189: Why Entrepreneurs Need to Target the Right Audience
Do Black people support each other? The answer to this hugely subjective question is both yes and no. First, Black people do support each other. In fact, they don’t just care about their families; they also care about the communities they live in. However, people in business who say Black people don’t support each other often target the wrong audience. They complain that their families and friends do not support their hustle when, in fact, their products or services don’t address their needs.
Businesses that help and support other people will always attract an audience that supports them the same way. But, as a business person, it’s unfair to depend on family and friends to be your customers. Entrepreneurs need to find the people who are most in need of their product or service and create a mutual relationship where customers spend money on things they actually need, and the business gets to allocate resources to the right efforts.
Why We Need to Focus on Black Women – 02:32
Black women are strong. We’ve all heard this and even probably used the sentence to describe ourselves. However, the statement has come to haunt Black women as they struggle with expectations and responsibilities that define the “strong Black woman.” It’s no surprise that Black women are more likely to battle mental health and not seek help. Latrice explains that there is an overwhelming silence about how we can improve the overall mental health of Black girls and women in our communities. And although some leaders are trying to bridge the gap that exists in this space, most of them are, unfortunately, not genuinely interested in Black women’s issues. This is why Latrice took it upon herself to preach the message of healing. Pain is real, and everybody’s pain is obviously going to be different. But one thing is constant, we all deserve healing.
The Most Challenging Aspects of Entrepreneurship – 15:40
Entrepreneurship is exciting. The ups and downs make for a scenario somewhere along these lines: I can’t believe it worked. Will this project ever see the light of day? Am I putting in enough effort? What if people don’t like my products or services? These challenges might be harsh but rewarding nonetheless. So, if you’re just starting out or have plans to be an entrepreneur, have a strong mindset because new entrepreneurs are forced to make hundreds of decisions a day. The decisions range from big, company-impacting decisions to tiny everyday choices.
Latrice explains that most entrepreneurs admit that decision-making is probably the most stressful challenge they face. For example, she was always caught up in what she should or shouldn’t do and still listen to what people believe her business should look like. Fortunately, she always believed in herself and followed her instincts on all matters concerning her business.
What is Business Instinct – 17:02
As we’ve always said on this platform, the idea of starting your own business is not always a comfortable feeling. You will be overwhelmed and unsure of yourself, and no matter how confident you are, you will experience periods of doubt and uncertainty. Latrice affirms that the people who overcome this phase possess at least two things: research-based evidence and instinct. Evidence can obviously be created, but gut instincts are what you should be worried about. Plus, emotions often play a huge part in the decision-making process that staying calm and trusting yourself can prove a challenge. It won’t always be easy, but knowing that the decision was your own, no matter the outcome, will help you be more open to your senses.
Handling Emotions in Business – 23:50
Most people believe that emotions have no place in business. Others believe that the most successful business owners are stone-cold entrepreneurs that show no feelings whatsoever. However, the brain’s emotional state affects decision-making, planning, creative thinking, and the money a person can make. So, it stands to reason that colleagues are more productive when they feel that the next person understands them. Customers also report higher satisfaction rates when businesses really seem to understand their problems. So, forget all the rigid assumptions about entrepreneurship that most people preach and embrace your emotions.
Latrice Sampson Richards, LPC-S, CLC is a Mental and Emotional Wellness Creative, Multi-state Licensed Professional Counselor Supervisor, Certified Life-Enhancement Coach, and CEO of Sampson Therapeutic Services, LLC. She is the host of Unicorns Talk Podcast and founder of Trust Village Academy, an online membership program designed to educate Black women on the necessary life skills to facilitate healing and manifestation. Through her online membership program, Trust Village Academy, Latrice shares her own journey of growth and self-development while presenting important skills, validation, and community support to women who are ready to heal from their past and build a future they deserve. Originally from New Orleans, Louisiana, Latrice is an internationally known transformational speaker, teacher, and healer. She is a wife, PCOS fighter, aspiring mother, and entrepreneur. Connect with Latrice Sampson Richards through LinkedIn.