There’s no shortage of obstacles that Black women can encounter on their path to entrepreneurial excellence.
A lack of capital, support services and sometimes our own mindsets can often halt even the best business idea before it can be realized. Fearless Fund CEO and co-founder Arian Simone and Glo Antanmo, content creator and founder of The Social Educators, joined media personality and fashion designer Nina Parker during a panel presented by Mastercard on the Wealth & Power stage at the 2022 ESSENCE Festival of Culture to share some tips for any aspiring entrepreneur to keep in mind.
Scroll below for those tips and then watch the video above to her the conversation in full. For more of everything you missed at the 2022 ESSENCE Festival of Culture, visit our official video content hub HERE.
Keep It Moving
Both Simone and Antanmo agreed that clarity comes with motion. “A lot of times, we stay stuck trying to wait for an answer to land in our lap, but even if you take the wrong step, you’re moving and you learn from your mistakes,” Antanmo shared
F.O.C.U.S. (Follow One Course Until Success)
Instead of attempting to apply every self-help or business expert’s tips to your plan, narrow it down and follow that one model on your path to success. “I think we try to try too many things at the same time and we get frustrated by it not working out,” said Antanmo. “We follow 10 different coaches, 10 different marketing gurus and we’re trying to hodgepodge all of their formulas and blue prints. Follow the one person who is not only successful, but they are living the lifestyle that you desire.”
Shift How You View Setbacks
After launching her first business while still a student at Florida A&M University, Simone felt like a failure when things didn’t go according to plans. However, as time has passed, she realized that failing wasn’t the problem at all. “I wasn’t failing; I just wasn’t patient. So you don’t know the time in which things are going to manifest in a very big way for you, but you have to be patient through the process and you have to trust the process.”
Search For Grants That Target Women Of Color Instead Of High-Interest Rate Loans
With over 80% of investors being white males, it’s no surprise t hat Black women account for only .0006% of venture capital funds in the tech space.That paltry statistic is what led Simone to found the first venture capital fund created for women of color by women of color. It’s also what led Fearless Fund to partner wit h MasterCard to launch the Fearless Strivers Grant, created specifically with Black women small-business owners in mind. “Right now in the global macro economic climate of high interest rates and everything else going on, these grants are needed. Micro loans are very aggressive and predatory, so you need grants in this space to keep your business going.”