When people hear the term “minority business enterprise,” several questions may come to mind:
- What’s the significance of working with a minority business enterprise?
- What does it take to become certified?
- How can working with an MBE advance my organization’s goals?
As it turns out, minority-owned business enterprise certification says a lot about an organization, and it can have significant impacts for your business – whether you want to become one, or work with one.
What is a minority-owned business enterprise?
A minority-owned business enterprise (MBE) is a business that’s owned, run, and managed by a person of color. Think Quick Events is a proud MBE, owned and managed by Asian-American entrepreneur, Jayson Mamaclay.
Business owners and entrepreneurs that belong to minority groups are especially unique because – right, wrong, or indifferent – they’ve had to face a natural uphill battle and other hurdles in their journey to entrepreneurship, including access to capital, adequate training and mentoring, or reception in the marketplace among other roadblocks.
MBE certification provides minority-owned businesses with greater opportunity to thrive in the marketplace through reduced barriers, translating to a substantial positive change in local communities and the lives of the clients and customers.
What’s the process when becoming a certified minority-owned business enterprise?
Obtaining an official certification as a minority-owned business enterprise is a lengthy process that involves careful research, planning and adherence to several key requirements as outlined by the National Minority Supplier Development Council.
The certification process can take up to 90 days and is dependent on review and approval by the Certification Compliance Committee and the Board.
The benefits of getting MBE certified
The business benefits of MBE certification are many:
- Opens the door to new business opportunities with companies prioritizing diverse spend
- Allows businesses to connect with other partners, including suppliers, customers, and more
- Access to community programs that can provide new mentorship opportunities
- Grows existing networks, reaching other similar organizations
Those who decide to become MBE certified have gone the extra mile, providing extensive information to certifying organizations and undergoing intense scrutiny regarding their financials, business plans, operations, longevity, and viability.
Completion of the MBE certification process demonstrates that an owner wants to represent their business in the best way possible and take advantage of all opportunities to better their company.
The benefits of working with a minority-owned business enterprise
The benefits aren’t just for minority-owned businesses – there are advantages to working with certified MBEs, too.
First and foremost, partnering with an MBE is a way to declare your support. You are taking a stand to say you recognize that you want to specifically source products/services from a diverse organization. This could be in support of certain supplier diversity spend goals that an organization has in mind to give back to the community, but also to further diversity, equity, and inclusion priorities within an organization.
Minority-owned business enterprises often have unique perspectives and valuable market insights, distinct connections and networks, and oftentimes, increased flexibility and adaptability when working with clients and other key partners.
MBE support also demonstrates community care. Many MBEs are small- to medium-sized businesses fuelling the foundational building blocks that spur the local economy in general.
Lastly, choosing to work with an MBE means you’re supporting a business that’s proven they’ve been vetted to qualify for certification. It takes a lot of effort, intention, and attention to detail to prep paperwork and ensure a business holds up throughout the certification process. Certified MBEs have proven that they are ready to go the difference for their businesses, and by extension, their customers, and clients.
Virtual team building activities that celebrate diversity of thought
Are you looking to support a minority-owned business enterprise and provide your team with a fun and engaging team building experience?
Reach out to the team at Think Quick Events to plan yours today.