On June 4, 2022, I had the pleasure of joining Bukky Wonda on Angie Seth's Realities of Racism panel where we discussed the lack of support for WOC Entrepreneurs.
Understanding the basics...
While there is some support in place, not enough is being done to help all small businesses navigate challenges including those brought on by the pandemic. Creative-based businesses, without a brick-and-mortar location, are often overlooked or do not meet the criteria for some grants. That, coupled with a lack of community network access can make it difficult for businesses to succeed or grow.
What should the government do to support businesses owned by WOC?
Education Programs: The government needs to lay out a plan for how they will implement education to help WOC learn what it takes to run a business. Community-based or online programs can help them build their businesses from the ground up and will help them learn the skills they need to successfully operate a business. Having access to these resources will help not only their business grow but will also help the economy grow.
Mentorship Initiatives: Creating mentorship programs for WOC, led by WOC will help them navigate the challenges of running a small business. Meeting like-minded entrepreneurs through an online or community space will help businesses grow their network. This will give small businesses the platform to compete on another level.
Incentives for Collaboration: The government can offer an incentive to larger corporations that collaborate with small businesses. These incentives can include a tax break or funding for the collaboration. This will help increase both visibility and revenue for the smaller businesses run by WOC.
This is just the beginning... We have acknowledged the problem, it's now time to take action to build change. So ask yourself what are you doing to help push this along?