According to American Progress, minority women are the fastest growing entrepreneurial segment in the country, growing 258 percent between 2007 and 2013. Success for multicultural women in entrepreneurship not only proves that women’s entrepreneurship is important, but adds to the health and sustainability of our country’s economic landscape.
While the opportunities entrepreneurship presents are countless, Walker’s Legacy provides 40 reasons why you should join the fastest growing entrepreneurial segment in the country and become a womenpreneur.
1. Break Down the Barrier of “You Can’t”
According to Inc.com, women entrepreneurs face a lack of mentorship, lack of resources, and a resounding perceptual bias in the industry. These institutional barriers prove to be abysmal when matched by a woman’s resilience and determination to succeed.
2. It Has Been Done Before
Many multicultural women, such as those featured on our #BeenBoss T-Shirts, have overcome obstacles of starting a business for multicultural women in business — so why can’t you?
3. Join the Fastest Growing Entrepreneurial Segment in the Country
According to Time, Latina women are one of the fastest growing groups in entrepreneurship. Black women’s representation in entrepreneurship is also growing at exceptional rates.
4. Companies Want Multicultural Women
Companies such as Accenture and IBM specifically focus on including multicultural women in their companies — which means that diversity definitely matters.
5. So, Start Your Own Diverse Company
According to Atlanta Black Star, Black businesses hire Black employees for 2 out of every 3 available jobs. With your own business, you have the opportunity to create a support system for in your community that you can hire, and ultimately share the wealth of your success.
6. And Lift As You Climb
Did you know that over half of new jobs are created by start-up ventures? As you begin your journey in entrepreneurship, not only do you have the potential to serve your clients or customers, but you can also have a hand in providing opportunities for women through hiring employees or partners. You could contribute to your community’s growth in more ways than one.
7. Be Your Own Boss
Nothing beats the satisfaction of being in control of your own professional life. By starting your own business, you will be your own boss, so all the big decisions will be yours and you will be able to see the direct results of your leadership and efforts.
8. Improve Your Day-to-Day Money Management Skills
When running a business, money management can affect the productivity and success of your venture. As you become more proficient in your business’ finances, your personal financial skills will naturally improve as well, making your money management skills better as a whole.
9. Set Your Own Schedule
Women who own a business do not have to follow traditionally regulated hours, They have a lot of flexibility in their daily work schedule and location because they are in charge and responsible for the work getting done.
10. Create Room to Multitask in Your Life
With flexibility in your schedule as an entrepreneur, you will have flexibility with the rest of your day as well. If you have to pick up kids from school, manage another job or business on the side, or take classes during your spare time, the entrepreneurial lifestyle will breed the time for you to flourish overall.
11. Diversify Your Income
If you’re relying on your income stream from only one place, you have a higher risk for financial turmoil if that stream of income is cut. However, utilizing your entrepreneurial venture as a means of getting income from another place, your finances will be more secure.
12. Create the Best Lifestyle for You
Entrepreneurship breeds flexibility, meaning you have autonomy over both your professional and personal life. If your personal goals have often taken a backseat because of school or your career, entrepreneurship may be the solution to achieving a work-life balance that is perfect for you.
13. And Even Change Lives With Your Work
One of the biggest benefits of being an entrepreneur is that you have a front seat for the impact your work can make. Businesses are started because visionaries see a need, and are proactive about filling that need through creativity and entrepreneurship. Your work has the potential to affect people for the better.
14. There is No Limit to the Type of Business You Create
Despite a lack of diversity in your field of choice, the options are limitless for enterprising multicultural women with passion and a dream. In STEM fields, for example, Angela Ross, a Black woman with a passion for the representation of gender non-conforming and trans people in employment, founded TransTech Social Enterprises, a social enterprise that provides education, support, and jobs for trans people facing high levels of discrimination in media and technology. Despite the fact that only 88 tech startups are run by black women, there is no limit to the type of business that you can create.
15. Reinvent Yourself As Often As You’d Like
As an entrepreneur, new ideas are your best friend. As a CEO, you have the power to strategically drive the business you’ve created in a new direction, creating endless opportunities for you to rebrand your business, and ultimately rebrand yourself. You can even start a completely new business, and go in a completely different direction — as your own boss, the decision is entirely yours.
16. Work Everyday on Something that Fulfills and Satisfies You
When you start a business, your possibilities are limitless. You can decide to work in any field that you find interesting or satisfying, so every day you will be doing meaningful and worthwhile work to you.
17. Entrepreneurship = Empowerment
Entrepreneurship is all about learning on-the-go, finding solutions during setbacks, and mastering the art of ‘making it happen’. For multicultural womenpreneurs, empowerment means being confident in your abilities and becoming resourceful to accomplish your goals. Taking the steps towards entrepreneurship could bring out the best in you!
18. Become Bold and Confident
Starting your own successful business is one of the biggest confidence boosts you can receive in your professional career. By working hard, learning a lot, creating connections, and running an enterprise that its audience is attracted to, you will feel a huge sense of pride and success.
19. Your Unmatched Drive Will Help You Overcome Obstacles
Without confidence, drive, and willingness to take risks, entrepreneurship can be an extremely difficult goal to attain — as a matter of fact, 90% of startups fail before their growing phases.
20. But Your Passion Will Get You Through It
Entrepreneurship definitely isn’t easy — however, during the difficult days, your passion for doing what you love will carry you through whatever obstacles you may face. In fact, according to a study by PayPal, 47% of women entrepreneurs name passion as their leading motivation.
21. Besides, Women In Power Is Better for Business
Not only do companies with higher proportions of women in management achieve higher profits, but companies with more women in senior management tend to pay more attention to other women’s viewpoints and advancement needs, according to the Wall Street Journal.
22. Women Dominate the Professional Workforce
Of the entire American workforce, women occupy about 56% of professional jobs in the United States according to themuse. Women across the country are succeeding professionally, and many of them have entrepreneurial qualities to help them succeed.
23. Skip the Trouble of Advancement in a Normal Office Job
According to The Center for American Progress, “Many professional women of color, regardless of industry, feel marginalized or excluded in their workplaces and find advancement within their workplaces especially challenging.” If you own the establishment… No need for a HR representative!
24. So, Become the Successful CEO that You Want to See
Women of color are not typically seen as CEOs of their own companies, however, by starting your own business, you can help to break the stereotypes that keep women of color away from owning their own businesses.
25. Literally, Women Leverage Their Brands Through Social Media Better
According to a study done by themuse, found that about 55% of users of the most popular social media platforms are women. As business becomes more reliant on technology and the internet, a strong social media presence and ability to use social media to promote oneself is becoming paramount in success.
26. Women Are More Successful With Crowdfunding
Crowdfunding is the up and coming way to raise money where company owners receive small amounts from a wide range of sources rather than larger lump sums from fewer sources. Women’s stronger ability to tell persuasive stories helps them in this form of fundraising. To learn more about the research, check out this Walker’s Legacy article.
27. There is Money Out There Just for Your Business
Organizations tend to offer grants specifically to multicultural women’s startups. Black Enterprise compiled a list of top companies that are offering grants to African American women entrepreneurs to help them start and grow their businesses here.
28. Reap the Benefits During Tax Season
The IRS lets you deduct $5,000 in business startup funds and $5,000 in organizational costs according to Intuit Inc. Who doesn’t love a perk when it comes to taxes!
29. The Economy Is Skyrocketing Because Of Multicultural Women
Entrepreneurship not only brings success to the business owner or the community, but to the entire United States. According to the National Women’s Business Council, non-white, multicultural women have introduced more than $1.5 trillion in revenue to the nation’s economy, and multicultural women in business play a huge role.
30. Take Advantage by Becoming Financially Independent
Financial independence means that you are in control of your finances, your wealth covers your expenses indefinitely, and living paycheck-to-paycheck is a thing of the past. As your own boss, financial independence through your business means that your main priority has shifted from the income to the passion — because the income is indefinitely secure.
31. AND While You’re At It… Shatter Unequal Wages for Women of All Ethnicities
Equal pay for men and women has been an uphill battle in the United States. Women only make 78 cents to the man’s dollar, and Black and Latina Women earn even less. Unequal wages based on gender are not exclusive to the United States and is a global phenomenon affecting women from all walks of life. As a matter of fact, only seven countries in the world pay women equally to men — Panama, Thailand, Ghana, Ecuador, Nigeria, Mexico, and Uganda. Multicultural women in business have the potential to close this gap!
32. Represent Multicultural Women on The Board of a Company
The Center for American Progress also found that “at the board level, women of color held 3.2% of Fortune 500 board seats in 2013.” By starting your own company, you can not only be a representative on the board yourself but also ensure a diverse board overall.
33. Challenge Yourself
Though one of the most difficult things you may do, starting and growing a business is also one of the most rewarding. By breaking into entrepreneurship, you will challenge yourself and discover more about yourself and your capabilities than you ever knew possible.
34. Experience the Fastest Learning Curve of Your Life
When starting your own business you are responsible for every aspect of the business which means that you will learn how to do everything in the beginning and continue learning something new every day! This accelerated learning curve will equip you with priceless experience and skills.
35. You Will Not Feel Alone as an Entrepreneur
Across the country, there are nearly 5 million multicultural women-owned firms, with over 2 million employees — and this number is rising exponentially as women support each other’s dreams as entrepreneurs.
36. Build a Strong Network of Successful and Driven People…
No business can succeed completely on its own, and with the help of equally driven peers who are working to build or sustain their own business, you can create a network of successful professionals in which you cultivate strong and mutually beneficial relationships with
37. …That Look Just Like You
Finding inspiration in an entrepreneur’s success story can be a motivational tactic to find your own path to success. If you seek advice or guidance from fellow multicultural women with a passion for entrepreneurship, the possibilities for inspiration and growth are endless. Besides, representation matters!
38. Your Perspective Is Valuable
As a multicultural woman, your perspective on business can prove to be extremely unique. Women tend to see what other people can’t, which can be extremely helpful when starting your own business.
39. Create Your Legacy
Often, successful people have inspirational people that they look up to for motivational purposes. By breaking down the obstacles to start your own business, you can inspire future generations of multicultural women in entrepreneurship to do the same.
40. Because Walker’s Legacy is Here to Support You
Walker’s Legacy is a platform for the multicultural woman serious about her business and provides a large network of support and resources for multicultural women in business. Through programming such as PROSPECTUS, Walker’s Legacy sole mission is to promote, support, and educate multicultural women in business.
Inspired by the legacy of the first self-made woman millionaire, Madam C.J. Walker, Walker’s Legacy and Walker’s Legacy Foundation have a growing network of over 40,000 multicultural women in business. The organizations exists as a global platform for the professional and entrepreneurial multicultural woman and exists to inspire, equip, and engage through thought-provoking content, educational programming, and a global community.