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Support Black and Brown Businesses (and not Just for the Holidays)

Support Black and Brown Businesses (and not Just for the Holidays)

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The holidays are upon us, with all their bittersweet feels: the nostalgia; the comfort of warm light in the cold darkness; and the very persistent, existential anguish of an inequitable world that seems so far from making any changes. How can we confront the vast disparity fueled by capitalism’s racist roots while still having to engage in the system, all without losing our ethics? 

The Reality of Business Equity

Corey Edwards, Northwest region and Colorado director of Western Governors University and founder of Invizibee, has a few ideas. In his recent article, “Equity Still Lacks Where Black Businesses are Concerned,” Edwards writes, “Laws no longer bar Black folks from living where they want, marrying who they want or going into business in any field they want. And since 2010, the number of Fortune 500 companies with more than 40 percent diversity on their boards of directors has quadrupled.”

He continues, “Much of that diversity has increased over the past year, sparked in part by worldwide outrage and protests following the murder of George Floyd by a Minneapolis police officer. But 40 percent of all Fortune 500 board seats won’t be held by diverse individuals for decades—not until 2074, if current projects hold true.

“Both the Tulsa and Minneapolis tragedies prompt us to wonder, how far have we come? The answer is clear—we are a long way from living in an equitable society.”

So, what is the answer?

“The solution has to involve the entire ecosystem. Including the business sector,” Edwards says.

Edwards follows this statement with horrific, yet unsurprising, statistics from fundera.com about the incredible disparity that still exists between Black individuals and their white counterparts in the world of business. Fortunately he also highlights opportunities to close that gap:

•“Black entrepreneurs need to pursue business ownership in more lucrative sectors. For instance, wholesale business represents 24 percent of all business revenues, but only 1 percent of Black women and 2 percent of Black men entrepreneurs are in this sector.

• “Black entrepreneurs might look for mentors to improve networking and exposure. Research in New York revealed that founders who are mentored by top-performing entrepreneurs were three times more likely than their peers to become top performers.

• “Improve access to credit for Black businesses. Twenty percent of Black Americans start businesses, but only 4 percent survive the startup stage.

• “Improve use of corporate and government procurement programs that target Black-owned businesses, particularly among large ‘anchor’ institutions in the community.”

If you understood everything suggested above, then you understand way more about business than the average adult. If you didn’t, welcome to the club. So what can us non-entrepreneurs do to support Black- and Brown-owned businesses?

Support Black and Brown Businesses

Krystal Covington, Western Governors University (WGU) distinguished alumni, marketing consultant, and founder of Women of Denver, alongside Edwards, shares more insight into how consumers and allies can change the game of business:

Increase awareness

Take photos and share on social media. Show people who you support, and showcase it. Don’t showcase it as a Black business, but as the amazing enterprise that provides great value that it is.

Reviews 

Reviews help SO much. Leave good reviews to help advertise.

Become a connector 

Make opportunities available by connecting people at the right time, especially when it comes to mentorship.

Bring people into it 

Take people into the world of Black business, and share your support for those spaces.

These suggestions come both from study and experience. Both Edwards and Covington are entrepreneurs who have not only faced challenges themselves, but also strive to transform the business ecosystem.

Edwards currently oversees a nine-state region with WGU, but that’s just his day job. One of his first big engagements occurred back in 2009 when he opened a restaurant by Denver’s Coors Field. It lasted 18 months before it closed. He says he didn’t have the confidence and made a lot of mistakes. “Closing is a reflection of what I didn’t know,” but he didn’t give up.

He found mentors, got back into higher education, and moved into the realm of virtual learning. He also worked with businesses along the Front Range for the University of Colorado. As he sat with CEOs and other corporate leaders, he noticed that in all of the boardrooms he was in, no one looked like him. He was always the only Black person in the room. 

On top of this, he witnessed his daughter struggling to re-enter the workforce, unable to land a job. Determined to create access in a white-dominated space, his next business, Invizibee, was born. Invizibee “(advances) Black and Brown professionals through the leadership pipeline by helping businesses and organizations attract, retain, and develop professionals of color.”

Covington, a distinguished alumna whose efforts went above and beyond the requirements and who’s made a significant positive difference in her community, got started in business in undergrad by selling lace wigs. Her dad invested $1,000 to get her started, and she steadily grew until more affordable wigs became widely available. 

Then, it crashed, and she had a financial mess on her hands. She realized that selling things on eBay wasn’t enough, but it took a while to regain her confidence to try again.

She went back to school for her MBA. She wanted to have something to help her feel like she could do it again. At the time, she was working in marketing in the Detroit area and attending WGU online. She chose WGU because they’re competency-based. She wanted to focus on the skills and knowledge specific to her goal, not credit hours. 

Her most salient memory, she says, is when “they provided group projects where the group simulated a business and I pretended to be the CEO. It helped with my confidence, having failed and feeling terrible. It gave me practice to understand all the different angles I’d have to think from in order to succeed in what I was trying to do.” 

After graduating, she got amazing job offers in Colorado, including tons of marketing opportunities. She searched for community and support here within the state, but couldn’t find what she was looking for, so she cultivated her own networking platform. Women of Denver “helps women connect with each other so they can develop new friendships, partnerships, and business opportunities. The result is a thriving group of leaders who learn together and share resources to build an economy of mutual support.” 

Through these connections, she received coaching that helped her understand she could turn Women of Denver into a business. “Often people from under-represented communities don’t feel like they can do it. The journey of failing and regaining confidence through education and mentorship gave me what I needed to thrive.”

Resources for Black and Brown Entrepreneurs

Before we share resources to support your next venture, here are a few words of wisdom about mentorship: 

“Build relationships through voluntarism and being vocal about what you’re doing,” Covington advises. “When you’re seeking out mentorship, give before you get. I supported friends first, which connected me to other friends. Find someone you want to support you and ask, ‘How can I help you?’” 

She also suggested formal mentorship programs, but warned that mentorships aren’t always consistent. “I met many of my mentors through introductions from friends, then sitting down with them for one to two hours getting valuable, free information.” Sometimes that one meeting can be all the time you need.

Edwards agrees, “Put yourself in spaces where you’ll meet the type of people you need. Build relationships, and tell your stories. Always ask someone to be your mentor, and be specific. It doesn’t have to be any particular way, but know where you wanna go; put yourself in those spaces, and be specific.”

Western Governors University provides affordable, equitable education so people can reach their highest potential and dreams. WGU is committed to improving equity in the education community by helping people of color earn degrees and high-paying jobs that will transform generational wealth. WGU also comes with mentorship, including academic success and career coaching. The mentor model is built right into their offerings. By offering competency-based education, they support students in mastering competencies, not tests. They operate virtually for flexibility, so you can accelerate at your own pace; just know that you’ll have to prove your mastery before you graduate.

The Small Business Development Center provides “no-cost consulting and low-cost training and workshops to entrepreneurs in every county across Colorado.” Bring your financials, and ask them how to meet your goals, like paying yourself what you want. They also help with analysis, valuation, access to capital, human resources, marketing, contracts, and more. If they can’t answer a question, they’ll connect you with someone who can.

Denver Public Library for their BizBoost appointment service. “This service allows for an entrepreneur and a BizBoost librarian to set aside a time to review relevant resources and how to use the library’s subscription tools to do business research. The BizBoost service is geared mostly toward new entrepreneurs who are already in the process of creating a business plan or established business owners seeking to expand their market.”

Colorado Black Chamber of Commerce “provides extraordinary customer service, reasonable member rates, and value-added resources. It works with other area chambers to give members a broad range of opportunities for networking and visibility. It’s more than a business-as-usual membership organization. It’s the best friend and partner of its members, working exclusively on their behalf and providing the assistance and support they need.”

Operation HOPE focuses on “financial dignity and inclusion. (They) equip young people and adults with the financial tools and education to secure a better future—coaching them through their personal aspirations and life’s challenges, and facilitating their journey to financial independence.”

The Commons of Champa “runs on shared ownership.This incredible community continues to give expertise, time, funding and volunteerism to build and support our rich entrepreneurial community. (They) empower entrepreneurs to master their business and build lifelong relationships through the experience of servant leadership with the top business minds in and around Denver.”

CrossPurpose is “a nonprofit organization abolishing relational, economic, and spiritual poverty through career and community development.” They help low-income families and individuals get on the right track with tuition-free training, assessments to help you see where you could succeed, and surrounding you with support. “At CrossPurpose, you’ll find the training you need to get certified and start working in a new career that pays well and offers benefits and advancement opportunities.”

Mi Casa Resource Center “creates pathways to opportunity and believes in the potential of all people. (They are) committed to closing the prosperity gap for women, minorities, immigrants, and families with limited resources, helping them achieve success in education, employment, and business ownership.”

Kite + Dart Group works “with entrepreneurs that see their businesses as tools for transforming the world. (They) call those folks entrepreneurial activists. (They’re) experts at helping entrepreneurial activists like you create customized business development strategies that work–without forcing them to do things that feel awkward, weird, and ineffective.” The best part? They’re “committed to working with everyone who shares our commitment to transforming the world through business, whether they are just starting out or at the top of their game” and their offerings definitely back that statement up.

Rocky Mountain MicroFinance Institute “creates the space for communities and people of all backgrounds to realize their unique potential through the power of entrepreneurship. (They) invest in entrepreneurs’ personal and business development through a proven mix of classroom, coaching, capital, and community.”

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