Business practices that are economically viable, socially responsible or environmentally friendly is usually regarded as being sustainable. Corporations that include socially responsible and environmentally sound policies as core elements in their growth strategy very often create sustainable economic values.
U.S. Census data shows that companies owned by women and people of color account for approximately 38% of all businesses. Yet these enterprises are the most disadvantaged when it comes to access to funding and advisors, executive leadership-building resources and more.
This is why The Empowerment Center works with entrepreneurs to empower them with tools and resources while breaking down barriers that stand in the way of starting and growing their businesses and nonprofits.
Most entrepreneurs need a supportive ecosystem to thrive and scale
Networking
People love supporting local businesses. According to a survey sponsored by American Express, 9 out of 10 Americans agreed that it was important to support the small businesses in their community, and 73% consciously tried to do just that. The people around you want you to succeed. Having a network in your own community helps gain access to more funding and resources for your nonprofit or small business.
Educational Resources
There are a whole lot of resources, both online and offline, where you can hone your business skills, learn new strategies, and make sure you’re staying on top of the ever-evolving business world. Reading from different business genres and gaining multiple perspectives helps small business owners and founders gain more innovation and overall leadership skills.
Here are several books you may find helpful in navigating your business:
- True North: Discovering Your Authentic Leadership by Bill George
- Talent on Demand by Peter Cappelli
- The Money of Invention: How Venture Capital Creates New Wealth by Paul A. Gompers & Josh Lerner
Mentorship Programs
Having a mentor or few with business experience is a crucial part of your professional development. Opportunities are attached to people. The Empowerment Center founder is even a mentor. Your mentor can provide you with support and advice when you need it — and, if you choose wisely, they’ll learn how to deliver that support in a way that makes sense to you.
Financing
Bootstrapping, seed funding, equity crowdfunding, grants, loans. You may recognize these terms as different small business and nonprofit revenue options, but how do you know which are best or most suitable for your business?
The growth of any nonprofit or business can be categorized in roughly five stages; Startup, Survival, Success, Take-off, and Maturity. Each stage brings new financing challenges and opportunities for investment. There are several ways to get financial support at various points of growth, and what’s right for one business might be unsustainable for another business. There are many paths to success for nonprofits and small businesses.
Developing a lasting and supportive ecosystem requires support during all stages in the business cycle. Joining and creating ecosystems includes involving minor and major stakeholders, and partners [to] other entrepreneurs, and small businesses.
