Activating Your Entrepreneur Mindset
Published for NCBW Sister-Nomic$® Week
by Lillian Sherrod, NCBW National Economic Empowerment Committee Member (Great Cleveland Chapter)
It has been stated that “If you do what you love, you’ll never work a day in your life” (Marc Anthony). Many people make the major decision to start their own business based on a passion coupled with their desire to bring a dream to fruition. This is particularly true of Black women. Currently, Black women are becoming entrepreneurs at astounding rates, especially post-pandemic.
According to a recent study completed by GoDaddy’s Venture Forward, “Black entrepreneurs own 15% of US microbusinesses, and of those, Black women own 68%.” (Venture Forward by GoDaddy Inc., 2023)
In fact, Black women are the fastest growing group of entrepreneurs, doubling in size since 2019.
Starting a business is a huge undertaking and takes a great leap of faith. This is why it is important to lay the proper foundation for success. Before a new business owner can “hang out their shingle,” there are so many details that must be taken care of, including, but not limited to:
- Deciding on a product to market
- Naming the business
- Deciding on organizational structure
- Developing a business plan
- Securing business licenses
- Creating a marketing strategy
- Obtaining funding/seed money, etc.
One exercise that a new entrepreneur needs to do is a self-evaluation to determine if he or she has the mental fortitude and stamina to endure the journey ahead. Realistically, the new entrepreneur must be prepared for uncertainties and the difficulties that come with business ownership. A new entrepreneur should not get discouraged, knowing that there will be obstacles ahead, but should be encouraged to work on their mental agility. Below are suggestions of a few tools and resources that can guide and assist new business owners in strengthening, developing, and activating their entrepreneurial mindset.
Find A Mentor/Success Coach
Identify an individual who is seasoned and successful as a business owner and find out if that individual would be willing to take you under their wing. The benefit is all the firsthand knowledge and insight you gain from your interactions with that individual.
Read Books That Help with Developing Mindset
Many books are available to assist you with developing an entrepreneurial mindset. A few books that are recommended are:
- Think and Grow Rich, Napoleon Hill, 1937
- You Owe You, Eric Thomas, 2022
- Agent You, Nicole Lynn, 2021
- The Top 10 Distinctions Between Millionaires and the Middle Class, Keith Cameron Smith, 2007
Attend Seminars
As a business owner, you will need to continue to hone your skills for as long as you remain a business owner. Invest in yourself by attending seminars that will help you to upgrade your skills and knowledge.
Life is all about making a series of decisions. If you are still on the fence about whether you would like to take that entrepreneurial journey, just remember that there are lots of tools and resources available to you as you begin Activating Your Entrepreneurial Mindset!
Sources:
PR Newswire https://prn.to/4avNCQl
Venture Forward by GoDaddy Inc. https://bit.ly/3JdRXM1
