CEO of Our Native American Business Network chats about the importance of helping Native business owners overcome barriers to help keep their culture alive. Watch more Small Business News & Trends videos: [ Ссылка ]
0:00 What is Our Native American Business Network?
0:20 Native American distrust with traditional banking
1:13 How Native entrepreneurs measure success
2:11 Lack of Native owned businesses
2:30 Creating programs and initiatives to support Native entrepreneurs
Veronica Maturino, CEO of Our Native American Business Network (ONABEN), has worked with many Native business owners and discovered multiple common challenges they face. While many tend to put all minority-owned businesses in the same category, the reality is that each demographic has their own unique needs. For Native Americans, there has historically been a high level of distrust of mainstream society and traditional systems, especially in banking. Because of that, there’s been a lack of resources teaching aspiring Native entrepreneurs about things crucial for their success — including applying for a loan and rebuilding credit. Within the Native community, there are many folks who bootstrap their business and build it from the ground up, but there’s often not any mentors or professionals to guide them along their entrepreneurial journey. That’s why it’s crucial for these minority owned businesses to learn to overcome the distrust associated with traditional banking systems. Native business owners also tend to define success differently. They're not chasing their dreams for the sake of being wealthy, but instead to provide for their family and keep their culture alive. From mentorship to workforce development and partnership opportunities, we can all make an effort to create effective initiatives to support the longevity of Native communities.
References:
There are an estimated 24,433 American Native-owned businesses in the U.S. [ Ссылка ]
18% of young (under 35) Indigenous Americans are business owners – 4% higher than the average. [ Ссылка ]
Most Indigenous companies have fewer than 10 employees. [ Ссылка ]
Learn more about ONABEN:
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Resources for Small Businesses:
Venture Forward study: [ Ссылка ]
Up-to-date info on COVID-19: [ Ссылка ]
COVID-19 resources and grant information: [ Ссылка ]
The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter.
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