The U.S. has celebrated LGBT History Month each October since 1994. It’s a time to honor achievements and recognize the importance of representation. 

LGBTQ+ representation has increasingly come into focus within the business community in particular—from awareness of diverse business certification to accelerators that focus on supporting LGBTQ+ startups. One example: the StartOut Growth Lab, which is sponsored by JPMorgan Chase.

But even as the LGBTQ+ business community grows, entrepreneurs within it face challenges. Finding mentors or peer organizations to learn from is crucial, say four business leaders we spoke with for this Q&A. Here, they reflect on how their professional networks have helped them and offer pointers to LGBTQ+ business owners eager to build their own.

• AJ DeLeón, CEO, Innovare
• Chris Davidson, Head of Growth Lab, StartOut
• Brad Baumoel, Global Head of LGBTQ+ Affairs, JPMorgan Chase
• David Barbee, Head of LGBTQ+ Business Initiatives, JPMorgan Chase Commercial Banking

What common challenges do LGBTQ+ startups experience when scaling?

DeLeón: Among the top challenges is having mentors or role models to talk to. There are so many questions around setting up the right team, knowing what your business model is, how you’re going to make money, what your go-to-market strategy is and how you're planning for the long term.

Davidson: Resources, education and access to capital (including human capital) are all challenges. 

Baumoel: LGBTQ+ entrepreneurs face many of the same obstacles as any startup that’s scaling. But an added difficulty is they may feel like they must hide their identity to access opportunity. 

Why is a professional network important?

DeLeón: You need to have a community of champions around you who can help you understand and assess the risks that you’re going to face and help you problem-solve. As an entrepreneur, you must invest in your company and your personal brand. People need to know what you’re doing, that you can be an ambassador for your mission, that you can catalyze interest.

Davidson: There are reasons why people from Harvard, Stanford, Columbia, etc. are successful beyond their raw skills. It’s because they’re surrounded by other people with resources. LGBTQ+ entrepreneurs should recognize those resources don’t have to be financial; they can also be intellectual, like a robust network.

Barbee: Being intentional about how you build your network is critical. Your ability to leverage the right people when you need them, based on their experiences and expertise, will prove immensely valuable in growing your business.

Have you had a career or business mentor? Or ever been a mentor yourself?

DeLeón: I’m very lucky to have mentors like Megan Kashner, a professor of social impact at Northwestern (who also just launched Colorful Capital). I’ve even cold-called people who I think could help me. Look for people to mentor you; don’t underestimate the power of connections.

Davidson: I met my mentor walking around Soho in London. We had a similar intellectual understanding, as he left a large banking organization to be more entrepreneurial. He’s given me heart, strength and confidence. And as a mentor, I encourage entrepreneurs to really bring their full authenticity and humanity to the conversation.

Baumoel: One of the biggest challenges I had that a mentor helped me understand is that opportunities are rarely just presented to you. You have to seek them out and work on them. I impart this lesson as a mentor, teaching mentees to accept failure as an opportunity, not as something to shut down or run away from—and they’ve wound up excelling, advancing and doing all the things I hoped they would be able to do.