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BLACK ENTREPRENEURS GOING IT ALONE
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London is home to the largest number of Black entrepreneurs in the country representing nearly five per cent of the total business community. According to the 2004 London Annual Business Survey, it is estimated that businesses owned by individuals from Black, Asian and Minority Ethnic communities employ 504,700 people or 19 per cent of total private sector employment in London and are a growing economic force in the Capital.
Workplace barriers Despite anti-discrimination legislation, many London based Black entrepreneurs are driven to set up their own company and achieve business success due to barriers that persist in the workplace.
According to new Business Link for London research it seems stunted career progression
is acting as a new business catalyst for many Black Londoners, with one in five (21%) setting up on their own because they were unable to progress in their previous job.
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Flying Solo
The research was commissioned in March to identify the key factors driving London’s Black business community. The findings, revealed that 73% of Black entrepreneurs set up on their own, compared with 58% of Asians. Furthermore, Black people setting up or trying to grow their businesses prefer to “fly solo”, with 44% choosing not to employ family members, in stark contrast with London’s Asian
businesses where this applies to just 14%.
Role Models
Nearly half (45%) of London Black business leaders are inspired to set up a business by their mother, and 32% by their father.
Dr Shaheena Janjuha-Jivraj, senior lecturer in entrepreneurship and family firms at Brunel University states: “Despite the rise of celebrity status amongst many entrepreneurs, there is still a paucity of high profile Black entrepreneurs. The impact of
role models on the aspirations of the younger generation cannot be underestimated and this requires wider mainstream publicity highlighting long-term entrepreneurial success within the Black community.”
“These findings highlight a challenge for Black entrepreneurs; there is a great deal of vibrancy within this sector, however the growth and survival of these businesses depends on well-defined support structures sensitive to the needs of these individuals,”she continues.
Business is Booming Encouragingly the new research showed that confidence was high with eight out of 10 Black business leaders intending to grow their business over the next
two years.
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Alison White, Acting Chief Executive, Business Link for London comments: It’s great to see Black entrepreneurs thriving despite the barriers outlined in the research. However, to
ensure that they do not come up against similar barriers whilst running their own business, they should use the support and advice services available to them.“ Business Link for London can assist with business plans at both the initial and growth stage, provide financial advice and assist with building strong networking relationships.
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For further details of the services offered by Business Link for London,
please call 0845 6000 787 or Visit www.businesslink4london.com.
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