BAME business owners are under an increasing amount of pressure to perform above and beyond their counterparts, simply because the challenges they face are unique. Historically, one of the biggest challenges that BAME business owners face, is a lack of funding from both the private and public sectors. As a result, one area that is often neglected is training and self-development – it may be difficult to focus on bettering your business skills and acumen when basic profitability is a major concern. However, ongoing learning is especially valuable to BAME businesses who want to maintain a competitive edge.
The contribution that BAME businesses make to GDP year-on-year should not be underestimated. As one report suggests, businesses owned by individuals belonging to ethnic minorities in the UK, contribute over £70 billion a year. The same report concluded that these same business owners, however, are often disregarded by policymakers and have to “succeed against the odds.” BAME businesses however, have proven undeniably resilient in the face of growing challenges and have been shown to possess an unparalleled drive to succeed and to overcome adversity. What this says invariably, about the sector, is that for business owners, the challenge is twofold:
BAME business owners need to play a more active role in changing and creating policy, by participating in forums and debates and highlighting the disproportionate challenges they face through the strategic use of the media and other private and public sector channels; and
There is a pressing need for BAME owners to keep up with the competition by equipping themselves with the skills and technical expertise that will set them apart in a turbulent market and trying economic times.
The second part of the challenge can be addressed with training and self-development. But first, what needs to be tackled upfront is the misconception that self-development exercises are reserved for wealthy business owners or those who have surplus amounts of time to invest in themselves professionally or personally. Another misconception is that “training” automatically infers degree programmes or long-term commitments to rigorous, ongoing learning. Lack of time and money are two of the biggest shortages that BAME business owners face, but this in no way means that self-development is beyond reach. Consider the following ways to upskill yourself as a BAME business owner:
Training and self-development for a BAME business owner does not need to be a daunting prospect or one that requires a large investment of resources. Attending a seminar, for example, is a great way to promote ongoing learning without needing to make a long-term commitment to a particular course of learning. Seminars present opportunities to learn from experts you may not otherwise encounter. They are forums where you can interact with like-minded individuals and most importantly, where you can get a broader overview of the state of your particular industry. Sometimes, all that’s needed is a boost of motivation to spark a new idea and thought process that will help you take the next steps in setting and reaching your business goals.
As an active participant in building the BAME business sector, your opinion matters. BAME business owners have a wealth of experience to share with younger entrepreneurs. A great way to share this expertise and learn more from more experienced start-up founders, is to attend workshops. If travelling to a location for the workshop proves too challenging, consider a hybrid workshop that allows online participants.
Workshops are an excellent way to bounce ideas off other business owners. They can help you address weaknesses, recognise your strengths and identify opportunities for growth. Workshops are also an effective way of improving your interpersonal skills, which will have a positive impact on your employees and customer relations.
The content that is shared in workshops is important, but what is equally as important are the skills you can learn as a business owner by playing an active role in debate and discussion. Workshops give business owners the opportunity to forge new relationships and expand their network and in this sector, proper networking is invaluable.
Short courses are a great way to gain in-depth knowledge on a particular subject, without needing to commit to a degree programme. The needs of your business will evolve. Therefore, the theoretical knowledge and skills you will need to manage your business will need to evolve along with them. Enrolling in a short course might empower you to develop your skillset, increase your confidence and help you adapt to the ever-evolving business landscape.
As a BAME business owner, one of the greatest investments you can make, is finding and using a mentor. The mentor you choose needs to be someone whose success you aspire to emulate and who has demonstrated resilience and proficiency in their field of expertise. Your mentor does not necessarily have to be involved in the same industry as you, but they need to have the key ingredient of relatability. By relating to their story, their struggles and their tenacity, you can learn from them and apply those learnings to your own unique context. Using a mentor is a training and self-development exercise in itself because it requires active participation and a drive to want to better yourself and your leadership skills.
Do you as a BAME business owner value training and self-development? We’d love to hear your stories of how developing your skillset and knowledge has helped you overcome the challenges you face. Share them with us on social media and we’ll be in touch to hear more.
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