With the many programs for the disadvantaged, that perception of assistance gets transferred to the business arena. Indeed, there is assistance for minorities in business and to assist them to start a business. But the emphasis needs to be on assistance and not an expectation of something for nothing. The biggest fallacy is the idea of free or easy money.The first idea of easy money is that the United States federal government has minority preference programs. Though close, federal programs like the SBA 8(a) and SBA HUBZone are not actually minority programs. These programs assist, officially, small and disadvantaged businesses (SDB). Now, it is true that minority businesses will most likely have an easier time getting into these programs. It is also true that these programs are dominated by minority business, but it is not exclusive to them. However, the biggest reality to understand that even with these programs, there is no easy money. Eighty-five percent of minority business with the federal government is done by fifteen percent of the eligible businesses.Another fallacy is that there is free money for minority businesses to get started. Sadly, this is a perception that gets perpetrated by late night infomercials trying to get money from those who want to believe there is easy money. True, the government has grants for businesses but they are less free money than they are contracts. For the money, these government grants demand certain things get done. The only reason these are called grants and not contracts is so that not-for-profits, universities, municipalities, etc. can also apply for the funds. But when the government gives a grant, it has very strict requirements that must be followed. Not money to do whatever one wishes. Failing to comply with the requirements of a grant can mean jail time.There are loans for minority businesses that can be used for a business startup. However, those that are strictly minority based are few and far in-between. It is better to think of minority loans much like one would think about minority set-aside programs. These loans are not strictly for minorities but they can get assistance. The Minority Business Development Agency (MBDA) has a number of business development centers distributed throughout the country. These MBDA centers can assist in getting a loan but do not do lending themselves. They have connections in their area to get loans for their clients.Minority owned businesses can get a lot of assistance to make sure they are successful. However, like anything worth having it will take work. The minority assistance one hears about can make it easier, but not easy.
Do you want to be an entrepreneur? Is it your dream to run your own business, so that you never again have to listen to your boss? If this sounds like you, you are in a group of thousands of other people. Their dream is running their own business, because the advantages of having a business are many. If you plan to be an entrepreneur and have a business, it is important to understand how to initiate a business.The first thing that you need to do when setting up a business is to make a decision on what you want to concentrate. In the other word, what is your business running to do? This question can sometimes be hard to answer. The majority of people do not know how to get started. Actually, you can do something that you like. If you like your business, you will enjoy to working hard and be serious to make your business successful. Although your business based on your interest, people should need it. As a result, your business will be running well since people buy your product. It means you will make a lot of money from your business.After you decided what your business to run, you begin preparing a realistic business plan. You must stick to your business plan written! The plan will give you the prospective of your business, the objectives to obtain and follow, and the direction you want to take. Your business plan will also make you determine your strengths and weaknesses. This is important for the next steps, do not try to do everything by yourself or do not hesitate to hire someone for tasks that you cannot do it well.For instance, you are not good with numbers. Therefore, you do not waste your time doing your own accounting, but you can find a good accountant to do that. It will also help you to focus on your business. Next, you suppose your business plan as your business road map. You must define exactly where you want to get to with your business and then you can effectively map out your path towards achieving your goals. By creating a detailed business plan, you should cover all options and eventualities and have a clear future vision that will guide you through the rest of the start-up processes.The next step is action. As the saying goes, planning without action is futile, but action without planning is fatal. It takes guts to act boldly and take whatever risks are necessary to put your vision into practice. In the beginning, you may start small. Instead of immediately trying to open a big business, you can focus on your small business. It will help you to concentrate to your customers. You can call them each personally and mail them your marketing materials. After that, you can be easier to create a business development system, because it will support your business, such as a good bookkeeping system to keep track of expenses and revenue, and a customer/client tracking system with a database of customers/client names, addresses, and other useful information.Finally, a successful business needs time to grow. No business starts making gigantic money in the first day. Consequently, you must be consistent. You must be in this for the long haul. For this reason, patience is very important to the success of your business. It may not be easy at the first, but as time goes by you will become comfortable with what you are doing.