Daymond John, a powerhouse in the business arena, launches Black Entrepreneurs Day on Oct. 12, 2020. It is a free virtual event and is on track to be a star-studded success with celebrity appearances by Jamie Foxx, Shaquille O’Neal, Gabrielle Union, Chicago native Chance The Rapper, and many more.
Other successful business leaders, such as Robert Johnson — BET’s co-founder, and Brian Lamb from Chase Bank are slated to join the lineup. They all recognize the importance of Black entrepreneurs.
The event came to life when John questioned how he could provide assistance to Black owned-businesses during these perilous times. Given the devastation that the COVID-19 pandemic has left on families and businesses, it is refreshing to see John give back. Black entrepreneurs have been disproportionately affected by the life-altering coronavirus.
The Effects of COVID-19 on Black Entrepreneurs
The economic and racial impact of COVID-19 is especially disparaging for Black entrepreneurs and people overall. The curtain has been pulled back on racism, as well as the social and political divides experienced in America.
“We the people,” such an all-inclusive phrase in the constitution, has proven to be anything but. It is dangerously exclusive and has caused the high courts to re-examine who are “We the people.” Issues of cases involving racism, sexism, and ageism have peppered the Federal Courts and forced them to rule on matters to include historically rejected groups of people.
During COVID-19 the government provided economic relief for small businesses via the Paycheck Protection Program. However, some Black entrepreneurs were not able to take advantage of this lifeline because it required them to apply for financial aid by going through credit unions or banks.
Only 31 percent of Black entrepreneurs, since about 2015, received loans through these traditional institutions. Therefore, without having established a working relationship with banks many Black entrepreneurs missed out on this opportunity.
Black Entrepreneurs and The Impact of Social Injustices
The climate is unquestionably hot right now surrounding racial inequality, police brutality, and social injustices. In light of the recent killings of George Floyd, Breonna Taylor and other Black people unjustly murdered by police — white, Black, and brown people have come together to fight for change. Unfortunately, some of those peaceful gatherings resulted in businesses being burned down.
Many entrepreneurs were forced to experience looting and destruction of their businesses. John believes that businesses should be lifted up and provided a step by step guide on how to succeed in this environment. He believes that despite the apparent challenges this is a good opportunity for Black entrepreneurs to excel.
Success Stories of Famous Black Entrepreneurs
Not only does it not cost anything to hear success stories of celebrities and other philanthropists at Black Entrepreneurs Day, but seven participants also have the chance to win $25,000. Some of the companies partnering with John are Chase for Business, Pepsi, The General® Insurance, Yappa, Cisco Webex, Robinhood, and Quickbooks.
The money is a much-needed boost for struggling Black entrepreneurs during these unprecedented times. The NAACP is also a proud partner of Black Entrepreneurs Day.
John’s goal is to inspire entrepreneurs with his star-studded lineup. Award-winning actor and entrepreneur, Jamie Foxx, overcame being drugged with PCP while 18 years old at a college party. It is an incident that periodically hunts him.
Oprah Winfrey even staged an intervention for him later in his career due to his excessive partying and alcohol use. Foxx’s compelling story is sure to speak volumes to someone.
The first Black billionaire, Bob Johnson, may share how, despite his wealth, he overcame failed projects involving starting a clothing line to buying an NBA team. The act of overcoming difficulties at any level and triumphing emotionally and financially is what Black entrepreneurs eager to change their lives can expect.
Black Entrepreneurs Day
As co-founder of the urban clothing line, FUBU, John is no stranger to the ups and downs of entrepreneurship. FUBU originated from very modest beginnings. In fact, John and his business partners made hats out of their homes.
Fast forward to him selling billions of dollars of apparel in over 5,000 stores and his career advancing into other lucrative business ventures including his seat on the hit tv show Shark Tank. There have not been any other Black entrepreneurs to take a seat on the show that has the power to change the trajectory of entrepreneurs forever.
He has always managed to stay in the game. His tenacity and business prowess has landed him a spot among the most successful Black entrepreneurs with a net worth of $300 million. John has always been compelled to give back.
He wrote the best-selling book, “The Power of Broke.” It details how being hungry for success can force one to think out of the box. Most entrepreneurs come from meager beginnings. It is their passion and drive that catapults them into success. Entrepreneurs can apply the following quote from John’s book:
The easiest thing to sell is truth.
According to an interview with People’s Magazine, John shared his truth about not having a formal college education. He relied on the motivational teachings of Tony Robbins, Napoleon Hill, and Robert Kiyosaki. These teachings encouraged him to share his wealth of knowledge with others — especially Black entrepreneurs.
One’s passion and purpose can be birthed from pain and despair. The world is definitely experiencing painful moments and it will take the tenacity of those unwilling to give up to make a difference.
Black entrepreneurs are less likely to have a successful sustainable business than their white counterparts. It is a journey lined with peaks and valleys.
However, in Tony Robbins’ best-selling book, “Unlimited Power: The New Science of Personal Achievement,” he said, “there are no such things as failure, only results.”
Showing up is always half the battle. In order to be present at Black Entrepreneurs Day register by Oct. 12 at Blackentrepreneurday.com and log on Twitter, Facebook, or YouTube on Oct. 24 at 7 p.m. CT to be inspired.
The Hollywood Reporter: Jamie Foxx, Gabrielle Union, LL Cool J and Shaquille O’Neal Set for Daymond John’s Black Entrepreneurs Day; Chris Gardner
Black Doctor: Jamie Foxx 50+: How He Overcome Alcoholism & Losing His Mind At 18; Carter Higgins
CNN Money: Ripping up the rules of management; Susanna Hamner and Tom McNichol
Investopedia: The Net Worth of the Shark Tank Cast; Justin Walton
CNBC: Self-made millionaire Tony Robbins: Believing these 7 ‘lies’ will make you more successful in life — and psychology agrees; Tom Popomaronis
Good Reads: The Power of Broke Quotes
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