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The business landscape is complex, and entrepreneurs often face challenges as they seek to scale. These range from limited access to capital and smaller contracting opportunities to cash liquidity vulnerabilities and difficulty navigating economic uncertainty.
Black-owned businesses play critical roles in their communities, yet owners and entrepreneurs aspiring to reach their professional and business goals face significant obstacles.
Recent Federal Reserve data highlights the significant growth potential for these businesses: 61% of Black-owned startup employer firms plan to add employees, compared to 52% of white-owned employer firms—yet the Black-owned firms are three times less likely to have professional support networks that facilitate growth, like accountants and business advisors.
Holistic support systems are critical to ensuring all business owners can drive growth, create wealth and make lasting impacts in their communities.
The resources we’ve gathered offer insights and stories to inform and inspire. We’re highlighting examples of strong leadership, resilience, creativity, strategic planning, networking and certification programs. By learning from others who have built successful companies and overcome challenges, future generations of entrepreneurs can set their own paths toward success.
Building a strong financial foundation is critical for business growth. Explore funding options, learn about different types of capital and discover strategies for presenting your business to potential investors and lenders.
$61.2B
Annual payroll of Black-owned U.S. businesses, according to the U.S. Census Bureau’s 2023 Annual Business Survey
Ready to take your business to the next level? These resources offer guidance on managing expansion, handling your first major contracts and building systems that support sustainable growth.
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Allan Jones, CEO and founder of Bambee, talks about how he built an HR company focused on removing friction in the workplace.
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Allan Jones, CEO and founder of Bambee, talks about how he built an HR company focused on removing friction in the workplace.
Side note:
Background music plays.
Logos:
- JPMorgan;
- (and) Bambee.
On screen:
A bearded man with short black hair, Allan Jones.
Text on screen:
Allan Jones, Founder and CEO, Bambee.com.
Allan Jones:
Bambee essentially offers affordable human resources to micro small businesses across the United States that otherwise could not afford it.
Text on screen:
Bambee.
Allan Jones:
We grew very fast, multiple 100% growth years year over year in a row.
On screen:
Mr. Jones smiles as he speaks with Bambee employees in an open, spacious office. On the roof of the Bambee building, Mr. Jones leads dozens of Bambee team members in a rousing cheer.
Allan Jones:
Went from serving 10 companies to tens of thousands of companies in a really short period of time. Bambee was Inc. 5000, one of the fastest growing private companies last year.
On screen:
Mr. Jones holds up his "Inc. 5000" award.
Allan Jones:
We've got to take a company like that that was growing extremely fast to one that is profitable in the last 12 months. The DNA of those two types of companies are fundamentally different, and the tactics are fundamentally different, and the discomfort are different. The amount of growth and discomfort that I had to be willing to expand to so that the company could continue to reach its potential, it’s life changing.
On screen:
Business professionals collaborate:
- using wall-sized white board diagrams;
- (and) reviewing data on computers.
Allan Jones:
As soon as you start to think, “Man, I'm the only person like me dealing with this set of problems,” that starts to feel like you're facing something insurmountable. And what you need to realize is every founder has their own unique set of problems. I realize that when I walk into a pitch room that most folks don't expect a face like mine to have been in the C-suite at 26 of what's now a billion-dollar public company, and I get to play on that. There's a moment where in the moment of surprise for you is an opportunity for me to seize your attention.
On screen:
Mr. Jones walks through an office hallway with Bambee team members.
Allan Jones:
So how do you take the things that are unique challenges to you and use them as opportunities to get someone's attention or impress? And we all have them.
On screen:
Inside the Bambee office building:
- a blonde woman sits at a conference table;
- Mr. Jones pets a brown dog;
- and the Bambee logo, in neon lights, hangs on a wall.
Allan Jones:
J.P. Morgan was, I think, the first pillar advisor that felt like when I was thinking through forms of liquidity, duration of time, timelines, now, 10 years from now, 5 years from now, etc., they were one of the first kind of pillar advisors that felt like they were giving us objective thought.
On screen:
Photos show Mr. Jones networking with entrepreneurs at a J. P. Morgan-sponsored business seminar. A photo shows Mr. Jones in the Bambee office building.
Allan Jones:
The bank’s also been awesome at expanding my horizons. There's a bunch of things I'd never done before, like helping me find new board members, helping me think about the M&A markets, or what multiples look like for SaaS companies in this space.
On screen:
At Bambee's headquarters a diverse group of men and women:
- meet in a conference room;
- work at their desktop computers:
- and pose for a company-wide photo.
Allan Jones:
I love to build new things, I love hard problems, I love leading people. And so here's what I'll say: why I do this is less important to me than the fact that I love to do it.
On screen:
A montage shows Mr. Jones:
- using his mobile phone;
- at a large conference table;
- at an outdoor company event;
- (and) visiting the beach.
Allan Jones:
And at some point I will know why. But in the meantime, I'll just keep doing it as long as I love it.
Text on screen:
J.P. Morgan. Let's build your future together.
jpmorgan.com/diversebusinesses.
Side note:
Legal disclosures:
Text on screen:
Chase, J.P. Morgan, JPMorgan, JPMorgan Chase, and Story by J.P. Morgan are marketing names for certain businesses of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide (collectively, “JPMC”, “We”, “Our” or “Us”, as the context may require).
The material contained in this video is intended as general market commentary and does not constitute legal, tax, investment, accounting, financial, business, real estate, or any other advice, and should not be relied upon as such. The views, opinions, estimates and strategies expressed in this video are those of JPMC, or other featured speakers, and may differ from those of Commercial Banking or other JPMC employees and affiliates. This video in no way constitutes an offer or commitment to provide a particular product or service. Products and services offered by JPMC and its affiliates are subject to applicable laws and regulations, as well as our service terms and policies. Not all products and services are available in all geographic areas or to all customers. Credit is subject to approval. Rates and programs are subject to change; certain restrictions apply.
This content does not constitute J.P. Morgan research and should not be treated as such. Any views expressed are often based on current market conditions and are subject to change without notice. Any statistics referenced have been obtained from external sources deemed to be reliable, but we do not guarantee their accuracy or completeness. In no event shall JPMorgan Chase nor any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon, or for any inaccuracies or errors in or omissions from, the information in this video.
Copyright 2024 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.
END
Successful entrepreneurs adapt to changing market conditions. Gain insights and best practices for overcoming challenges and positioning your business for long-term success.
“It's really critical that you provide quality service and product. Forget being diverse. What you do is more important than what you look like.”
—Joe Blackstone, founder and president of Blackstone Consulting
Connect with corporate and government buyers looking to diversify their supply chains. Learn more about certification processes, identify contract opportunities and prepare your business to compete for larger opportunities.
Supplier diversity central: What to know and where to go (hub)
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Justin Christian, founder of BCforward
Learn more about our initiatives, investments and collaborations aimed at advancing economic opportunity and inclusion.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
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