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Running a successful business is difficult. Building a successful business as a black woman is even harder. But the entrepreneurship hurdle becomes easier when you have the right people in your corner.
Black women are the fastest-growing group of entrepreneurs in the United States, according to JP Morgan, but they face disproportionate economic barriers. The companies that own them earn an average of $142,900 a year. But the average profit for black female founders is only $24,000.
What’s more, Crunchbase found that black women receive only a “small fraction” of venture capital funding, receiving just 0.34% of all VC money spent in the US last year.
Chelsea C. Williams, Founder and CEO of Reimagine Talent Co., a workforce development and talent retention company, has managed to grow her self-funded business to seven-figure earnings. .
“I didn’t do it alone,” Williams, 32, explains to CNBC Make It. There are so many people who have had e-mail correspondence.”
According to Williams, these are the four key relationships every business owner needs to “extend their influence.”
source of inspiration
According to Williams, this first person is “a visual representation of what you want to do.”
“They may not be doing what you’re asked to do. They may have a completely different background, but you can relate to them and the way they run their business. Look at how, how they make it easier to talk, what they’re influencing is something you want to emulate in your own way.”
With a BA in Economics from Spelman College, Williams began her career as an intern on Wall Street when she stumbled upon the multigenerational workplace expert and highly influential New York Times bestselling author. I say.
“I was sitting in the training room thinking about how to train bankers and people on Wall Street, and she was talking,” Williams recalls. “I remember sitting in my chair and writing it down when she finished her presentation. That’s what I’m aiming for in the future.”
Williams introduced herself to the woman who later became her mentor. She says that although their careers were “very different,” their relationship played a key role in starting her business.
“When I took that step to start my business, she gave me an introduction. She told me what events I needed to attend. She really advocated for me.” She did, and she still does.”
mindset coach
As a black woman who started a business in her 20s, Williams describes having dealt with many internal battles that “hindered her entrepreneurial spirit and growth to the next level.”
“In my first year, I couldn’t call myself CEO. You could say I’m a strategist. I couldn’t sit on that title because what the world calls CEO “Because people are often not black women…especially young,” she says.
“It’s a whole different thing for a black woman in her 20s to start a business, because sometimes in my work, which is more organized and workforce-focused, people’s credibility is an issue.”
Williams says a therapist, or “mindset coach,” can help you align yourself with your goals.
“My therapist was key in helping me gain an identity…helping me understand my worth and worth and how to show who I am. Femininity, demand certain things and lead this business.”
squad
Cultivating friendships with other entrepreneurs who you identify with will help boost your business’s success, Williams says.
“What was important to me was [my squad] Being a woman of color. Because, again, we’re navigating something very different than other people. ”
Forging friendships with business owners whose identities do not match yours is also helpful, but professional interactions and experiences may differ.
“Having my female CEO team that I can ask questions and complain about is essential. I have three successes. [women] Business owners and we meet weekly to share resources with each other,” Williams said. Here is a financing opportunity for you. ”
“That’s very important. We’re in different fields, industries and sectors, but I can say that we’ve navigated this space together and have a safe place where we can talk about the highs and lows. Because… a game changer.”
Accelerator

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