5 Tips For Black Americans To Consider Before Starting A Business

by BLACK ENTERPRISE Editors August 7, 2024 Scores of people, including Black Americans, are passionate about running their own businesses. That desire makes plenty of sense as the endeavor can help you become your own boss and potentially build a hefty financial legacy for you and your family. However, two large barriers for potential entrepreneurs are deciding where to start and what your business concept will be before taking the plunge. Also, answering questions about your goals and how much time you will devote to the business to your financial status—personal and business—could prove helpful. Knowing and accepting those findings can go a long way from having a brilliant idea. Those aspects could be especially true when 2023 data shows just 25% of businesses survive 15 years after opening. Though starting a business can be thrilling, there are ample factors to examine to help make the process smoother and boost your success chances. Based on research by BLACK ENTERPRISE amid Black Business Month, here are five tips you may want to consider before starting a business   Do Your Homework (Getty Images) Dig deep by doing market research to determine how to turn a business concept into a thriving business. That...