SACRAMENTO, Calif. — It’s not easy to start a business, and it’s even more challenging to maintain it. In fact, recent numbers from the Bureau of Labor Statistics show about 20% of new businesses fail in their first year, and about 50% of them fail in their fifth year.
However, research also suggests most businesses don’t seek help before they start up. That’s why the Sacramento Black, Asian, Hispanic and Rainbow Chambers of Commerce are teaming up to give business owners the support and strategies to maximize their potential.
The Diversity Business Summit will give local entrepreneurs an opportunity to hear from business leaders and local diverse business owners who have succeeded. Cathy Rodriguez, Director of the Sacramento Hispanic Chamber of Commerce, says it’s all about reaching out for help.
“You need to ask your local Chamber of Commerce for the tools that are out there," Rodriguez said. "We need more diverse businesses."
It is important to know help exists, especially in a city like Sacramento, which WalletHub recently named the fourth most diverse city in the country. Such diversity makes it easier for owners to jump start their businesses.
In fact, Rodriguez says entrepreneurs should take advantage of Sacramento’s business-friendly environment, which has ranked the city among the 10 best cities in the nation for small businesses.
"Diversity increases the success rate for companies, without a doubt,” Rodriguez said.
A recent study by the Boston Consulting Group supports Rodriguez’ claims. The study found that have more diverse management teams have 19% higher revenue because of innovation. It's something Rodriguez said is "huge for start-ups."
“That’s why this summit is so important," Rodriguez explained. "It’s bringing together all the resources together and helping small business owners connect with each other."
The Diversity Business Summit will be held at the Sacramento Elks Lodge #6 (6446 Riverside Boulevard) from 3 p.m. - 7 p.m. The event is free for members and $10 for non-members, but if you mention ABC10, you will also go in free. Parking at the event is also free.
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