Open for Business: Creating Opportunity for Black Entrepreneurs During Black Business Month and Beyond

From trailblazers like Madam C.J. Walker to Reginald Lewis to countless others, Black people professionals have a long history of innovation, creativity and resiliency when it comes to entrepreneurship. For many of us in the Black community, entrepreneurship is in our DNA. We grew up seeing our families work multiple jobs while running side businesses to live the lives they wanted to live. Each August, we recognize and celebrate these business owners during Black Business Month.?

But the road for a Black entrepreneur is filled with challenges and systemic barriers. We recently surveyed 1000 US-based Black entrepreneurs to better understand the Black entrepreneurship journey and shine a light on the challenges and opportunities for Black business owners.?

Flexibility, financial stability, funding and networks are some of the key drivers impacting Black entrepreneurs and businesses today. According to our survey, the top reasons Black people decided to pursue entrepreneurship are to have more flexibility and autonomy over their schedule (55%), to build financial security and generational wealth (48%) and to feel fulfilled doing purpose-driven work (30%). If the pandemic has taught us anything, it is the value everyone is placing on increased flexibility and financial freedom to pursue our passions and financial security.?

That said, starting a business is not easy, it requires capital, resources and access to information. Access to capital is a top challenge for any entrepreneur but especially for Black entrepreneurs. What we found surprising is that while 43% of Black entrepreneurs believe having access to funding/capital is key to growing their business, only 1 in 4 Black business owners have received funding. What’s more is that 50% of Black entrepreneurs who are looking for funding don't know where to start. Although we live in the age of information, Black entrepreneurs are left out of key conversations around where and how to find access to capital.

Information sharing and building a community are even more vital to the success of Black business owners. For us, our network is oftentimes the driving factor to increasing our net worth.

For many entrepreneurs, strong and connected networks--beyond family, friends and even colleagues can be essential tools in building a strong business. Fifty-eight percent of Black business owners believe they would be more successful if they had a stronger network. Strong communities and networks provide fertile ground for Black entrepreneurs to feel more supported (75%), learn new skills (69%) and feel a greater sense of belonging in their industry (67%).?

There's no better resource than LinkedIn. Time and again, I have seen entrepreneurs reach out to their professional networks for referrals, mentorship, knowledge and information, or I have seen them use the platform to find or vet potential business partners and/or partner organizations.?

Understanding, engaging and supporting Black professionals and businesses is key to LinkedIn's mission. That is why we offer several tools and resources to help all business owners build partnerships, drive revenue, find community, build networks and grow their professional brand. On the platform, Black entrepreneurs can:

• Showcase Services + Build Digital Word of Mouth: 37% of Black entrepreneurs want to learn more around business management. With LinkedIn Pages , companies can share more about their organization, grow their networks, and spark conversations that matter with their communities. LinkedIn Services Marketplace is also a great tool that provides entrepreneurs with tools to showcase their skills, maximize connections, manage their business and land new clients.?
• Target the Right Buyers: LinkedIn’s Sales Navigator is a useful tool for small business owners to identify the right prospects and build the critical relationships needed to grow their businesses.?
• Find the Best Candidates: LinkedIn’s Recruiter Lite helps small-to-medium sized businesses to find, contact and recruit the best candidates.?
• Stay Up-to-Date on Small Business News: Subscribe to the LinkedIn News “Small Biz Trends ” newsletter for weekly news and updates
• Let People Know You’re “Open For Business”: Turn your profile into a mobile billboard, letting your connections and network know you’re open for business.
• Amplify Your Voice as a Creator to Grow Your Digital Presence: Build your following by turning on Creator Mode and starting and engaging in conversation with others. In fact, one in three Black entrepreneurs expressed wanted to learn more around marketing, advertising and public relations.?
• Strengthen their Network: Access to networks and mentorship can be critical to help Black entrepreneurs receive support, foster growth, and build community, but 23% of our respondents cited having a limited network as an obstacle when working to launch a business. Facilitating connections and introductions on LinkedIn for Black entrepreneurs can make all the difference - as you never know where the next funding opportunity will come from!?

Join us in celebrating the contribution, innovation and achievements of #BlackOwnedBusinesses by sharing these resources and amplifying Black entrepreneurs on LinkedIn.