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Is Your Business the B.O.M.B.?
Black Owned-Minority Business in Wales
Starting a business can be the most exciting experience ever. Seeing your vision come to life is a satisfying and rewarding process. BUT, it can often be a bit of a maze. According to the Fsb, Black-owned, minority businesses fail to scale up. There are many reasons to suggest why, but ultimately all roads lead back to the lack of REPRESENTATION within business start up support organisations. The lack of representation means that there can also be a lack of cultural competency. Cultural competency is important because, it can impact the ability to understand a new start up's vision, resulting in failing to understand the need of a product or service, which could leave an enthusiastic entrepreneur feeling disheartened, discouraged and rejected. During a recent survey, carried out be BE.Xcellence CIC, on behalf of Business in Wales. People reported many barriers to accessing support, such as navigating, business jargon, business planning and strategising. As well as having clarity on how to define their business objectives and governance. The latest Fsb report, Unlocking Opportunity 2021, stated that BOMB's fail to scale up due to lack of access to networks and finance. However, they did report that BOMB's were more likely to export, which could be a great benefit to the Welsh economy. Furthermore, Black entrepreneurship has been on the rise since 2002, and invested in the latest product or service innovation, 11% points higher than non ethnic minority firms. So, the message to the Welsh Government is that, Xcellence is here we just need more representation, and financial support to get ideas off the ground. For those currently in business, becoming a member of the Fsb, offers great advantages, such as having access to a large network of other new start ups and successful entrepreneurs.
Looking for a business mentor?
Contact us; we are official mentors and members of the WDA.
Become a member of the Federation of Small Businesses; they are an extension of your team and can offer many benefits. Join here; www.fsb.com
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