Thrive in the Midst of Chaos

Entrepreneurship is the solution. America can dramatically improve the state of urban communities by investing in and boosting the trajectory of young minority entrepreneurs and small business owners. Entrepreneurship is the pathway forward and it’s time to inspire and foster the next generation of minority business owners.  Our recent public health and economic crisis has re-emphasized the importance of maintaining an entrepreneurial mindset. Our nation’s problems are getting harder and rapidly evolving. While millions of American’s wait for their unemployment and stimulus checks, it’s time for us to get up off the canvas, and go on the offense.

According to the Small Business Administration (SBA), of the nation’s 30.7 million small businesses, only 8% are owned by Black or African-Americans. Prior to the onslaught of COVID-19, black-owned business owners already had limited access to the following: 

• Capital to launch initiatives, hire employees, and buffer losses

• Business mentorship via skilled and capable entrepreneurs  

• Networks/human capital to better access markets in which to successfully sell products and services

COVID-19 has only exacerbated these issues within the black community. Small business ownership is the foundation of our American economy and if we’re ever going to overcome our current situation, we’ll need small business owners to pave the way. In order to support the Newark community and prepare future entrepreneurs, IRONBOUND Boxing is proud to launch “Thrive,” our small business accelerator dedicated to the training, education, and employment of Newark’s youth & young adults.

If there is one thing I’ve learned in my entrepreneurial journey, it’s that experience is an invaluable tool as an entrepreneur. Very few entrepreneurs hit a “home run” their first time launching a venture. Oftentimes, successful entrepreneurs have experience launching multiple ventures before they find real success. If we want black-owned businesses to succeed, we need to train the entrepreneurs to lead them. 

At “Thrive” our focus is on enabling the entrepreneurial journey sooner rather than later and in a way that limits the risk for the entrepreneur. Through a combination of live online acceleration modules and grants we will incentivize not only the education process but the initial steps it takes to launch a venture. Our goal is to train 10,000 young aspiring entrepreneurs in Newark, NJ, and prepare them to assume leadership roles within Newark’s small business community. 

Additionally, we seek to empower the local Newark business community with “Thrive” graduates to assist them in marketing, sales, and other key roles within their business through sponsored internships. Due to the recent layoffs, we suspect many of these small businesses could use an intern to help day to day operations or help with an initiative they have been planning but unable to execute. 

Through our relentless dedication to improving our community and by leveraging the veteran network and IRONBOUND Boxing’s social capital within Newark, we will help Newark “Thrive,” and not just survive.