A password will be e-mailed to you.

There is nothing women can’t do.

Surely, there are so many hindrances that women in business face. However, when it comes to race, the number of black women entrepreneurs have greatly increased over the past decades.

According to the Census Bureau, eight million businesses in the United States are owned by people from minority groups, and 2.5 million of these are owned by African-American (which makes them the only racial or ethnic group with the highest number of business ownerships).

Also, in the very recent State of Women-Owned Business Report, the number of firms owned by black women grew by 164%. 

We all know it, there is nothing women can’t do. While the stakes are higher, you can break down the boundaries and become a successful entrepreneur.

How?

1. Embrace diversity

Before you make other people believe in you, you first have to believe in yourself. Instead of seeing it as a barrier, you have to embrace your diversity and use it as a competitive advantage.

Take note that diversity goes beyond gender, nationality, color, or race. We have to embrace our uniqueness, be proud of our strengths, and turn our weaknesses into opportunities. 

2. Be passionate about what you do

When you love what you are doing, you gain the courage to look past the challenges and the discouragement from other people. To succeed in business, you’ve got to have a strong mission.

Why do you want to start a business?

Successful entrepreneurs have many things in common. One is their sense of purpose. Of course, an obvious reason is to gain profit.

But there certainly has to be a reason much higher than that which motivates you to pursue what you do.

3. Accept that failure is part of it

You’ve heard stories about business tycoons bouncing back from their failures and have turned out to be better entrepreneurs.

You won’t believe how founders of giant companies like Twitter, Huffington Post, LinkedIn, and PayPal all went through massive failures, costing them millions of dollars.

Here’s the thing – 75% to 90% of all startups fail. It only shows that failing in business is normal.

At some point, you will commit mistakes, you will make wrong decisions, and you will fail. The secret is to never give up.

4. Plan ahead

Behind a successful business model is a solid plan. You don’t jump into the river without knowing how deep it is.

Create a detailed business plan. Identify pain points. Pool your resources and know your options. For example, where will you get the funding? Will it be from your savings or through business financing?

Will you still need investors? How will you reach out to them? List down all your ideas. Do your research. Invest in knowledge. And be ready to start something.

5. Embrace Change

No matter how comprehensive your business model is, at some point, you will have to make adjustments or perform a total shift.

Changes in business are inevitable. Market demands and trends change from time to time. It is scary to confront changes. That’s a normal reaction.  But you have to be flexible and adaptable. Otherwise, you could be left behind.

6. Don’t Forget that You Are Human too

As you establish and grow your business, you will find yourself devoting most of your time to it.

You will miss some important family affairs for client meetings, endure sleepless nights for endless paperwork, and forego weekends to beat deadlines. The key is to strive for balance.

Drink your water. Eat your veggies. Sleep. Pamper yourself. Get your hair done. Go for a mani-pedi.

For you to keep up, you have to be physically and mentally healthy.

Becoming a businesswoman is not an easy feat. Striving for success is much more challenging especially when people kind of judge you for your race or gender.

But don’t let anything or anyone stop you from becoming a top-notch entrepreneur. Remember, in business success, there are no boundaries.


This article was written by Lidia Staron

Lidia Staron is a part of Content and Marketing team at OpenCashAdvance.com. She contributes articles about the role of finance in the strategic planning and decision-making process. You can find really professional insights in her writings.

Need some more FREE downloadable guides from SLA? Click here.

No more articles