Joncey B. Lee, HOPE Financial Wellbeing Coach
Statistics show that over 80% of new businesses fail within the first five years and are even worse for minority business owners. Preparing yourself with the proper training and skills can go a long way in helping you become a successful entrepreneur. Financial Wellbeing Coach, Joncey Lee, shared her story with us, after engaging in her third, “not-so pleasant” experience with a minority business owner.
“Recently, I started working with a personal trainer by way of referral. During our first conversation, I inquired about services and fees. She informed me of her services, but never addressed the cost of services. Learning that we worked out at the same gym, she recommended we meet up during my workout time and get started. I mentioned cost twice more, still no reply. After working out for one week, she now wants to speak with me about the cost and review paperwork. My frustration lies with business owners who hesitate to convey cost and speak to the value of their services. They are talented, creative, resilient and innovative, but I have found that they consistently fall short in exercising professional business practices.”
Specific to my experience, I’ve shared one of Black Entrepreneur Blueprint’s 8 reasons why minority businesses fail.
Failure To Convey Your Value Proposition:
• Be clear about who you are and what value you bring.
• Be concise and keep it to the point.
• Be compelling; Do your words and actions persuade customers to do what you want to do?
Taking the time to develop your professional skills and business model can make all the difference in your entrepreneurial journey. My advice to small business owners is to take advantage of free programs, such as Operation HOPE’s Entrepreneur Training Program, to give your business the foundation it needs for long term success.
To enroll in an Entrepreneur Training Program, contact your local HOPE Inside office.