What Challenges Do Minority-Owned Businesses Face?
Minority-owned businesses often encounter multiple challenges, including:
1. Access to Capital: Securing funding can be particularly difficult due to systemic biases and lack of financial networks. 2. Market Access: Entering new markets can be challenging due to limited connections and business networks. 3. Mentorship: There is often a lack of access to experienced mentors who can provide guidance on various aspects of business strategy. 4. Discrimination: Minority entrepreneurs may face overt or covert discrimination that can hinder their business growth.