Black business owners under the age of 20 on critical early success lessons - CNBC

Summary

Hiraman | E+ | Getty Images

According to certified financial planner and CNBC Contributor, Lazzeta Braxton, now is a great time for African Americans to create their own business. Braxton, co-founder and co-CEO of 2050 Wealth Partners, says aspiring young Black entrepreneurs should get out of their comfort zone, expand their network, participate in pitch competitions to win funding, hire people that understand the numbers, and most importantly, always be passionate about their business. Gabby Goodwin, Rachel Holmes, and Christon Jones are good examples, and all have several things in common: they're young, they're Black, and they were all business owners before the age of 20. To acknowledge Juneteenth, CNBC + Acorns Invest in You: Ready. Set. Grow. is highlighting Black entrepreneurship as a path to financial freedom. Here is advice from these three young Black entrepreneurs on keys to early success and overcoming challenges. Find a problem to solve, keep finding new ones

Hiraman | E+ | Getty Images

According to certified financial planner and CNBC Contributor, Lazzeta Braxton, now is a great time for African Americans to create their own business. Braxton, co-founder and co-CEO of 2050 Wealth Partners, says aspiring young Black entrepreneurs should get out of their comfort zone, expand their network, participate in pitch competitions to win funding, hire people that understand the numbers, and most importantly, always be passionate about their business. Gabby Goodwin, Rachel Holmes, and Christon Jones are good examples, and all have several things in common: they're young, they're Black, and they were all business owners before the age of 20. To acknowledge Juneteenth, CNBC + Acorns Invest in You: Ready. Set. Grow. is highlighting Black entrepreneurship as a path to financial freedom. Here is advice from these three young Black entrepreneurs on keys to early success and overcoming challenges. Find a problem to solve, keep finding new ones

Gabby Goodwin, creator of GaBBY Bows DesignSensory

At just the age of seven, Gabby Goodwin, was set on solving the age-old problem of constantly losing barrettes. She invented the first, and patented, double-face double-snap barrette, and quickly turned into a business in 2014: GaBBY Bows. Now at the age of 15, Goodwin went from just selling GaBBY Bows to becoming the CEO of Confidence, which sells natural hair-care products. "We noticed that a lot of our customers were not only having issues with losing barrettes but also with the tangling and having a product that helps their children's scalp or that helps maintain moisture in their child's hair," said Goodwin. "With businesses, you want to make sure that you solve a problem and continue to solve need. So, we made sure that we were listening to our customers, and that's how the business grew from just bows to Confidence." The parameters of her business have grown, too. In 2021, after seven years of conducting business out of her home, Gabby and her family opened a retail store and hair salon in Columbia, South Carolina, that sells all her business's products. More from Invest in You:

Juneteenth: Why financial literacy needs to be part of the holiday

Student loan forgiveness could narrow racial wealth gap, say advocates

Why racial justice groups want Congress to reinstate child tax credit "We wanted to make sure that there was a full 360 experience for the girls coming in and not only getting their hair done and feeling confident in themselves, but they're also able to see the behind the scenes, and the businesses inventory that we have," said Gabby. The road to success wasn't easy. "We have a double whammy because we're two different minorities. We're African American, and we're females. When I was trying to get funding for my business, they wouldn't really listen to me because one, my age, but also because of my race and my gender. I would be in a room talking about my hair products for curly haired black girls, in front of white, bald men. It's so hard to explain to them what exactly my business does, how it works, and how they can help my business grow," she said. Gabby, who with her mother created the Mommy and Me Entrepreneurship Academy to help young girls and their moms start their own business under Gabby's brand, says finding a support network early is key. "Find a village around you. ... I've had great support from my city mayor and everybody else who's been around in that kind of government area or just people that live in my city as well. Find a village around you, your family, your friends. You never know how you can involve somebody into your business," she said. Don't be afraid of setbacks

Rachel Holmes, founder and director, Black Girls Mean Business Brianna Holmes

In addition to managing school, a social life, and competing as an artistic swimmer, Rachel Holmes, 18, is the CEO of Black Girls Mean Business, a free nationwide virtual summer business program for Black high school girls. The program offers six Zoom workshops to help improve business and career skills, expand a network, and prepare girls for life after high school. "As an aspiring businesswoman myself, I understood the barriers Black women face going into business and wanted to ensure black girls in my community had the support and resources necessary to reach their full potential," said Holmes. "Black women face an incredible amount of discrimination in business coming from both racism and sexism. They are generally underestimated, denying them the respect, positions, and funding they deserve. I wanted to provide equity to help girls overcome these obstacles. By giving them the tools, they need to be successful early on and empowering them, I hope to see more representation in executive positions and entrepreneurship," she said. Holmes says being a Black entrepreneur at a young age is not only setting her up for success, but others as well. "It can be daunting at times knowing that you will face barriers and knowing that people are watching what you do. But it's amazing knowing I can make a difference and set an example. Representation matters!" she said. Her advice for aspiring young Black entrepreneurs: Don't be afraid of setbacks. "Use them as opportunities to improve next time. Ask for help, even if you think you don't need it. You got this! People will support what you are doing, you just have to have the courage to get started," she said. Patience is critical for business success

Christon Jones Antoinne Duane Jones Media

Black business owners under the age of 20 on critical early success lessons - CNBC
Photo Credit: CNBC

Recent Home Business News Articles

Top 5 Business Startup Ideas For Women In 2022 - Inventiva

Nowadays, many women entrepreneurs are setting up remarkable examples and incredible progress with amazing Business startup ideas in the startup ecosystem of this era. A lot of bus …

Read more here
Top 5 Business Startup Ideas For Women In 2022 - Inventiva

Woman's business started after bizarre encounter with a Lands' End pirate - Lancs Live

A woman from Chorley has broken the habit of a lifetime and created her own business based off of an unusual encounter with a pirate from Lands' End. Ellen Trainer has always been …

Read more here
Woman's business started after bizarre encounter with a Lands' End pirate - Lancs Live

Starting your own business, specially as an immigrant, is daunting but equally rewarding: Dimple Athavia, - Economic Times

Tell us a little about your journey from when you came to the UK. Are you immigration ready? Find out What inspired you to start your own business and what drew you to this indus …

Read more here
Starting your own business, specially as an immigrant, is daunting but equally rewarding: Dimple Athavia, - Economic Times

Third of small businesses now run as side hustle - My London

It is estimated that roughly ‘a third of businesses with fewer than ten employees are now run as side hustles, compared to 20.8 per cent in March 2020’ and that the majority of the …

Read more here
Third of small businesses now run as side hustle - My London

Analysis | Anxious About a Recession? Start Thinking Like a Freelancer - The Washington Post

Placeholder while article actions load Although freelancers have been around for ages — the English word originally referred to a “free lance,” or a medieval mercenary willing to …

Read more here
Analysis | Anxious About a Recession? Start Thinking Like a Freelancer - The Washington Post