These days, it feels like everyone is an entrepreneur. Whether designing clothes in a basement, whipping up natural products in the kitchen, or creating content on an omnipresent iPhone, it seems everyone is trying to make their side hustle their main hustle.
In the past few years, there has been a significant increase in Black entrepreneurship, with a 2022 report by the U.S. Census Bureau estimating 140,918 Black-owned businesses nationwide. However, while we love to see those in our communities taking ownership of their careers and financial destinies, behind the veneer of entrepreneurship, there are many unseen considerations when it comes to “being your own boss.”
So what is the current reality of being a Black entrepreneur in the U.S.? It should come as no surprise that the entrepreneurial route is challenging. Requiring discipline, creativity, tenacity, and often a significant amount of financial capital, the decision to start your own brand can come with unforeseen sacrifices. Many entrepreneurs can testify to early mornings and long nights dedicated to building their businesses; however, few have discussed the realities of scaling their businesses.
“There’s so much content online right now about how to start a business and be your own boss,” said Necole Kane, founder of My Happy Flo and xoNecole.com. “But, especially when you have a product-based business, there’s a lack of understanding around where you’re headed [when you embark on this journey].”
While passion is fundamental to entrepreneurship and has played a part in many success stories, an understanding of business strategies is essential for entrepreneurs — something Kane learned in real-time. Despite starting her entrepreneurial journey in 2008, Kane did not know anything about acquisitions and business lingo until after she sold xoNecole in 2018.
“When I sold my business, I knew nothing about…
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