According to the US Bureau of Labor Statistics, 20% of small businesses fail within the first year. However, you’re much likelier to be in the 80% that succeeds if you have the right knowledge and the right network to help you be successful.
In August 2021, Creative Allies hosted its first annual Black Business Collective Summit to educate, empower and elevate black business owners across North Carolina. This virtual event, attended by over 200 people, showcased a variety of black entrepreneurial talent to share insights, guidance, and wisdom with other black entrepreneurs.
While there are numerous events across our state focused on helping black entrepreneurs be successful, not many have representation from different areas. We were fortunate to have speakers from Asheville, Rocky Mount, Raleigh, Charlotte, and Durham showcasing their expertise.
The event was powerful and attendees learned about five critical aspects to grow a business. Topics included Mindset, Funding, Sales, Marketing, and Money Management. Here are a few key takeaways from this event.
Mindset is everything. An important part of being a successful entrepreneur is having the right mindset. A few key elements of the right mindset include being determined to win, being committed to success, and being decisive.
Funding for your business is out there. You need to be patient, understand the different avenues to get funding, and decide when is the right time financially to go after capital.
Everybody is in sales. No matter what your title says or how big your team is, entrepreneurs need to know how to sell. If you can’t sell people on your product and services to bring in revenue, your business will fail.
Marketing doesn’t have to break the bank. There are several free and low-cost marketing tactics to use as a small business owner. These tactics ensure that you give a great first impression of your business and let people know you are here and ready to help them.
Know your numbers. Managing your money and being financially prepared for months of slow revenue or no revenue is absolutely critical to keep your business running.
We are very thankful for the support of our Brand Ambassadors for this event, our corporate sponsors, and all of the attendees. As a business owner, don’t let yourself get overwhelmed by everything you need to know. Just commit to taking small actions every single day, and don’t think you have to do it all alone. Collaborate, network, and learn from experts who specialize in helping entrepreneurs like you achieve your business goals.
You can still learn from our incredible speakers by watching the replay of the event here: https://blackbusinesscollectivenc.com/summit/
Stay Connected at https://blackbusinesscollectivenc.com