minded business owners.
This article explains why you should join a Black entrepreneur network and highlights current statistics on the industry. Let’s dive in!
Your Network is Your Networth
Regardless of your level of experience, business networking is an excellent way to grow your company. Interestingly, many CEOs and great entrepreneurs credit their success to solid business relationships.
Making meaningful connections with other entrepreneurs can support you in generating more leads, learning cost-cutting techniques, bringing home management tips, and gaining access to valuable resources.
Networking with other business owners with a similar background can provide several advantages, such as strategies and contacts to resolve community-specific challenges. Black entrepreneurs are likely to receive similar benefits when it comes to networking and mentoring relationships.
- In a survey conducted by Alignable, 85% of small businesses indicated that word-of-mouth referrals were the best way to acquire local customers.
- According to a Forbes survey, 78 percent of startups believe networking is essential to their business endeavors.
The Top 3 Reasons to Join a Black Entrepreneurship Network
You may raise awareness of your business by meeting with people at a networking event to grow your professional contact list. You never know who other people are in contact with—even if someone doesn’t need your offerings now, they may know someone who does.
You don’t know what you don’t know, and there is nothing wrong with asking for help. Perhaps someone in your new network has experience in the field you’re attempting to get into or just recently tackled a big problem you’re currently facing.
Collective knowledge is a huge advantage of networking that many entrepreneurs overlook, although it’s wise to tap into the wealth of knowledge that a community can provide.
Having a mentor or other source of knowledge might be what changes you into a wildly successful business owner, so it is well worth your time to make the extra effort to get to know someone.
Expanding Your Brand
Networking may not only open doors for you and your business but will also legitimize it. When a small company is just starting, attracting customers/clients and inspiring them to invest their time and money can be challenging. If you do not already have customer reviews, good word of mouth from established businesses in your network might accomplish the same thing.
The more you boost your brand recognition, the more likely you will receive referrals and attention, gaining an advantage over your competition.
Where Can I Find a Network as a Black Entrepreneur?
If you have tried without luck to find a thriving Black entrepreneur network in your community, don’t give up! Black Women Talk Tech provides these resources and can help!
Black Women Talk Tech
There wasn’t a roadmap to billions designed for us, so we created our own. We started a tech conference designed specifically for Black women tech entrepreneurs to create a space where black women could be seen and heard for once and have their ideas invested in. That’s how Black Women Talk Tech began.
Our conference is now the largest convening of Black women tech entrepreneurs and technologists.
Today, our mission is to help Black women dream big and build the next billion-dollar tech or scalable company. Learn more about our many programs that support Black Female entrepreneurs on our website!
Access is Key Within Black Entrepreneurship
Black-owned companies play a significant role in the US economic system; however, Black business owners face unique challenges when establishing and growing their businesses.
According to the Congressional Black Caucus Foundation’s study published on the Position of Black Entrepreneurship in America, three factors were found to be critical for a business’s long-term success:
- Financial capital
- Social capital
- Human capital
To break it down, Black business owners must have access to three things to succeed: financial support, powerful peer and advisor relationships, and the chance to develop skills and traits that will help them advance.
Unfortunately, studies have shown that Black business owners face a unique disadvantage when acquiring social capital compared to other entrepreneurs.
Overcoming Statistical Odds as a Black Business Owner
Despite statistical odds, innovative Black entrepreneurs are overcoming obstacles and launching influential companies at a tremendous rate.
20% of Black Americans are starting or running new businesses right now—more than any other ethnic group. If you are a Black entrepreneur, the time is now to create an influential business that will leave a legacy.
Joining a business network is the best way to form partnerships, generate leads, learn cost-cutting techniques, bring home management tips, and gain access to valuable resources. Don’t wait; join one today!