By | Ashton Jackson | www.cnbc.com
Running a successful business is hard – and building a successful business as a Black woman is even harder. But, the hurdles of entrepreneurship can be made easier with the right people in your corner.
Black women are the fastest growing group of entrepreneurs in the U.S., according to JP Morgan, yet they face disproportionate financial barriers. A 2019 report from American Express found that women-owned businesses on average bring in $142,900 yearly. However, Black women founders only average $24,000 in profits.
Furthermore, Black women receive just a “tiny fraction” of venture capital funding, according to Crunchbase, which found that they received only 0.34% of the total VC spent in the U.S. last year.
Chelsea C. Williams, founder and CEO of Reimagine Talent Co., a workforce development and talent retention firm, has managed to grow her self-funded business to seven figures in revenue, and she says her relationships have played a huge role in her success.
“I didn’t do it alone,” Williams, 32, explains to CNBC Make It. “There are so many people who were my guide through, who were supportive, who opened the door and made the initial email communication to some of these organizations.”
According to Williams, these are the four essential relationships every business owner should have to “scale their impact.”