Empowering Entrepreneurs of Color

After watching so many marginalized entrepreneurs in low-to-median income (LMI) communities struggle to survive, The Lonely Entrepreneur (TLE) created our innovative online platform, The Learning Community: a one-stop shop for the knowledge, tools, and support an entrepreneur needs to start and maintain a business. The Learning Community program addresses the business and personal issues entrepreneurs face and provides multiple ways for entrepreneurs to get the answers they need.

Within 18 months of completing TLEs Learning Community program, 80% of entrepreneurs build a successful business earning an average of $69,000 annually and employing up to 11 additional people. 

By learning how to operate a small business, these entrepreneurs have the capability to launch and sustain successful businesses, hire others in their community, maintain stable incomes, and build communities that ultimately eradicate homelessness, fight systemic racism, and combat generational poverty. 

With The Learning Community, TLE is able to track the real-time progress our entrepreneurs are making. We are able to collect most of our data through monitoring engagement, growth, and success of our users. We also request qualitative data from our participants as well. Through surveys, success stories, and frequent updates on their businesses, we can continue to improve The Learning Community with each project. This has allowed us to create content based on participant feedback. This includes:

·       Raising Capital as a Black or Hispanic Entrepreneur

·       Overcoming Systemic Challenges

·       History, Insights, Resources, and Innovations from Black and Hispanic Entrepreneurs

·       Black and Hispanic Culture shaping Entrepreneurism; and many more.

Unfortunately, entrepreneurial skills are no longer simply a “nice to have,” but rather vital to the success of an entrepreneur’s business. With only 18% of first-time entrepreneurs actually succeeding, having TLE’s platform, The Learning Community, as their “sidekick” at every step of the journey significantly increases an entrepreneur’s chances.

TLE’s The Learning Community is a comprehensive solution that provides entrepreneurs with the knowledge, tools, and support they need. Similarly, the platform allows for us to provide your organization with a turnkey, efficient, and scalable way to have an impact and highlight results.

The Learning Community is a platform with all of the resources an entrepreneur could need to pursue their dreams. This platform is already fully built, functional, and monitored, allowing for us to provide support at any time. As the program is online, it is also accessible 24/7 from any desktop or mobile device, allowing for the work to be completed on each entrepreneur’s own schedule. Along with this, entrepreneurs may reach out to the TLE team at any time to ask questions and get the answers they need.

TLE has organized what entrepreneurs need to know through lessons, templates, tools, procurement opportunities, funding sources, and vendor reviews in order to handle the personal and business challenges they will face.

The Learning Community also provides ongoing support from our team via two channels:

-       Guidance from the TLE Team: Entrepreneurs can ask questions and get answers directly from our team members

-       Group Coaching: Entrepreneurs can sign up for an unlimited number of group coaching sessions on the various business and personal issues they face. If they miss sessions, recordings are available for future reference at any time.

This platform is especially valuable to LMI and/or historically marginalized individuals. This platform can give them an equal opportunity to succeed and fulfill their entrepreneurial dreams.

As previously discussed, TLE focuses specifically on LMI, marginalized populations. Our organization partners with other local groups who are serving people who are receiving federal benefits like SNAP and student free lunch to help provide opportunities for economic development.

We also work with probation offices and other movements hoping to end recidivism and provide opportunity to former offenders. The population we serve is 100% at-risk and low-income, many of which have criminal records and limited education, making them ineligible for jobs with family sustaining wages.

These individuals are enterprising and creative, and we utilize that creativity to help them showcase their independence and start businesses in neighborhoods that are ignored by every economic development agency in their communities. Areas where there are food deserts and lack of transportation are being transformed by The Lonely Entrepreneur Learning Community as well through a grassroots effort that provides an average annual income of $69,000 to an average of 11 people per new business.

This can completely change the opportunities and stories of generational poverty for the future; all because of your support.

Our organization and program align specifically with three of the objectives of the Truist Inspire Awards:

·      Business development and procurement – Connecting small business owners to vendors, suppliers, and networks to transform their ability to do business

·      Support scaling – Supporting long-term business plans and succession through mergers and acquisitions, generational/equitable wealth, hiring pipeline, legal advising, and back-office support

·      Employee advancement – Supporting upskilling and reskilling, managing human resources, and mid-management or mid-career advancement

We believe that our program changes the game as we are able to provide such invaluable resources and education to those who need it most. The issue of unequal distribution of resources in our underserved communities is a serious problem that can no longer be ignored. Their institutions have failed them, and they need our support.

People of color and LMI entrepreneurs are specifically in desperate need of our help due to the additional, extreme hardships born from systemic racism. TLE aims to change this and provide them with opportunities to fulfill their goals. This includes connecting them with vendors, helping them to reach new customers, achieve financial freedom, and allow them to adapt to the ever-changing economy.

As exhibited in our data, TLE is confident in our ability to grow our participants’ customers, revenue, and capital; all through the participation in the program. We are dedicated to ensuring that these results continue for our participants as we want nothing more than for our entrepreneurs to find the success they deserve.

More than ever, our underserved communities are desperate for support. We live in a time where the lack of opportunity has a negative impact on our communities and those who want to lead a better life. Change starts with individuals who turn their passion into opportunity for themselves and their communities. Entrepreneurship is the vehicle for that change. Without it, many with potential may never meet opportunity.

But passion, grit and a good idea are not enough. Without knowledge, entrepreneurs struggle. 8 out of 10 BIPOC businesses fail in the first 18 months, and nearly 50% are destined to close. Entrepreneurship has been identified as a crucial way to boost employment, help close the racial wealth gap, empower minorities, and enable BIPOC men and women to become not just employed, but employers as well.

As Professor Darrick Hamilton, founding director of the Institute for the Study of Race, Stratification, and Political Economy at The New School, said in a national town hall on equity in America: “We need to stop exploiting, extracting and managing economically vulnerable people, but rather give them the resources so they can be self-determining and achieve the goals they define for themselves and be empowered.”

In order to achieve this, these individuals must develop the knowledge and skills necessary in order to be a successful entrepreneur. Even if they have passion, a great idea, and the capital, being a successful entrepreneur is a long journey that requires a variety of skills to navigate. If we do not endow them with these skills, their probability of success is severely diminished.

This funding request enables 250 marginalized entrepreneurs to receive free access to The Lonely Entrepreneur Learning Community for one year.

In total, TLE has served 102,000 entrepreneurs and supported them in their business endeavors since our founding in 2018. This does not include the communities in which each of these entrepreneurs have had an effect.

Each year, we expect to serve 20,000 or more new, unduplicated entrepreneurs.

In five years, we anticipate supporting over 200,000 entrepreneurs across the nation and continue moving closer towards our goal of 1,000,000.

Statistically, 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.  Within those using our technology we are seeing businesses grow and succeed at much higher and faster rates.

TLE works in underserved areas with high LMI populations. Our primary stakeholders are marginalized and disenfranchised entrepreneurs that fall under this LMI status and have a desire to create change in their lives.

Our executive team includes:

Michael Dermer

Dermer founded TLE and is an accomplished lawyer, speaker, and author dedicated to making a difference. His unique viewpoint and ability to connect with participants sets The Lonely Entrepreneur apart from other organizations.

 Victoria Sherman

Sherman has delivered an impressive 99.6% client satisfaction rate in her executive roles in The Learning Community. Ms. Sherman has over 15 years in executive management, strategic business planning, corporate finance, and operations in previous positions.

 Dr. Samantha Lankford

Dr. Lankford is responsible for ensuring the success of the entrepreneurs participating in our program. Dr. Lankford has an extensive background in federal and state grant programs including SBA Disaster Grants, Economic Development Administration, and more.

TLE recognizes that in order to ensure success, we need to be able to connect on a personal level with our entrepreneurs. Trust is able to be built through our entrepreneurs’ ability to communicate with TLE staff at any time to get their pressing questions answered. Similarly, TLE provides coaching calls that our participants can attend or review afterwards at any time. We want our entrepreneurs to know that we are there for them every step of the way.

TLE also focuses on linking entrepreneurs to their peers who are in similar situations. The Learning Community uses message boards to allow entrepreneurs to ask questions, share experiences, and provide solutions. Through connecting with fellow entrepreneurs, our participants can find solace in knowing they are not alone in their challenges, and they will overcome them.

Overall, TLE’s mission is to empower 1,000,000 entrepreneurs across the globe. Within a singular year, TLE expects to empower 20,000 entrepreneurs with the skills and resources they need to succeed. Historically, these resources have mainly been accessible to those already in possession of financial stability and power, but this can no longer continue. This project’s long-term goals would be to see our entrepreneurs flourish in each of our primary evaluation categories.

Our impact goals come in the individual stories that we hear from our participants and partners. For example, A recent quote from Len Elmore, Former NBA Player, ESPN and CBS Announcer, Harvard Law School Graduate, NBA Agent, President of NBA Retired Players Association, Columbia University Professor, and commissioner of the Knight Commission on Intercollegiate Athletics states:

“I am writing to express my endorsement of the above-referenced initiative. I have been a supporter of the effort and their mission and plan are the perfect vehicles for encouraging and promoting careers and thus jobs within the Black community. Moreover, as we lament the lack of wealth creation opportunities within the Black community, there is no better remedy than assuring more successful Black business owners by providing a roadmap for sustaining the success of those businesses. That is what The Black Entrepreneur Initiative does. I am hopeful that The Black Entrepreneur Initiative is seen for the tremendous potential it offers as part of the solution in balancing the social inequities of our times and addressing the wealth gap that exists in America.”

TLE is humbly requesting the support of Truist’s Inspire Awards to help dedicated, marginalized entrepreneurs within our underserved communities. This application is being submitted as we believe we align directly with what you are looking for by using technology and a results driven platform. This Challenge aims to connect small business owners to vendors, suppliers, and networks that can change the way that they run their businesses. This is what TLE is dedicated to doing.

As is apparent in your request, Truist’s Inspire Awards seems to appreciate the struggles of our entrepreneurs. Your organization also recognizes the importance that technological platforms have for entrepreneurs, which is a niche we believe to be specific to us.

As your organization also identified in your request, the threat of a looming recession is quickly becoming urgent. TLE worries that if we fail to act now, it will soon be too late to help these entrepreneurs adapt and survive. We recognize that it is crucial to address this problem now in order to prepare our entrepreneurs for the tough road ahead.

We are seeing firsthand what happens in communities without equitable distribution of resources, and we believe you can help us change this. We anticipate the ability to create people-powered prosperity by bringing small businesses to the most vulnerable of areas; all thanks to you.

Through our collaboration on this project, TLE hopes to gain a better understanding of what today’s entrepreneurs need to succeed. Some of our partners include UPS, Molson Coors, Urban League, Milwaukee Bucks, Black Chamber of Commerce, Ally Bank, Richard Petty Motorsports, Urban Leadership Fund, the NFL Players Association, and more. Even with many years of experience on our team, we continually strive to prepare our staff and entrepreneurs for changing trends, and we want to include Truist in our story.

With relationships, community, and support, we can help thousands of households and communities grow and develop opportunities for their citizens in areas where needs are the highest. Your small investment of time, compassion, and capital can result in thousands of individuals creating businesses and employment opportunities in areas where institutions are failing to invest in its people.

TLE is incredibly excited at the prospect of participating in this Challenge, and we appreciate your time and consideration.