Tap here to turn on desktop notifications to get the news sent straight to you. The 16 incredible stories below show how even horrible tragedies and setbacks can help fuel a drive for success. Their stories stress one of the most important lessons of all:
While segregation has been dismantled for the most part, remnants of the chains of discrimination still exist. Are these remnants among the challenges facing black entrepreneurs?
One can make the case that it is — not through overt discrimination, but through subtle differences in access to vital resources.
A survey from July gave some insight into these challenges, at least in the state of Texas. The University of Texas at Austin joined forces with the Texas Association of African-American Chambers of Commerce to poll black-owned businesses regarding the nature of their businesses and the hurdles that they face.
Challenges to Equality Black-owned ventures tend not to be retail businesses. Many are formed by professionals architects, engineers, accountants, etc. Despite anti-discrimination policies, black business owners cited reduced access to decision-makers in both the government and private sectors, affecting their ability to secure large enough contracts to expand and hire employees.
The survey does not address the reasons why — is it because too many black entrepreneurs assume that they would not qualify for a loan, lack the financial background to see the importance of capitalization, or consciously open up businesses where loans are unnecessary?
More or Less Equal? The survey results mostly match up with the conclusions of economists Robert Fairlie and Alicia Robb in Race and Entrepreneurial Success, their book from They contrasted the relative success of Asian-American entrepreneurs with the lower success rates of both white and black-owned ventures.
Learning and mentoring within a family business was a strong positive, but fewer black-owned businesses had that advantage. Yet these businesses seem to have a "cap" that keeps them from expanding and establishing more jobs, which would lead to economic growth.
Access to resources appears to be a key to breaking that cap. However, Magic started from a position of wealth and connections from his basketball career. It is much harder with no name recognition and insufficient capital. This all indicates a basic lack of opportunity, which was the emphasis of Dr.
While the lack of opportunity is on a completely different level than it was during the civil rights movement, it is still tangible. Barriers to contracts and capital must be continually dissolved, and suitable funding alternatives must be explored such as lending programs specifically targeted to black-owned ventures, or equity crowdfunding as proposed in the JOBS Act, if the SEC ever gets around to approving it.
Black entrepreneurs need the positive messages and realistic expectations that they can succeed in business beyond operating sole proprietorships. Suitable financial and management training must be readily available and affordable to those willing to learn. Mentoring programs, especially within black-owned enterprises, are necessary to provide knowledge and useful business connections.
When this occurs, Dr. King's vision will have come to pass in the business world, and the only color that will matter to black entrepreneurs, their employees, and their customers will be green. Let the free Retirement Planner by MoneyTips help you calculate when you can retire without jeopardizing your lifestyle.Madam C.J.
Walker. Madam C.J. Walker, born Sarah Breedlove, created specialized hair products for African-American hair and was one of the first American women to become a self-made millionaire.
Entrepreneurs—the people who found and own businesses—enjoy some pretty big perks: the corner office, first dibs on morning office coffee, and personal assistants they can order around.
Working their way up the corporate ladder to rise from personal hardships and tragedies - while fighting gender discrimination, is a common life thread often seen among some of the most successful and famous women in business.
Oprah Winfrey The illegitimate daughter of a Mississippi sharecropper, she overcame poverty, parental neglect, sexual abuse and racism to become one of the richest and most powerful women in the. The challenges of growing a business - and how to meet them; Guide The challenges of growing a business - and how to meet them.
Share on: Some entrepreneurs, recognising their own limitations, even appoint someone else to act as managing director or chairman. Welcoming change.
Sep 25, · 16 Wildly Successful People Who Overcame Huge Obstacles To Get There serving as a judge for "Pop Idol," "The X Factor," "Britain's Got Talent" and "American Idol.".