In July, the World Health Organization (WHO) included burnout in its International Classification of Diseases. 

 Burnout, the WHO noted, was characterized by:

• feelings of energy depletion or exhaustion;
• increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job;
• reduced professional efficacy.

While burnout can affect anyone, purpose-driven work is a high-risk contributor. “Purpose-driven work” – or work that people feel strongly passionate about – isn’t a term reserved for a specific field or area, such as medicine or not-for-profits. “Purpose-driven work” can be any type of work that elicits passion and focus. (Entrepreneurs and CEOS - we’re looking at you!)

By Johnny Charles
Director of Economic Development
Dorchester Bay Economic Development Corporation

How do I get funded? is often the leading question from small business owners after learning what I do for a living. As Director of Economic Development at Dorchester Bay, I manage a loan fund that deploys loans to small businesses.

Before I get the chance explain how to get funded, a business owner immediately follows their question with a story that details their company’s competitive advantages: industry knowledge, applicable specializations, a recent opportunity, their drive to work harder than most, etc.. These are strong attributes, but don’t answer the business owner’s initial question.

To get funded, relevant, measurable data around your business performance is essential, like profitability plans, liquidity measures, and operational efficiency. Combined, these details tell a realistic story about your business — and most importantly, the growth trends (or the lack thereof).

By Kimber Lanning
Executive Director
Local First Arizona 

Local First Arizona is a local partner in Accelerate Latinx powered by Interise. 

As a small business owner myself, and now as the Executive Director of an organization focused on powering my state’s entrepreneurs, it’s become evident that capital - which is like oxygen for successful small business development - is still not flowing evenly in communities across the US.

Capital allows a business to invest in the best tools to run their operations so as to remain competitive. Entrepreneurs who start a business already having access to capital through their personal assets (i.e. home, property, stocks), good credit, and/or loans with reasonable interest rates have higher business success rates than those who do not. According to the Office of Minority and Women’s Business Enterprises, entrepreneurs who seek to start a business without pre-existing capital face higher probabilities that their businesses will not succeed. 

By Jeannie Hurley
Operations Coordinator
The Indy Chamber 
The Indy Chamber is a local partner in Accelerate Latinx powered by Interise. 

Me: “So what areas of your business do you need help with?”

Business Owner: “I’m looking for a microloan to help grow my business.” 

This where the real conversation begins.

I serve as the Operations Coordinator for Business Ownership Initiative (BOI), a nonprofit within the Indy Chamber.  We provide free business coaching, low-cost workshops, and small business loans to aspiring entrepreneurs and established business owners in Central Indiana.  I serve as the first point of contact for our clients by connecting them to our business coaches and local resources. Every day, I speak with clients who are seeking funds for their businesses.

By Jennifer Rodriguez
President & CEO
The Greater Philadelphia Hispanic Chamber of Commerce (GPHCC) 

GPHCC is a local partner in Accelerate Latinx powered by Interise. 

As the President & CEO of the Greater Philadelphia Hispanic Chamber, I am concerned every time I hear small business owners who want to scale their business reject debt as a tool for growth. Why is debt so misunderstood? 

I will not forget a very successful Latina entrepreneur speaking at a panel about her ambition to sell products to Walmart, yet, her scaling plans did not include any form of debt. I remember thinking, not only that it would be nearly impossible to self-finance that level of growth, but also, that she had probably missed many opportunities along the way, simply because debt was not part of her entrepreneur’s toolbox.  

I often advise business owners that debt comes in many shapes and sizes and that what is appropriate depends on their needs and the stage of growth.  

In 2013, David Sanchez started his business, 10 Management, a Chicago-based, integrated talent management firm representing models, hair and makeup artists, photographers, and social media influencers. "I bootstrapped to start the business,” says David. “I saved about $30,000, and I did that through modeling before I started the company. I just self-funded it. I've always been self-sufficient.” 

Bootstrapping through startup is common among today’s Latinx entrepreneurs: Nearly half of currently operating Latinx-owned businesses were started in the past six years, most relying on personal savings or funding support from friends and family. 

While Latinx-owned businesses have undergone tremendous growth - one in four new US businesses are Latinx-owned, contributing over $700 billion in annual revenue to the economy - these businesses are starting faster, but staying smaller: Latinx-owned companies are twice as likely as white-owned employer firms to be microenterprises, or firms with $100,000 or less in annual revenues.

Latinx-owned businesses face significant hurdles in securing the capital needed to grow, according to a report published by Interise, the Federal Reserve Bank of New York, and Stanford Latino Entrepreneurship Initiative: 

• They bear greater personal financial risk, related to lower credit scores and limited credit histories;
• face significant financial challenges due to the racial and ethnic wealth gap;
• and report a lack of financial knowledge and know-how.