Introduction

The current challenges and opportunities for ethnic minority business owners.

Starting and running a business is a struggle for any entrepreneur, particularly if it’s your first time in a leadership role.

There’s a lot to learn and you’ll find yourself wearing many hats – taking on roles from sales and marketing all the way to financial management.

Every business leader will encounter their own set of challenges, but as an ethnic minority business (EMB) owner, you might feel like you’re constantly fighting the tide.

Despite ethnic minorities engaging in early-stage entrepreneurial activity at more than double the rate of the white ethnic population, it’s likely you’ll face an uphill battle in several areas of your business.

One of the most common areas of difficulty is securing external finance, but you’re also more likely to face obstacles when it comes to productivity and turnover.

Lean more into your individuality and your uniqueness. Not only does it feel more natural and authentic, but it’s also a way to stand out and not repeat what’s already being done.

Arlene Adunni, founder, Eweko Tea

If you’re a woman from a minority ethnic group, the chances are that you’ll experience these barriers, but to a greater extent. Research shows that female entrepreneurs tend to have less access to sponsors, mentors or professional support networks.

Promising changes are emerging to help level the playing field, but more still needs to be done. To help the UK become an entrepreneurial powerhouse and a leader in this digital economy, we need to make sure that everyone gets the same opportunities.

Supported by Mastercard’s Strive UK initiative, Be the Business is on a mission to help early-stage entrepreneurs like yourself transform their businesses.

We’re offering free guidance, useful tools and personalised programmes to support your business and unlock its potential for growth.

In this guide…

You’ll find all the information you need to set yourself up for success. We’ll highlight some of the main challenges you might experience and provide practical solutions for you to take on board.

This includes:

Building that confidence and a winning mindset as a business owner
Learning how to grow your business sustainably
Knowing when you need to ask for help, and where you can find it
Ways to use your unique background as a tool for your ongoing success
Common pitfalls to avoid, helping you save money, time and heartbreak

Start reading