The Black British Business Awards (BBBAwards) has launched The Enterprise Academy to boost ethnic minority business; and help level the playing field by providing vital support to Black entrepreneurs.
Ethnic minority entrepreneurs and businesses contribute at least £74 billion a year into the UK economy. However, Black entrepreneurs report lower turnovers and profits than their White counterparts, according to a recent report published by the British Business Bank and Oliver Wyman. It also found that ethnic minority entrepreneurs face ‘persistent disparities in business outcomes’ due to a myriad of factors including different access to finance; lack of representation in senior ranks; and discrimination.
Despite the fact that ethnic minority businesses have provided major contributions to help combat the coronavirus crisis, research shows these individuals are two to three times more likely to die from Covid-19. As a result, minority ethnic businesses face disproportionally more pressure amid the pandemic; and in the accompanying economic fallout.
LEVELLING THE PLAYING FIELD
In a bid to boost Black business and level the playing field in the UK, the BBBAwards’ new academy will provide much-needed support for Black entrepreneurs. This includes access to expert-led workshops; practical seminars; as well as essential resources and tools to build, scale-up and accelerate their businesses.
“The impact of Brexit and the ongoing pandemic have exacerbated pre-existing socio-economic inequalities. Whilst furloughing has helped big business, many small business owners are struggling to stay afloat. The Enterprise Academy will equip Black entrepreneurs with the necessary tools to navigate the right business support; build connections within a community; and maximise their scope and commercial impact,” stated Melanie Eusebe, Chair and Co-founder of the BBBAwards. “As we emerge from the crisis, we must ensure that SMEs are provided with support and investment to play their leading role in the UK’s economic recovery.”
ENTERPRISE ACADEMY VIRTUAL LAUNCH
Now that the UK has left the EU single market, small business-owners want to know what the implications are; and how they can adapt to the new arrangements. This is especially important for ethnic minority SMEs who will play a crucial role in boosting exports in a post-Brexit environment.
The BBBAwards’ virtual event to celebrate the launch of The Enterprise Academy tomorrow (11 March 2021, 2pm-3pm) will also discuss how Brexit and Covid-19 are impacting Black-owned businesses. The event will focus on the consequences of Brexit for Black-owned business. This will include the implications on importing and exporting goods with the EU; what financial support is available; how to avoid trade delays; and what the government is doing to support small businesses hit by the pandemic. Paul Scully MP, Parliamentary Under Secretary of State for the Department for Business, Energy and Industrial Strategy (BEIS) will give a keynote speech and take questions alongside Eusebe.
KEY ROLE TO BUILD BACK BETTER
“Black entrepreneurs will have a key role to play in our national effort to build back better from the pandemic; and in ensuring everyone is empowered to use every scrap of their drive, their initiative and their talent to forge the future we all want for ourselves and for each other,” stated Small Business Minister, Paul Scully. “I’m excited to be involved in the launch of the Enterprise Academy which, alongside Government support including Start Up Loans and mentorship programmes, will help level the playing field and provide a real boost to Britain.”
MINORITY BUSINESS MATTERS
Additionally, on 31 March 2021, the BBBAwards will co-host an online event with OPEN, a London-based think-tank, to discuss the findings from Minority Business Matters; a new ‘groundbreaking’ report on the contribution and challenges ethnic minority businesses face in the UK. The event will feature Martyn Fitzgerald, senior researcher for OPEN, Mayank Shah, Founder of MSDUK, Philippe Legrain, Founder of OPEN; as well as established entrepreneurs featured in the report.
Other upcoming events and initiatives include bespoke PR support for Black businesses; a master class course in marketing strategy; training on how to perfect your elevator pitch; interactive workshops on customer relationship management; and the secrets behind raising business capital led by leading venture capitalists and finance experts.
Click here for more information.
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