From shifting economic priorities to now in what’s being described as a tripledemic (flu, RSV and COVID-19), there are many uncertainties surrounding employment in 2022 and stretching into 2023. Pathways are abundant for entrepreneurs and even employees looking for their next exit strategy.
The seemingly uncertain path that comes with entrepreneurship has unexpected curves that don’t come without instruction, Tim Mercer, Forbes author of “Bootstrapped Millionaire: Defying the Odds of Business,” said.
With new businesses in Detroit popping up, Black entrepreneurs are having their say and bringing the customers what they want in new and exciting ways.
According to a Forbes article, Black women represent 42 percent of new women-owned businesses —three times the size of the female population — and 36 percent of all Black-owned businesses.
Nicole Felton, a local photographer and entrepreneur who runs Nicole Denise Photography, has been running her business in metro Detroit since 2015.
She told the Michigan Chronicle previously that in her profession, she likes to capture stories using pictures and she recently did a photo series of Black women called “Queen.”
“It just showcases the Black woman’s beauty, freedom of sexuality – everything beautiful,” the 43-year-old said, adding that she recently started making pillows with encouraging sayings on them, which came from her “Queen” series. “Black women are just the superpower to me – we have this uniqueness to us. We’re able to deliver just the full package of everything.”
“Entrepreneurship is a career that offers a kind of freedom and personal satisfaction you simply cannot get from traditional 9-to-5 employment,” Mercer said. “You will never know if you have what it takes to be an entrepreneur unless you take the leap of faith and experience it yourself.
“It’s a big decision, though, involving many factors and inherent risks. There is a lot to navigate and endure en route to reaching your dream destination of professional and financial freedom, and many don’t make it because they simply weren’t cut out for the challenge to begin with.”
Mercer thinks people who are considering entrepreneurship should first ask themselves these five questions:
- Why do you want to do this? “Let’s be honest,” Mercer said. “If the business endeavor is just about us, we will want to give up on ourselves when things get hard. Your why, which is your purpose, has to be much bigger than yourself. You must believe in a vision of why you want to be an entrepreneur and develop a plan for how you will involve others in your vision. Sustainable entrepreneurship requires the efforts of other people.” Mercer thinks it’s imperative to write down your “why” and keep it in front of you as a reminder when tough times come.
- Are you being realistic? One can get swept up in the emotion of starting a business, but Mercer said it’s vital for every potential entrepreneur to be realistic in their business projections for the first two years of the startup. “Answering this question before you open can prevent some unpleasant surprises as you try to build your company,” Mercer said.
- Do you have daily discipline? “You are the boss, and only you can hold yourself accountable,” Mercer said. “If it’s hard for you to stay on task or stay motivated, and you think being an entrepreneur is a fast ticket to easy street, entrepreneurship definitely is not for you.”
- Can your relationships survive the sacrifices? The time commitment, Mercer notes, to starting one’s own business and getting it running efficiently goes well beyond a typical 9-to-5 job. Relationships can suffer. “All entrepreneurs have to understand that they are going to be forced to make sacrifices on a personal level with their family and friends. You have to stay focused without letting your dedication to your entrepreneurial pursuit harm your relationships with those you are closest to. Communicate with them and mutually come up with adjusted expectations as you build the business,” said Mercer.
- Can you withstand the struggles? Rejection and failure, according to Mercer, are realities that new entrepreneurs have to get accustomed to and learn to overcome. “You need to understand how many times you’ll fail before you’ll succeed,” he said. “You’ll get turned down by prospective customers constantly and your self-value will be tested on a daily basis. Is your why strong enough to keep you going?”
“Overall, deciding whether you are an entrepreneur or not boils down to how comfortable you are being uncomfortable,” Mercer said. “Only time will tell if you have the people skills and business skills to be a successful entrepreneur, but rest assured that you will have to endure periods of real discomfort.”
For more information visit howtostartanllc.com/local-resources/michigan-detroit, detroitchamber.com/small-business-resources/entrepreneurship/, and visitdetroit.com/ultimate-guide-detroit-entrepreneurship.