Growing a Business as an Underrepresented Entrepreneur

While many people view owning a business as the American dream, they often gloss over the
trials and tribulations that accompany it. In addition, it’s often even more difficult for minority-
owned businesses to expand their reach and grow. Having access to an influential network and
resources is key to creating a business that thrives. Resources for support can be an
instrumental way of helping people get their businesses off the ground and even expand them.
Here are a few ways to help create more awareness around your minority-owned businesses
and get it off the ground.

Narrow Your Focus
While this may seem like a counterintuitive place to start when growing your business, it’s
important to understand your niche or expertise. One of the most common points of failure is
trying to do too much, and instead focusing on your core strengths. Stretching yourself too thin
can lead to a lower quality product and potentially losing the core identity of your business. A
good example of this is General Electric (GE), and how according to a Yale financial expert
“they got way beyond themselves” by trying to be in too many spaces at once. GE went on to
rectify this by cutting many aspects of their business and splitting into three main parts, GE
HealthCare, GE Aerospace and GE Vernova. They trimmed some of their fat, and are now able
to develop each division with purpose.

Focus on what makes your business unique, and put it at the forefront of your development.
That doesn’t mean you have to make that your only offering for the rest of time, but it’s
important to have a solid base before branching out. In doing this, not only will you get more
comfortable with your business, but you will also take more time to focus on the specific aspect
you want to expand. Oftentimes, underrepresented owners have the most unique facets in their
businesses, and it’s important to highlight those and allow your distinctive offerings to shine.

Look Into Mentoring
Reaching out to someone who’s grown a business themselves or has firsthand experience can
greatly expedite your success. Instead of learning through trial and error, you can use the
knowledge of a seasoned veteran and have a more stable starting point. There are a lot of small
business programs available, one being Put Me On, which is a Small Business Accelerator
program from Gopuff. In addition to putting a product in their store, the program offers
networking events, monthly workshops, and 1:1 capacity-building sessions. This program is
geared specifically for underrepresented entrepreneurs and aims to give them the knowledge
and experience they need to succeed. Regardless of if you decided to use a program or an
individual, mentoring is very important even in a non-official capacity. Having someone with
knowledge and connections can help you avoid common pitfalls and open doors to opportunities
you might otherwise miss.

Consider Special Funding Options
Obtaining capital is one of the most common roadblocks that aspiring business owners face, but
luckily for minority-owned businesses, there are opportunities available. One of these options is
grants. Grants are different from loans in the sense that you don’t have to pay them back; they
are essentially gifts given to those that meet certain criteria. There are many different small
business grants for minorities and it’s crucial to the success of underrepresented entrepreneurs
that they exist and are taken advantage of. The monetary sum of these grants vary based on
program and need, and exist for all sizes of companies.

According to a study co-authored by Duke University, Black entrepreneurs are three times less
likely to apply for a line of credit due to fear of rejection. Ensuring that minority-owned
businesses have the opportunity to grow and thrive is a key element to not only our economy,
but to ensuring that everyone has the opportunity to create something that they can call their
own.

In addition to grants, there are also loans, crowdfunding, and more flexible lines of credit that
are available specifically for underrepresented entrepreneurs. Take the time to examine multiple
different types of cash flow, and determine which is the best fit for your business at its current
stage.

Network With Other Underrerprested Entrepreneurs
In a similar vein to getting advice from someone with previous experience and knowledge,
having a support network around you is also very important in the growth of your business.
There are many minority networking options; a lot of local communities have very passionate
bases, and there are also larger networks such as The Minority Business Network. Networking
opportunities like this not only help connect you with like-minded underrepresented
entrepreneurs but also give your brand a platform. Through networking, you can exchange
advice and thoughts with similar parties and help develop a more well-rounded business as well
as an understanding of the other underrepresented entrepreneurs.

Starting a business can seem at times like a leap of faith, especially as an underrepresented
entrepreneur. The latest Census data shows that only 18.7% of businesses are minority-owned.
While this number is growing, it’s important to know that you have resources that you can rely
on. Creating a company doesn’t happen overnight; use what you have, lean on mentors and
those who have experience, and use the tools that are provided. Everyone deserves to share
their vision with the world, and underrepresented entrepreneurs can showcase that through their
businesses.