As a child, we relied on our parents, teachers, sports coaches and other mentors to help navigate and guide us through the perils of life – but as we get older, we often overlook the importance of having someone to guide us through life and our professional careers.
There are three major factors that affect minority entrepreneurs more than white entrepreneurs when it comes to marketing their business successfully. They are:
Three major factors that affect minority entrepreneurs
1.) Minority entrepreneurs don’t value themselves as highly as they do their counterparts. That low level of self-worth leads these business owners to undervalue their position in the local economy. As a result, they often don’t price their products and services competitively.
2.) Minority entrepreneurs have limited access to marketing, branding, or digital media strategies; leaving them without the same tools for exposure.
3.) Minority entrepreneurs have little or no engagement or participation in politics or economic development policies that could directly impact their business. This often leaves these business owners without a network or policy advocates to help guide them through key processes involved in building a successful business.
So where does coaching fall into this?
Coaches fill a Gap
Churches offer spiritual counsel to those who attend church regularly.
State and county agencies typically offer assistance to those already in business and largely focus their services on helping general contracting businesses bid on local and state economic development projects.
Most local nonprofit agencies work to provide help for people that are destitute or in need of social services.
So where do aspiring entrepreneurs find support?
Before the coaches arrived, there were few outlets for individuals who wanted to start a business but needed to talk through their ideas. There was a vacuum for those who sought an accountability partner and someone to push them forward. Coaches filled that vacuum.
This is particularly true for minority women, many of whom doubt their ability to start a business. These women are not frequently encouraged by family members to become entrepreneurs and, despite being among the most educated group in the United States and highly employable, banks typically don’t give them business loans. In addition, institutional racism causes many people to question the value of life coaches because the empowerment of black women is the key to economic freedom of the black community. In order to maintain the status quo, the system must keep the black woman as an employee in our economic system. Black women are not only the most active consumers they are the most employable and most loyal and active voting block. The economic emancipation of this group would destroy the balance of power in our marketplace.
These roadblocks can lead to potential business owners beginning their journey to entrepreneurship with a mental question mark about their value and ability to succeed and it’s impossible to put a reasonable and competitive price on your products or services if you don’t value yourself.
Some may say that coaching is not a real business, but, the truth is that coaches support the economic empowerment of black women and their entrance into this new digital economy. Coaches help women rediscover their value, develop business ideas and set attainable goals. They create communities of support and provide needed mentorship and advice in all aspects of life.