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Entrepreneurship is the biggest self-discovery adventure you could ever embark on. But even when you know so many things and are an expert on a subject, there are money insights only someone who's been there can tell you, and the key aspects of financial growth are one of them.
When I started my financial education platform to teach women entrepreneurs about money, few female entrepreneurs looked like me, and that limited my ability to examine and follow more than they did on social media. As a finance professional, I thought I could understand since I “had everything” I needed to grow financially without any hiccups along the way; after all, I went to college and have been involved in the world of finance since high school, but I couldn't be further from reality.
When you're a black, brown, or female entrepreneur, your financial journey is directly related to factors like your identity, your and your family's beliefs about entrepreneurship and money, and how you fit into all of that. subconscious money habits, including your relationship with money. But it's something no one is talking about and it costs us years of trial and error that hinders our ability to grow a business and our confidence and build a strong foundation as entrepreneurs.
Here are five key insights I wish other entrepreneurs had shared navigating the financial landscape as a Black founder.
My relationship with money affects financial growth
How we relate to money – our meanings, beliefs, interpretations and ways of doing so create what we call a relationship with money – are essential in your journey to grow financially as a Black female entrepreneur. At the beginning of my entrepreneurial journey, I didn't fully understand what my financial beliefs, perspective and identity would be like. INFLUENCE my business decisions directly related to money, such as price, or those indirectly related to money, such as submission to promote my programs.
Take a moment to analyze: Are you one of those people who go on autopilot, executing every strategy in the market, but find it difficult to talk about the money, look for a proper price pattern, look at your bank account and to do money planning? Next, it's time to look at your relationship with money.
Family beliefs about money and entrepreneurship must be filtered
Your relationship with money, the way you think about entrepreneurial opportunities, how you manage money, and many other skills you need when growing a business have been developing since you were too young to remember. From how you feel about money to how you deal with risk, obstacles, and other mental and emotional pageants with money, you'll need to become your own best advocate when it comes to filtering incoming opinions or advice. from your close social circle. is offline or does not support where you want to go.
The best way to filter these views is to rate, according to your vision and financial goalwhat advice, beliefs, behaviors, and opinions are helpful to hear (and most likely will support you in moving toward your goal). If they are not applicable, then they will not have room for you to consider them.
For example, what use can you find in “Should you give us the family awards?” I have not seen any use of this thinking in my career. Instead, it's quite the opposite. It brings a lot of guilt and shame. Thus, it has been filtered since the first year of business.
Having a supportive community is essential
As an entrepreneur, you're doing what most people we know aren't, and in order to grow financially, you need to start having the right discussions with the right people.
The issues that preoccupy your mind and the knowledge you may need to find a better, more cost-effective system or get out of your own head are found in a community.
Surround yourself with like-minded entrepreneurs and mentors who understand your challenges and can offer guidance, but most importantly, as a black entrepreneur, a community that understands your unique challenges of pulling yourself together and feeling the reality of paying the bills at the same time. Join networking groups, listen to podcasts and join their community, attend industry events and participate in online forums that reflect what you want to become financially and where you want to take your business.
Financial planning is non-negotiable for financial growth
One thing I knew from school that this path only reconfirmed was that financial planning is non-negotiable from the start if you want to grow. With your desire and motivation to grow your business, a lot of that emotional side of money is triggered. It could be buying the next course, subscribing to a platform, buying the next device, or spending on advertising when it wasn't the right time; for all these and those cases, money planning will be your best ally. It is essential to have a base that you can reach and base yourself on when the urge to make additional purchases or additional investment means faster financial growth.
Don't get too complicated. Simply shift your focus from “I just need to make money” to setting and tracking your numbers.
Related: 'I am black. I am a woman. Let's talk about raising venture capital.'
Your management goals are just as important as your revenue goals
One of the habits I work hardest to shift with my community is to shift focus from an income-driven mindset to broaden the spectrum and consider how you manage what you earn. As an entrepreneur, you get a lot of marketing, information and sometimes benchmarks emphasizing revenue as a way to measure growth; however, learning how to manage that income that isn't pocket money, a one-time lucky strike or a “I'll never have this much money again” becomes your financial key.
Balance your desire for income with a solid plan for managing and growing your business sustainably.