Sponsored by our partners at Amazon, the luncheon convened leaders focused on how Black entrepreneurs can seize opportunities in the current business landscape  

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By: Alphonso David

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The Global Black Economic Forum hosted its latest curated conversation focused on solutions to the most pressing economic and social issues facing marginalized communities. Held in Washington, DC during Howard University’s Homecoming, this luncheon was focused on the future of work – particularly Black entrepreneurship. In order to bridge the economic divide and build intergenerational wealth for Black people, business ownership is a key part of the solution.  Further, successful Black entrepreneurship provides more opportunities for employment within marginalized groups and extends our collective buying power beyond those communities flowing into the nation’s economy and contributing to the financial and social stability of the entire nation.   

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The good news is that Black entrepreneurship is on the rise – and has been for the last few years, according to the Alliance for Entrepreneurial Equity. Despite this welcomed growth, however, majority Black-owned businesses still only make up about 3 percent of all U.S. firms. Given that Black people make up roughly 14 percent of the population in the United States, it is clear that we have many obstacles to overcome. Some of those challenges include limited access to capital, mentorship, and a lack of strong banking and lending relationships. 

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In the opening keynote, I emphasized four key qualities that entrepreneurs need in order to build successful businesses. Based on my own experiences as an entrepreneur, the most important quality is being a visionary thinker. When you know where you want to end up and you have a clear idea of what success looks like, it makes decision-making that much easier. If a business leader lacks a vision of where they are going, distractions will look like opportunities. 

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While a vision is a good first step, strategic decision-making will ensure your business can have success in the short and long-term – especially amid market uncertainty. In business, a lot of people talk about trusting their gut instincts when they make decisions – and they should. However, gut instincts should always be a part of the equation, not the entire equation. Making decisions amid uncertainty requires data, analysis, and outlining a clear criteria for success with a deep understanding of long-term goals. Strategic decision-making is not about avoiding risks – but understanding the risks worth taking. 

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The third piece of advice was effective communication. A company can have a great product or service, but if it cannot communicate clearly and passionately with all of its stakeholders, then it will not be a successful company for long. During my career, the most successful leaders I have seen communicate with transparency, authenticity, and purpose. They do that by communicating what the company is doing and why they’re doing it. 

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The final piece of advice I gave was the importance of emotional intelligence. As much as we focus on the technical and financial elements of running a business, they are ultimately run by people. Emotionally intelligent leaders shape the culture of a business and during times of stress and uncertainty, emotional intelligence is what enables you to create an environment where your team feels empowered and supported. The keynote and programming were well-received, providing Black entrepreneurs a valuable space to connect, learn, and access tools for growing or launching their ventures.

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As the day progressed, we heard from different entrepreneurs who are leading with these qualities in their respective fields including Aaliyah Haqq (Chief Operating Officer of the Academy for Advancing Excellence); Michael Franklin (Founder and Chief Thought Leadership Officer for Words Normalize Behavior); Erin Horne McKinney (National Executive Director, Howard University & PNC National Center for Entrepreneurship); and Jack Bienko (Chief Innovation Advisor for Entrepreneurial Development for the U.S. Small Business Administration).  The emerging theme that they stressed was the importance of being adaptable and fostering a growth mindset to handle new challenges presented by artificial intelligence. Bringing diverse backgrounds to the table provided the audience with a better sense of what trends they need to stay ahead of as well as tangible examples of how they have leveraged artificial intelligence in their own works. 

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As we move forward in a volatile and ever-changing political, business and social global environment, entrepreneurship that is inclusive of Black people and other marginalized groups should be one of the most important things on the economic agenda.  It is not simply an assignment for those in political office.  It is an assignment for all of us.  And the question we need to all ask ourselves is what are we doing or plan to do to support that effort. That’s why the Global Black Economic Forum is launching this series of events across the nation with a focus on cities that are home to multiple Historically Black Colleges and Universities (HBCU) in order to meet entrepreneurs in our community where they are.