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Monday, December 24, 2012

The Biggest Challenges Faced By Black Entrepreneurs

The challenges faced by black entrepreneurs can be many and varied....and are wholly unique in themselves compared to the general entrepreneurial demographic.

A good friend pulled no punches and put it very bluntly....

"I personally believe it's a lack of confidence. We believe that we won't get a fair chance so we don't even try. We are way to dependent on the government or other people when we should be more self-sufficent. We make too many excuses, i.e. our circumstances, income."

That staement may touch a nerve with a few people....but the point should be well taken anbd at least get one to think.

To further the discussion (please feel free to leave a comment with your own views) ... here's a list of challenges Black Entrepreneurs should also consider and hopefully overcome - -

"The Crab In The Barrel Mentality!"

1. The lack of education, qualifications or know how.
2. No family, friends, co-workers or local community support.
3. Poor Marketing, Networking and Social Media Branding skills.
4. Too focused on one particular crowd or just "Black Business".
5. Making too many excuses why something won't work, self-sabotaging.
6. Lack of funding or access to that funding. No assets or lack thereof.
7. The lack of interest within the African-American communities in starting ones own business.
8. Having the consumer mind-set and getting into debt (Bad Credit!)
9. Societies stereotypes of African-Americans.
10. The fear of investing and the false dreams of quick success that most African-Americans take strong beliefs in.
11. Having the "Fast Money" mentality for example, immediately wanting to be a Rapper/Singer/Entertainer, NBA Basketball Player, NFL Football player instead of focusing on a core competency in the workforce.

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