C
hews
V
iews
BY RICHARD CHEW
Show Us the Money
Why Investing in Minority-Owned Businesses is Rare & Necessary
or The Love of
Money” is a
song and
phrase we are all familiar with in one way or another. While we highlight the promise, value and benefits of “diversity” I want to share a few thoughts on a topic that often gets overlooked when talking about diversity in the marketplace: “The Importance of Funding for Businesses”.
The data and research show that more often than not, businesses without proper funding have an inordinately harder battle in today’s marketplace. A business empire, local franchise or home-based consulting firm are not built on “blood, sweat & tears” alone.
Additional research shows that women-owned, black-owned and other minority-owned businesses have this as their number one challenge before launch, during growth and for sustainability during slow downs in the business.
So as part of the financial lifestyle conversation, here is the main question – “What is the importance of funding for businesses”?
For a business, funding does not just help initiate their journey but help with hiring a team, buying equipment, marketing and promoting their product. Even though the world is filled with useful examples of how the lack of funding can lead to brand failures, there are companies that don’t acknowledge the importance of funds in a business.
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