Although Black women are the fastest-growing entrepreneur demographic, they get tremendously less in funding that their White male counterparts. Because of this, a group of Black female entrepreneurs came together to discuss tech entrepreneurship as well as the perks and barriers that come with being a Black woman founder. Below are highlights from the event that can help others reach their funding goals much quicker.
Be Your Own Role Model
Because few Black women get the funding they need, you may not have as many to use as mentors or role models. Often, you have to inspire yourself by going after high achievements even when you are not fully qualified. To create a billion dollar empire, you may have to cross into areas where other black women have not tried.
Highlight Your Uniqueness
It is common for many people to look at why they can’t do something. However, if you focus on what makes you special and different from other entrepreneurs, you could be more successful in your endeavors.
Be Prepared to Operate Without a Safeguard
Because of receiving less funding, you have to find your way to a profitable place from the very beginning. You will not have time and resources to play around various business models hoping someone will become interested. Every time you meet with a potential backer, present your company in a way they can not deny.
Learn to Code
If your business centers around technology, you should learn to code. This way you better understand what is happening at your company and prevent you from compromising on the quality of your product. Overall, you have more control over your company and future.
Protect Yourself From Legal Risks
Throughout every stage that your business goes through, you must have the right forms of legal protection in place. These can include contracts, insurance coverage, exit options, and a knowledgeable legal team. No matter what your relationship is like with another person, always have a way to protect yourself if things go wrong.
Rely on Self-Care and Community
To succeed in your goals, you will need the ability to mentally or emotionally cope with a crisis. Also, you must be able to return to the healthier state you were in before the crisis. To do this, take time every day to meditate, relax your mind, and re-channel your energy. Along with this, build a trusted community that will support and empathize with you so you feel less isolated in your pursuits.