WASHINGTON, D.C. February 10, 2024 (Biz Republic) — Black-owned businesses generate more than $183 billion in annual revenue, according to U.S. Census data. To contribute to this ongoing success, SCORE – mentors to America’s small businesses and a resource partner of the U.S. Small Business Administration – encourages Black entrepreneurs to seek out a mentor who can support them on their business journey.
MENTORSHIP BOOSTS BUSINESS
Entrepreneurs who work with a mentor are five times more likely to start a business – and report higher revenues and increased business growth. When Christopher Gauthier founded Health Sitter Solutions in 2021, he turned to SCORE for guidance and was matched with mentor Jim Madormo. “Jim’s background as an accountant and a business owner was essential to revamping our business plan and improving our communication with investors and banks,” said Gauthier. “He introduced us to SCORE mentor Deborah Newkerk, who worked with us to give our client presentation a well-deserved upgrade and clear message.”
RESOURCES AND ADVICE
SCORE provides specific resources for Black entrepreneurs to overcome challenges and obstacles on the path to small business success. In addition to FREE expert small business mentoring, SCORE offers on-demand webinars and training, including a five-part financial literacy course focused on how to effectively manage business finances, develop plans for growth and navigate the complexities of accessing capital.
In 2020, SCORE client Andrea Durham founded a consulting firm, the Durham Research Collective, when she saw a need for more diversity in the clinical research field. “SCORE workshops helped me learn about government contracting, consulting and how to form my LLC,” said Durham. “Most importantly, I’ve had a SCORE mentor since I started taking clients. My mentor, James Lewis, has helped me stay on track with my own goals, see how things could work and vanquish my self-doubt.”
SCORE CAN HELP
Cynthia Rhodes, SCORE mentor and Black-owned small business owner explains: “SCORE provides an avenue for entrepreneurs and business owners to access someone like me who not only listens, but hears them and guides them without judgment toward the success that only they can define at that specific moment in life and in business.” Interested in learning more? Visit SCORE’s Resources for Black Entrepreneurs and request a mentor today at SCORE.org.
Since its founding in 1964 as a resource partner for the U.S. Small Business Administration, SCORE has helped more than 11 million current and aspiring entrepreneurs start, grow or successfully exit a business through mentoring, resources and education. Visit SCORE at www.score.org. Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.