During the past few years business opportunities for minoritieshave grown tremendously. The idea of being an entrepreneur hasbecoming increasingly attractive among minority youth who want tobe their own boss. On the converse, many people, not justminorities, jump head first into starting a business without fullyunderstanding the risks involved, especially financial risks.
According to the Small BusinessAdministration, “Underestimating the difficulty of starting abusiness is one of the biggest obstacles entrepreneurs face.”Buying equipment and other start-up costs can require more moneythan any entrepreneur ever anticipated spending. The Small BusinessAdministration cites “insufficient capital (money)” asthe number two reason why small businesses fail. The NationalAssociation of Minority Business Professionals (NAMBP) has come tothe rescue of minority entrepreneurs including women and disabledprofessionals with their Minority Business Rewards Program.
The Minority Business Rewards Program is a newonline discount service that provides minority entrepreneurs andprofessionals with discounts of up to 60 percent on products andservices from over 200 companies. This program allows members topurchase items from companies like OfficeMax, Dell and Compaq, asindividuals while similar programs require that you buy as a group.The membership fee for the program is $99 per year which providesdiscounts on everything from business products and services totravel and entertainment. Another perk of this program for membersis a free subscription to Minority Business Today, a monthlye-newsletter and a copy of the How To Get Money For YourBusiness report, a guide on how to establish and maintainbusiness and personal credit.
Starting a business takes hard work, patienceand most importantly dedication. “There is simply no way toeliminate all the risks associated with starting a smallbusiness,” according to the Small Business Administration.”But you can improve your chances of success with goodplanning, preparation, and insight.”