Secrets to Success: Black Business Owner's and Mindset

The ability to persevere in the face of adversity is nothing new for Black small business owners. For instance, according to the Stanford Institute for Economic Policy Research, Black female entrepreneurs still earn fewer than 1% of all grants and venture capital funding available, despite continued attempts to encourage Black enterprises.

Nevertheless, despite these limitations on funding and other resources, the roughly 2 million Black-owned companies in the U.S. have brought in more than $150 billion in income since 2012.

While every entrepreneurial journey is different, most include at least a few difficult moments of uncertainty. Many small businesses, especially those that are owned by Black people, succeed thanks to their resilience, endurance, and capacity for reinvention.

In an article by AARP, they interviewed three Black small business owners and asked them what their key to success was, and here are three tips that they had to offer:

1.   Always look for ways to adapt.

2.   Perseverance is key.

3.   Mistakes are learning opportunities.

Owners of successful companies all share a growth mindset, which is an extension of the benefit mindset: the conviction that one's skills and abilities can be developed with time and effort. People with a benefit mindset then employ their personal growth to significantly improve the lives of others. Also, by having an optimistic mindset, it can influence the growth of your business as well. A positive outlook on business considers both the past and the future. You can more accurately assess challenges when they come your way by understanding how you've overcome them in the past.

While starting, managing, and operating a business can be tough on one’s mental, it is important to maintain an entrepreneurial mindset as well has having a healthy, balanced lifestyle in both your personal and professional life.

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