A black male executive smiles during a meeting.
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Being a black entrepreneur is never easy. If you are a struggling Black business owner, know that there are many Black entrepreneurs who are exhausted from running their businesses with little or no assistance. And in 2021, Black and African American-owned businesses accounted for only about 3% of U.S. businesses.
It’s important to note that there are over 33 million small business owners in the United States alone. More than 80% of small businesses operate without employees. However, despite the challenges, many black men overcome adversity and find success in entrepreneurship.
For example, Eszylfie Taylor, president of Taylor Insurance and Financial Services, works with prominent families, executives, actors, athletes, and more. Taylor has extensive experience in both financial services and entrepreneurship. He also produces a reality series and app called Mind.Body.Money, where he helps celebrity clients achieve financial freedom. He believes that being an entrepreneur, especially a Black entrepreneur, in this economy is incredibly difficult.
“The most difficult part of being an entrepreneur in this economy is accessing the capital and talent to provide services, which is becoming increasingly difficult as the gap between the haves and have-nots continues to widen. ” he told me. “Find people who not only need to use your product or service, but also have a free income,” he said.
Additionally, African Americans (on average) have lower financial literacy and less generational wealth than white Americans, which can make accessing capital even more difficult for Black entrepreneurs.
Things may be tough for Black business owners, but that doesn’t mean there aren’t ways for Black entrepreneurs to overcome adversity and succeed. From building relationships to reaching underserved markets, there are many ways Black business owners can increase revenue while making an impact. I spoke with several black male entrepreneurs who have extensive experience in the business world. They wonder what African American business owners can do to be more successful.
Build strong, authentic relationships
Building strong relationships is one of the most important parts of being an entrepreneur. Taylor couldn’t agree more. He believes that building relationships is the foundation of being a successful entrepreneur.
“Building relationships is paramount. It’s the lifeblood of business. If people don’t know, like, or trust you, they’re not doing business with you. Most products and You can get services, products from anyone, anywhere. That’s the relationship in my business,” he told me.
“I’m taking steps to strengthen relationships. When relationships exist and you’re supporting a friend, colleague, confidant, price generally doesn’t matter or matter,” Taylor said. I did. He’s one of the many entrepreneurs I’ve talked to who has found success by building strong, authentic relationships.
And Taylor doesn’t just have connections with other Black entrepreneurs. He has worked with people from a variety of backgrounds. No matter what you look like or where you come from, Financial Gurus is on a mission to help all of our clients achieve financial freedom. It is important to note that he is one of the many black entrepreneurs who have achieved absolute success in their careers.
Leverage data to tap underserved markets
Greg Morris is also a major figure in the business world. Like Taylor, he also became a big name in both business and entertainment. He is a first-generation Haitian-American and an internationally respected executive and entrepreneur. He has acquired and licensed over 300 films and over $100 million in revenue for entertainment platforms including Amazon Prime, Apple TV, HBO, Hulu, Netflix, and Showtime.
Maurice currently serves as Senior Director of Global Acquisitions and Co-Productions for Chicken Soup, Soul Entertainment’s Black Content division. He also founded Zaka Connect, a B2B and B2C career coaching and development platform for first- and second-generation immigrant professionals. He has great advice for becoming more successful as an entrepreneur.
“By leveraging data, entrepreneurs can identify gaps in the market where specific groups or needs are underserved. This data-driven approach not only opens up new revenue streams but also provides “It allows for targeted efforts that also contribute to social impact by providing products to those who need them most,” he told me.
“Entrepreneurs who understand their market at this level can differentiate themselves by providing critical solutions for overlooked communities. “We relied heavily on data to identify services and tools for immigration professionals and international students who often do so,” he said.
Invest in compelling brand storytelling
Maurice emphasized the importance of investing in compelling brand storytelling. Unlike some people in the corporate sector, Maurice believes that connecting emotionally with your audience is an essential part of being successful.
“As an entrepreneur, your brand is so important and you need to connect emotionally with your audience. That’s why we invite professional immigrant leaders to share their career journeys on our podcast. One of the only reasons to be able to empathize with them is to learn how to overcome ups and downs and challenges. For entrepreneurs, investing in a compelling brand story is extremely important. It’s important,” he told me.
“A well-crafted story not only sets your business apart, it creates a lasting emotional connection with your customers. It conveys your brand’s values, mission, and the impact you aim to have on the world. “Continued investment in storytelling ensures that brands remain relevant, resonate with audiences and drive deeper levels of engagement,” he said.
Remember, these two men are just a few examples of successful Black men in the business field. Black people, and especially Black men, have historically faced disadvantage in all walks of life due to social issues such as racism, lack of financial literacy, and mass incarceration. Despite all this, Black male entrepreneurs are changing the face of business, and we’re just getting started.
