Being a Black entrepreneur is far from easy. If you are a Black business owner who is struggling, know that there are so many Black entrepreneurs who are exhausted from running a business with little to no assistance. And in 2021, Black and African-American owned businesses only accounted for about 3% of businesses in the United States.
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 any staff. But despite the odds, many Black men are overcoming adversity and thriving in entrepreneurship.
For example, Eszylfie Taylor, who is the president of Taylor Insurance and Financial Services, works with high profile families, executives, actors, athletes, and more. Taylor has extensive experience in both financial services and entrepreneurship. He even has a reality series and app called Mind.Body.Money, where he helps celebrity clients achieve financial freedom. He believes that it can be incredibly challenging to be an entrepreneur, especially a Black entrepreneur, in this economy.
“The most difficult part of being an entrepreneur in this economy is access to capital and people who can afford your services. The gap between the haves, and the have nots continues to widen, and it is becoming increasingly more difficult,” he told me. “Find those with not only the need but the discretionary income to utilize your products and services,” he said.
Plus, accessing capital can be even more difficult for Black entrepreneurs because (on average) African-American people have less exposure to financial literacy and have less intergenerational wealth than white Americans.
Things may be tough for Black business owners, but that doesn’t mean there aren’t ways for Black entrepreneurs to overcome adversity and thrive. From building relationships to tapping into underserved markets, there are plenty of ways for Black business owners to increase revenue while making an impact. I spoke with a few Black male entrepreneurs who have extensive experience in the business world. Here’s what they believe African-American business owners can do to be even more successful.
Build Strong and Authentic Relationships
Developing strong relationships is one of the most important parts of being an entrepreneur. And Taylor couldn’t agree more. He believes that building relationships is the foundation of being a successful entrepreneur.
“Building relationships is of utmost importance. It is the life blood of business. If people do not know, like, or trust you, they are not doing business with you. Most products and services or commodities— you can get them from any number of people anywhere. It’s the relationships in my business,” he told me.
“I take measures to strengthen relationships. Price is generally no issue, of no consequence, whenever a relationship is present and you’re supporting your friend, colleagues, and confidants,” Taylor said. He is one of many entrepreneurs who I’ve spoken to who has found success due to building strong and authentic relationships.
And Taylor doesn’t just have relationships with other Black entrepreneurs. He has worked with people from a variety of backgrounds. Regardless of what someone looks like or where they are from, the financial guru is on a mission— to help all of his clients achieve financial freedom. It’s important to note that he is one of many Black entrepreneurs who has absolutely crushed it in their career.
Leverage Data and Tap into Underserved Markets
Greg Maurice is also a major player in the business world. Like Taylor, he has become a big name in both business and entertainment. He is first-generation Haitian-American and is a globally respected executive and entrepreneur. He has acquired and licensed over three hundred films and $100 million in revenue for entertainment platforms like Amazon Prime, Apple TV, HBO, Hulu, Netflix, and Showtime.
Maurice is currently the head of acquisition and Black cinema for Filmhub. He was previously the director of global acquisitions & co-productions for Chicken Soup for the 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 about how to become an even more successful entrepreneur.
“By leveraging data, entrepreneurs can identify gaps in the market where certain groups or needs are underserved. This data-driven approach allows for targeted efforts that not only open new revenue streams but also contribute to social impact by bringing services and products to those who need them most,” he told me.
“Entrepreneurs who understand their market at this level can differentiate themselves by offering solutions that matter to overlooked communities. I heavily relied on data to identify services and tools for immigrant professionals and international students, a large group that is often misunderstood or forgotten,” he said.
Invest in Compelling Brand Storytelling
Maurice stressed the importance of investing in compelling brand storytelling. Unlike some people in the corporate sector, Maurice believes that connecting emotionally with your audience is a vital part of becoming successful.
“As an entrepreneur, your brand is very important, you have to connect emotionally with your audience. That’s one of the only reasons that we invite immigrant professional leaders to share their career journey on our podcast. You get to relate to them. You learn the ups and downs and how they overcome challenges. For entrepreneurs, investing in a compelling brand story is crucial,” he told me.
“A well-crafted narrative not only sets a business apart but also creates a lasting emotional connection with customers. It communicates the brand’s values, mission, and the impact it aims to make in the world. This ongoing investment in storytelling ensures that the brand remains relevant, resonates with its audience, and fosters a deeper level of engagement,” he said.
Remember that these two men are just a few examples of Black men who are thriving in the business sector. Black people, especially Black men, have historically faced disadvantages across professions because of social issues like racism, lack of financial literacy, mass incarceration, and so much more. Despite all of this, Black male entrepreneurs are changing the face of business— and they’re just getting started.