Daymond John announces date for Black Entrepreneurs Day 2021 and offers advice for new business owners

The FUBU CEO stopped by theGrio’s ‘Cleared Up’ series ahead of the event to debunk some viral Twitter myths and impart some wisdom about entrepreneurship

Throughout the COVID-19 pandemic, Black-owned businesses were statistically hit hardest and were largely shut out of the early rounds of Paycheck Protection Program (PPP) relief.

This time last year, many businesses were forced to close their doors, but Black Twitter saw opportunities to open new ones. A viral post that was shared thousands of times on Facebook and Twitter read: “Take $150 from your stimulus and buy a LLC. Now that you’re a business owner, apply for a PPP grant. Now you have 5k and a small business. Do something you love and thank me later.”

While this advice may have led some people to unintentionally or intentionally engage in fraud, there were some aspiring entrepreneurs who actually used it as an opportunity to finally take their first step toward business ownership. But now what?

In the latest episode of our explainer series Cleared Up, host Tatianna Mott and founder of the iconic FUBU clothing line Daymond John offer up some more in-depth advice about what it takes to start a business.

“I founded Black Entrepreneurs Day last year in the middle of all the craziness,” shares John, reflecting on the unrest and destruction of several local businesses following the May 2020 public slaying of George Floyd by Minneapolis police. “I realized that a lot of young adults– or even adults –should not be out there burning businesses, they should be building them because this is a great time and there’s a lot of opportunity out there.”

Black Entrepreneurs Day is a free global live stream that aims to provide guidance and inspiration to the next generation of rising entrepreneurs, and John has partnered with Chase for Business to bring it back this year on Oct. 14, beginning at 7 P.M. EST and streaming live on Facebook from the legendary Apollo Theater in New York.

The event will include Game Changer Conversations presented by The General, featuring Shaquille O’NealTyra BanksMichael StrahanMarcus SamuelssonRev. Run, and Janice Bryant Howroyd, plus a live musical performance by Khalid.

Now through Sept. 28, Black entrepreneurs and small business owners across the country can apply for a $25,000 NAACP Powershift grant to be awarded as part of Black Entrepreneurs Day. But, just as merely registering for an LLC and applying for a loan is not enough to run a successful business, John warns against relying on large grants and loans to catapult a brand new business.

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SOURCE: the Grio –