3 Hidden Factors Behind Why Black Owned Businesses Fail | Business Insights

Author Gary L. Polk Sr. unpacks the truth behind why Black & Brown entrepreneurs fail and provides tools to help them succeed in the world of entrepreneurship. Watch more Business Insights videos:

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0:20 Who is Gary L. Polk Sr.?
0:30 Reason #1 – Self Doubt
1:30 Reason #2 – Lack of Trust
1:42 What is Open Book Management?
2:12 Reason #3 – Fewer Resources

The first reason why Black and Brown entrepreneurs fail is self doubt. Sometimes this self doubt comes from their family, their own head or systemic messages telling them what they cannot do. This systemic racism is something that Black and Brown entrepreneurs face both in school and business. The second reason behind failure is lack of trust. Gary’s concept called Open Book Management is a method to get employees to buy into the CEO’s vision. CEOs should aim to hire employees that they can trust. The right employees will start thinking like the owner, making the chances for success go up tremendously. The third reason Black and Brown entrepreneurs fail is fewer resources and support. Because of the Black Lives Matter movement, resources and grants for minorities have become more readily available. If entrepreneurs can find a mentor who is willing to share their knowledge and experience, this can also be a huge factor for success. As a Black or Brown entrepreneur, you will face challenges and setbacks. What matters is how you get up from them.

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