by Al Lopez, EGBI Executive Director
For many people, owning their own business is a dream that may never become a reality, simply because the concept of becoming an entrepreneur is foreign. There are a thousand reasons why low-income entrepreneurs never start their business, such as no access to start-up capital, unavailable financing due to poor credit, and limited connections to influential people.
While the challenges may seem insurmountable, there are options for low-income entrepreneurs looking to start a small business. Here are just a few challenges you may face and how EGBI’s resources can help you:
- Challenge 1 – Exposure to role models and mentors – the lack of role models and mentors is one of the main reasons why low-income entrepreneurs have difficulty starting small businesses. Successful entrepreneurs have many role models and at least one mentor available to them at all times. To overcome this challenge, you should reach out to other entrepreneurs, attend functions where you can meet others that have started successful businesses, and take advantage of the network of professionals and resources available at EGBI. We enjoy creating mentor/mentee relationships with our clients, so don’t hesitate reaching out to us to schedule a consultation.
- Challenge 2 – Failure to see Entrepreneurship as a career option – because many low-income people do not have the same exposure to entrepreneurs, they often fail to see the benefit of being an entrepreneur. Individuals who have the desire, need to have encouragement. To overcome this challenge, make an effort to meet others with the same desires. The programs available at EGBI will help provide you the encouragement you need to become a successful small business entrepreneur, and allow you to envision this as your career.
- Challenge 3 – Misunderstanding of basic financial literacy – because low-income people have little money, they often lack the basic knowledge in regards to finances. Understanding basic finances, such as balancing a checkbook, understanding credit, and more, will not only help you pay off debt and improve your credit rating, but will give you the ability to raise capital to fund your new business. Learning financial management is a great resource available to you at EGBI through our entrepreneurial training.
- Challenge 4 – Finding access to capital – no matter what type of business you wish to start, it is beneficial to understand and know how to find access to the necessary capital. Since most low-income entrepreneurs have limited resources, such as family, friends, or their own money, they must rely on finding other avenues to fund their start-ups. There is an abundance of resources available today for new entrepreneurs looking to start a business – you just need to know where to look. A good place to start is the upcoming Central Texas Small Business Forum on Oct. 14th.
Becoming an entrepreneur is a dream that many people have, but seldom is that dream made a reality. For many reasons, people will squash their dream, simply because they lack the knowledge to start. However, there are many programs available to help you become a small business owner and start you on the path to success and financial freedom. You simply need to take the first step – contact EGBI today to see how we can help you make your dream a reality!