Rashida Winfrey, VP & Senior Business Consultant at Chase, joins ChedHER to discuss the recent rise in Black entrepreneurship across cities in the U.S., and what resources the firm has to offer those looking to start a business.

chedHER

The Rise of Black Entrepreneurship in the U.S.

joining us now is Rashida Winfrey, VP and senior business consultant at Chase. Thank you so much for joining us. What do you think are some of the reasons for this rise in entrepreneurship, specifically in these cities. So thank you so much for having me. Um you know, unfortunately during the pandemic, we saw huge layoffs, so many people lost their jobs and had to come with different ways to to make money, different revenue and for some that meant um you know, starting their own small business. And um also, you know, many individuals used individual stimulus payments um to, you know, invest or provide seed money to, to fund a business um to start that the paperwork necessary for business formation, et cetera. And um I would say lastly, um in the wake of George Floyd. So this brought increased attention to um to black communities and small businesses within those communities and you know, additional support funding followed. Um and that happened here in Atlanta as well, Rashida, I'm glad you mentioned that you're based in Atlanta. What makes that city such a great location for black business owners? Um So, great question actually, this is one of my favorite topics I could go on and on about what makes Atlanta so special. We here like to say Atlanta influences everything. Uh but I'd say the top three things that make Atlanta extremely special is just our rich um you know, tradition of black culture, just thrived black culture from both in the past and and present. Um also Atlanta is still relatively affordable compared to other large metropolitan cities of the same size and more than anything, we just have a great small business ecosystem um with a vast network uh resources we like, you might think in in a southern city were very tight knit, but people are always willing to reach back and help others to succeed. And we also have great city leadership who sees the success of small businesses as extremely important and has policy as well as a funding that goes along with that desire to see small businesses succeed. It sounds like there are so many benefits there. And at so many other cities for any aspiring entrepreneurs who are listening, how can they start a business using chase for business and are there certain steps that they should start taking right now. So thanks for that question. Yes, there are a number of steps that go into starting a small business. Um and it's really important to to really be deliberate on the front end um and that can make all the difference in the long term when starting a business. Um even the most notable entrepreneurs had to start somewhere. Um so recently chased for business launched in E learning site, your next level business, which offers free resources at all phases of the business cycle. It is for both aspiring and existing business owners. Um one thing I really like about this resource is you do not have to be a customer um in order to take advice or visit the site. Um it's self directed. So you can go at your own pace. We know a lot of entrepreneurs start their business while they may be doing something else um full time. So this allows that individual again to, to go at their own pace and it teaches you how to navigate your business no matter where you are in the entrepreneurial journey. Another step that is really important is all new businesses need a written strategic plan or roadmap. Um this roadmap really tells you how you're going to market or offer your your service or your product. Um It also helps you understand your budget, your forward looking projections. Um and where your business fits in the competitive landscape. Um it also comes in handy when seeking funding um in the future and entrepreneurship isn't always easy. I see the strategic plan also is something that you're able to look back at, right, when things get tough to remember, kind of the why, why you started to begin with. Yeah, I just have about 15 seconds left with you. Where can people learn more about upcoming women? Focus small business events. I know there's one coming up in Chicago. Yes, so we do have one coming up in Chicago. Um, I think the most important thing is that listeners visit chase dot com uh, and very specifically for next level business or to seek one on one consultant um to help with your business or group coaching. You can find that at, um, at chase dot com and get to our, our small business page, Rashida Winfrey, VP, and senior business consultant over at Chase. Thank you so much for joining us.