Empowering Black Women in Business: Transformative Insights from EVOLVE: Women & Wealth
"True wealth is built not by waiting for opportunities, but by creating them. As Black women in business, we must transform challenges into actionable strategies, invest in our assets and build legacies of success for ourselves and future generations." – Freda Palm
In an insightful session during the EVOLVE: Women & Wealth webinar, Freda Palm, an award-winning career ambassador and founder of Hulu Consulting, shared invaluable wisdom that is helping to reshape the way Black women approach wealth creation, financial independence and legacy-building. With over 20 years of experience in leadership, financial strategy and empowering women globally, Freda has dedicated her career to breaking down the systemic barriers that have historically held Black women back from achieving lasting financial success.
Through her unique perspective, Freda showed that building wealth isn’t just about earning, it’s about strategic planning, mindset shifts and taking calculated steps toward abundance. Her session emphasised how Black women can break free from traditional constraints, challenge the financial norms that limit them and instead, create sustainable wealth that spans generations.
Here are the most powerful takeaways from Freda's session that can inspire you to take your financial journey to the next level:
1. Overcoming Systematic Barriers to Wealth
Freda emphasized that systematic barriers keep Black women wealth poor, but these barriers can be overcome with the right strategies. By understanding wealth creation and legacy-building, we can change the narrative and break through financial limitations.
2. Wealth Creation is a Strategic Project
For Black women in business, Freda suggests treating wealth creation like a project. This means mapping out your financial goals, starting from where you are now and taking small, intentional steps that will eventually accelerate your vision. This approach turns the abstract concept of wealth into an actionable plan.
3. Shift from Lack to Abundance
To unlock resources, loans, grants and opportunities, Black women must align their business models with a renewed mindset. Moving from lack to abundance allows you to see opportunities where others see barriers and it opens doors to growth and financial independence.
4. The Power of the Minimum Viable Product (MVP)
Freda shared a powerful lesson from her own journey. She started small with a business idea (making mince pies) with no prior experience, but through research and planning, it grew into a thriving business. Starting small and embracing the Minimum Viable Product (MVP) approach allows you to make mistakes, learn from them, and scale over time.
5. Make Your Plan Grand
Freda’s message is clear. Make your business plan grand. Don’t shy away from bold ambitions. Your plan should be compelling enough to impress investors, lenders and anyone else who might become part of your business journey. Aim high and never invalidate your accomplishments.
6. The Importance of Financial Literacy
A lack of understanding about wealth creation and legacy building often keeps Black women entrepreneurs from reaching their full potential. Freda’s advice? Educate yourself, ask the right questions and always look for ways to improve your financial knowledge.
Freda’s journey and wisdom are a reminder that we must actively shape our financial futures with purpose and planning. By shifting our mindset, aligning our actions with our vision and embracing small steps that lead to big impact, we can create legacies that last for generations.
Freda’s journey and wisdom serve as a powerful reminder that the path to wealth is not just about opportunity, it’s about active participation, purposeful planning and strategic execution. In order to shape our financial futures, we must intentionally design the life we want to create, starting with small, manageable steps that gradually build momentum toward bigger goals.
Her focus on mindset shifts, from a place of lack to abundance, encourages us to think beyond the immediate obstacles and embrace a visionary approach. This mindset will empower us to see the possibilities and take decisive actions to build sustainable wealth for ourselves and for future generations.
By aligning our actions with our vision, we can transform our financial reality. It's not about waiting for the perfect moment, as demonstrated by her mince pie business in Nigeria, it's about taking consistent action, whether that’s mapping out our financial goals, taking the first step in property ownership or making that bold investment in our business. These are the building blocks that will lead to lasting success.
We want to hear from you. How will you implement these transformative insights into your business, financial strategy or legacy-building plan? Are you ready to shift your mindset and embrace your financial journey with purpose?
Like, comment and share this post with your network. Let’s continue to spread the knowledge and empower each other to build wealth and create legacies that stand the test of time.
