Why Every LGBTQ Person Should Learn This Skill

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LGBTQ people are at greater risk for well-being and economic insecurity — and the problem has worsened during the pandemic — according to recently published answers from the United States Census.

Fortunately for us, there is an economic equalizer at our feet, and it’s called entrepreneurship. Most of us view owning a business as a lofty target that requires vision and capital, but even a side job can help you learn the ropes, get yourself out of a financial rut and build the career of your dreams. to create.

Knowing how to nurture relationships, sell, and deliver great customer experiences will help you start your own business and increase your income, all while appearing authentic. Entrepreneurship requires a learning curve, but many LGBTQ people welcome the landscape of lifelong learning: LGBTQ people — especially gay men — tend to achieve higher academically and pursue more advanced degrees, according to a new study.

No idea where to start? Neither did I seven years ago. Before I got a marketing consultancy, I studied classical music and tried my hardest to be absolutely nothing having to do with business. It is normal to regularly change careers and even industries; know that your propensity to learn, develop, and grow will become one of your most useful tools as you venture into the unknown.

Related: How To Avoid Rainbow Washing During Your Pride Marketing Efforts?

All LGBTQ people should learn the basics of entrepreneurship. Here are four reasons why.

Entrepreneurship helps you live without regrets

In a recent interview for Bloomberg, bestselling author Dan Pink discussed the results of his World Regret Survey, which had more than 16,000 respondents. The survey trends revealed some of the biggest career spews people have had.

One of the most consequential regrets, unsurprisingly, was being too afraid to take risks. In that data, however, I found one respondent’s answer particularly interesting: The professional had started a business and failed, but he was at peace with his decision, knowing now that he had at least tried and no longer had to put up with it. questions about what could have been. Too often professionals avoid going for what they really want in life because they are too afraid of failing.

Whether you want a side job that generates $50 a month or a business that makes $5 million a month, learning the essentials of entrepreneurship will help you live without regrets and hone professional skills that will serve you for years to come. will be.

Related: 18 Entrepreneurs Share Their Biggest Business Regrets

Entrepreneurship helps you defeat perfectionism demons

In his book The velvet rage, clinical psychologist Alan Downs notes that shame about being gay is a primary performance factor for gay men. Downs assigns three phases to this coming-out process:

Phase 1: Not yet out of the closet

Phase 2: Coming out – but then relying on high performance as a trigger for overcompensation

Stage 3: Reaching a stage of full self-acceptance and self-love

The second stage is a brutal holding pattern that many of us never escape. And this desire to overcompensate doesn’t just apply to gay men or LGBTQ people; millions of professionals struggle to get their career dreams off the ground simply because the “looking bad” phase is too intimidating and demoralizing to endure.

Today we are bombarded with stories of enormous entrepreneurial success. Remember that everyone who was good at something was once bad at it, often the “looking bad” phase plays out in the public eye. Legendary LinkedIn co-founder Reid Hoffman once remarked, “If you’re not ashamed of the first version of your product, you’ve launched too late.”

Start before you’re ready and make mistakes along the way, especially in public. This approach will help you discover the career approaches and passions that really excite you.

Entrepreneurship leads to sustainable justice and prosperity

According to the LGBTQ Data & Demographics report published by UCLA’s Williams Institute, LGBTQ people are more likely to be uninsured, experience food insecurity, and have an annual income of less than $24,000. Additionally, more LGBTQ millennials are making important financial decisions related to family planning, according to Family Equality’s LGBTQ Family Building Survey:

63% of LGBTQ millennials want to expand their families by becoming parents for the first time or having additional children

48% of LGBTQ millennials are in an active phase of family planning, such as surrogacy or adoption, a percentage nearly equal to non-LGBTQ millennials (55%)

Nearly two-thirds of LGBTQ millennials engaged in family building plan to use options other than intercourse, such as assisted reproductive technology, foster care, or adoption

Raising children can get expensive very quickly! This is another reason to consider starting a business; it creates a slow, steady flywheel that can take you to lifelong wealth and financial independence for your family.

Cryptocurrency, real estate and salary negotiations get the lion’s share of attention when it comes to “how to get rich” content, but a profitable business can give you incredible returns and even early retirement if you want to. Billionaire Mark Cuban calls this the “knowledge advantage”: If you know an industry well, investing in a company in that industry makes more sense than blind stock purchases.

Related: Billionaire Mark Cuban’s Only Investment Tip That’s Perfect for Entrepreneurs

This isn’t about building a business so you can bathe in gold doubloons or take selfies on a yacht. We want to build financial independence so that we have more freedom, stability and impact in our lives – and that of our children. Owning a business, large or small, helps you create wealth in a way that is protected from office politics or other variables beyond your control.

As a wise woman once said, “The best revenge is your paper.” Most people don’t start with a formal business plan or advisory board on day one; they get sloppy, validate their value proposition and fill in the details later.

Entrepreneurship helps you discover who you really are

One thing no one tells you when you start a side business or business is that your own personality traits and tendencies show up in a magnified way in day-to-day operations. Your strengths will grow even stronger, carrying you miles ahead, while your weaknesses will nag and sabotage you like never before. Entrepreneurship quickly shows who you *really* are in practice and in the world – not just who you say you are.

A recent Gallup report noted that 7.1% of adults identify as LGBTQ, a marked increase in recognition from the same report’s 2012 figure of 3.5%. We are visible and activated and more honest than ever about who we really are; now it’s time to channel that energy and tenacity into something that can truly serve both ourselves and each other.

Have you always wanted to freelance, speak or have a physical product? Educate yourself every day what it takes to bring that dream to life – then don’t forget to take action for this education and measure your results. You may be surprised to see what unfolds.

LGBTQ people need to learn entrepreneurship. Putting the locus of control over your career in your corner will give you the power and inspiration to do whatever it takes for your career to represent your fullest, proudest and most expressive self.

This post Why Every LGBTQ Person Should Learn This Skill was original published at “https://www.entrepreneur.com/article/421608”

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