According to the 2022 Annual Business Survey, only 21% of employer firms are minority-owned, and only 22% are women-owned. Though entrepreneurship has grown to become a major avenue for people to pursue their passions while fulfilling unmet needs and desires, not all entrepreneurs are operating on a level playing field.

Recognizing the obstacles minority and women entrepreneurs face is the first step in countering the barriers that prevent more underrepresented groups from entering the market. With proper access to capital, resources and networking opportunities, the creation of an inclusive business community truly enables growth for all.

Below, 15 Forbes Business Council members each share one thing business leaders can do to lift up underrepresented entrepreneurs, encourage entrepreneurship and support their businesses.

1. Walk The Walk

Business leaders must not just talk about diversity but walk it, too. Start by investing directly in minority- and women-led ventures. It’s not charity but smart business. By backing these underrepresented entrepreneurs, we’re leveling the playing field and enriching our economy with diverse perspectives and groundbreaking ideas. Lead with action and words, and know your numbers to truly know your worth. – Aleesha Webb, Pioneer Bank

2. Develop Mentorship Programs

Business diversity begins with action. Develop mentorship programs to provide opportunities for underrepresented and emerging entrepreneurs to learn from those who have achieved success. Work with partners to provide these entrepreneurs with insights, resources and relevant networking paths. This approach not only supports individual businesses but also builds a more inclusive, innovative business community. – Chris Kille, EO Staff

3. Direct Spending To Diverse Businesses

Deliberately direct your business spending to diverse businesses. Develop a strong supplier diversity program with outreach, favorable payment terms, training, mentorship opportunities and support. If diverse businesses employ more underrepresented staff members, the impact of a strong program can be powerful. – Hannah Kain, ALOM

4. Examine Skills And Perceptions

As a proud female co-founder of a SaaS scale-up business, I’m happy to say that all growth-related departments in our company are led by women, including marketing, partnership, sales and customer success. My advice is that business leaders should look at the unique skills and perceptions these groups bring to the table as a benefit. – Zsuzsa Kecsmar, Antavo Loyalty Management Platform

5. Establish Company Policies With A Gender Perspective

First and foremost, establish company policies that incorporate a gender perspective. Providing guidance, resources and examples of leaders from minority communities can serve as sources of inspiration. This empowerment can help underrepresented people navigate challenges and thrive in their entrepreneurial endeavors. – Salvador Ordorica, The Spanish Group LLC

6. Consider Setting Quotas

If the situation is so grossly offset to one side, it is sometimes appropriate to have quotas. In this case, these quotas would be for women and minorities. However, once the percentages even up, you should switch back to merit-based business without looking at gender or race. – Zain Jaffer, Zain Ventures


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7. Support Early-Stage Business Development

One vital way business leaders can support underrepresented groups is by developing or supporting incubator and accelerator programs designed to help minority and women entrepreneurs start and grow their businesses. These programs can provide access to resources, mentorship and capital that are critical for early-stage business development. – Ran Ronen, Equally AI

8. Provide Specific Financial Help

Inclusive entrepreneurship is essential for economic growth. Enterprises with diverse owners often face more financing challenges, therefore business leaders should provide specific financial help. Mentorship programs for underrepresented groups can give valuable guidance and networks. Promoting procurement and supplier network diversity can boost minority- and women-owned enterprises’ economic potential. – Sergey Buchin, Irbisio Cleantech Infrastructure Fund

9. Actively Invest In Underrepresented Businesses

Business leaders can impact underrepresented groups by actively investing in and mentoring minority- and women-owned businesses, providing not only financial resources but also valuable knowledge, networks and opportunities. Direct involvement helps bridge the gap in access to capital and resources, fostering an inclusive business environment where diverse entrepreneurs are empowered to thrive. – Bianca B. King, Seven5 Seven3 Marketing Group

10. Seek Out Partnerships

It is important to seek out partnerships and collaborations with minority- and women-owned businesses. Fostering strategic alliances with minority-owned suppliers or contractors can provide opportunities for these businesses to grow. Additionally, implementing mentorship programs tailored to the unique challenges faced by minority and women entrepreneurs can further empower them to succeed. – Johan Hajji, UpperKey

11. Join Mentorship Programs

Promote or partake in mentorship programs that focus on entrepreneurship in underrepresented groups. Run them in your own businesses or donate to reputable external initiatives with proven positive outcomes. If you become a mentor, find out your mentee’s business goals. Impart your knowledge, share your advice based on experience and teach them how to network. Start with an introduction. – David Price, Employsure

12. Prioritize Supplier Diversity

One impactful action business leaders can take is to prioritize supplier diversity. By actively seeking out and partnering with minority- and women-owned businesses in their supply chains, leaders can provide these entrepreneurs with valuable opportunities for growth and exposure. – Joel Li, EV.com

13. Provide Resources And Opportunities

Business leaders can lift up minority-owned businesses by actively mentoring and sponsoring entrepreneurs from underrepresented groups. When business owners provide guidance, resources and networking opportunities with these groups, it helps them overcome the barriers to entry they typically experience and leads to growth. – Barbara Schreihans, Your Tax Coach LLC

14. Create Resource-Rich Networks

Business leaders can foster diversity by actively supporting minority- and women-owned businesses through mentorship programs, supply chain inclusion and investment. By creating networks that offer resources, guidance and financial support, they can break barriers to entry and promote an inclusive business ecosystem, encouraging entrepreneurship and growth among these underrepresented groups. – Stephen Nalley, Black Briar Advisors

15. Ensure Initiatives Are Genuine

Business leaders need to put real strategies in place in their companies that allow minority and women owners to establish collaborative relationships. For example, many retailer chains offer supplier diversity. However, when a company applies, these retailers may reject an application with a great product as they are compromised by a big corporation. Diversity initiatives need to be real. – Onahira Rivas, Florida’s Cotton Clouds

How Business Leaders Can Lift Up Underrepresented Entrepreneurs
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