Cultivate a growth mindset

Building resilience and a positive attitude.

Being a successful business owner takes a huge amount of resilience, grit, luck and lots of tenacity.

The last eight years in The UK have been tumultuous. We have passed through economic, political, and social shifts, so you should be proud of yourself for the obstacles you’ve conquered to be in this position.

Research found that in the UK population:

Buyers from all cultural backgrounds are interested in and positive about celebrating EMBs
The ethnic minority consumer market has huge spending power – £4.5bn annual disposable income

In 2021, the ethnic minority consumer spent:

£2.7bn on food and drink outside of the home
£230m monthly on health and beauty
£62.2bn on savings and investments

But even with odds stacked in your favour, it’s still important to foster a growth mindset. Let’s explore what that means.

A growth mindset is the belief that one’s abilities and intelligence can be developed and improved through dedication and hard work.

This mindset can help individuals to approach challenges with a positive attitude, embrace learning opportunities, and persist through setbacks.

Barry Leahey, president, Playdale Playgrounds

Have a positive attitude

A positive attitude means being a good planner, working hard and smart, and believing that you will grow. The fact that you have been able to conceive an idea and start a business in the face of current economic challenges demonstrates that you have what it takes.

Lydia Amoah, who founded Backlight and the Black Pound Day Report, a comprehensive study of the UK’s ethnic minority consumers and employees, believes that people from diverse backgrounds already have the skills and resilience because of the challenges they face.

We started [our entrepreneurial journey] early because of the way we were raised. My mum and dad came here from Ghana. We all had to try and help out in some way, so I was always thinking about what I could do to make some money. If I wanted trainers my mum didn’t have the money for me, so I needed to do something. I didn’t realise that I was being entrepreneurial.

Lydia Amoah, CEO and founder, Backlight

Embrace learning opportunities. Persist through setbacks.

There are many instances in which you will have opportunities to learn, such as:

Mistakes (including from others)
A business coach/mentor
Networking opportunities
Courses and training

Some are more costly than others, and some will have a larger emotional toll on you. It’s all part of the journey as a businessperson.

Going into business will probably mean giving up a regular salary, scheduled time off and sick pay. In return, you’re signing up for hours of work without the security you’re accustomed to.

Sometimes you will be tired. Sometimes you will feel under the weather. You’ll have to lay a lot of roots, do a lot of networking and find creative ways to get your business in front of the right people.

Reflecting on your reasons for starting your business

When setbacks arise, it’s important to go back to your reason for starting up.

Questions to ask:

Why did you choose entrepreneurship? Were you frustrated about a problem faced by your community?
Do you want your children to see a person who looks like them win in business?
Do you want more time with your family?

How to successfully apply peer learnings

Creative Nature owner Julianne Ponan shares how she turned ideas from other businesses into action.

Read the story

Looking forward

Once you've answered those questions, ask yourself what the bigger cost (or advantage) of you quitting would be.

In some cases, you may actually find it more beneficial to cut your losses and walk away from your business. Perhaps it’s better for your own wellness, or that of your family.

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