A new generation of entrepreneurs will have to face the issues no previous generation has faced before. The environments are becoming increasingly multicultural, and today’s venturers must know how to meet the needs of customers with different backgrounds, lifestyles, and experiences. I decided to go even further than that and make diversity and inclusion the main priority of my business-making. In my desire to build a workshop, I want to focus on being an inclusive employer as well as an inclusive service provider.
Diversity and Inclusion – or D&I – is an approach whose essence is to build diverse teams and promote inclusivity in workplaces. The D&I global market, according to Global Industry Analysts, Inc. (2021), was estimated at $7,5 billion as of 2020 – with the United States accounting for almost half of its share. In the year 2021, the U.S. market is estimated at almost $4 billion, and its revised size is projected to amount to almost $15,5 billion by 2026 (Industry Analysts, Inc., 2021). It is interesting to note that, as stated by Bogomolov (2021), the number of D&I job titles in the country has risen by more than 110% over the course of the last five years. That indicates that the importance of D&I has started being recognized more widely, which makes the industry extremely promising.
Consequently, it should come as no surprise that some of the biggest businesses have already implemented this approach in their workplaces. According to Refinitiv (2020), among the fields leading the D&I’s index are banking, insurance, telecommunication services, personal and household products, and pharmaceuticals. Seeing how Refinitiv’s (2020) list consists of more than a hundred companies that can be labeled diverse and inclusive, it is safe to say that there are many healthy competitors in the D&I industry. In terms of profit margins, Hunt et al. (2018) have found that the likelihood of companies whose executive teams were in the top quartile on gender diversity to have above-average profitability was quite significant. For instance, it was around 21% more as compared to companies with teams’ gender diversity from the fourth quartile. With regard to cultural and ethnic diversity, in 2014, it was found that the probability of exceeding the benchmarks was 35%, which is comparable to the 33% exceedance of the EBIT margin set in 2017 (Hunt et al., 2018). Thus, there is a notable correlation when it comes to the executive team’s diversity and consequential financial outcomes.
There are a few current key trends and developments in the D&I – some of them have been around for quite some time, and some have just recently started being mentioned. First of all, according to Hayes (2021), inclusivity now means more than simply an image for display – it is about understanding the customers and deepening a connection with them. For example, if one’s target audience is not represented via stuff, there is not much trust a company can evoke. Secondly, the diversity of the generational workforce is not to be disregarded. Vantage Circle (2022) states that the working population nowadays might include as many as five generations – and a good employer has to use different strategies to cater to all of them. Then there is, as per Vantage Circle (2022), the need to know how to utilize the work-from-home model most efficiently. Employees might have different living conditions – and challenges connected to that are to be minimized.
When it comes to my company’s target market since my goal is to promote diversity and inclusivity, my workshop invites everyone, minorities of all sorts included. The culture that I strive to build and the promotion that I plan to do must make it clear that if someone is a part of a minority group, they are welcome here. I live in New Jersey, and coincidentally, according to McCann (2021), Jersey City is the most diverse city in the country. Therefore, it is only reasonable that I choose it as a specific geographic area for my business. World Population Review (n.d.) states that Jersey City’s population is currently at almost 260.000 people, which has increased by almost 4,5% since 2010; according to projections, it might reach around 275.000 by the year 2023. The city’s residents’ median annual income in 2019 equaled $81.693, which shows more than a 12,6% annual growth as compared to 2018 (World Population Review, n.d.). All that makes Jersey City a preferable location for me to open a workshop.
There is plenty of workshops across America that are beloved and successful. These include Craft (Austin, TX), The Craftsmen & Apprentice (Denver, CO), and Garage Door Studio (Atlanta, GA). In the Jersey City area, my possible leading competitor is The Adult School – a program that provides over 300 classes online and in-person and has excellent reviews from customers on all corresponding sites. There seems to be no particular organization taking up the biggest proportion of the market share – various workshops are there for people to choose from them. Prices for class vary from $15 to $2,000 depending on what one intends to make – a bowl of pasta or an exquisite ring. Generally, a workshop is a well-received initiative, and people are curious about one’s services, especially if they are marketed attractively. My advantage over my competitors is the D&I approach, which is to emphasize that absolutely everyone is welcome at my place.
References
Bogomolov, A. (2021). A note on the rise of Diversity and Inclusion (D&I) titles — and why it’s likely to continue. ZoomInfo. Web.
Global Industry Analysts, Inc. (2021). Diversity and Inclusion (D&I) – global market trajectory & analytics. Web.
Hayes, T. (2021). Integrating diversity, equity, and inclusion into marketing. The Hearing Journal, 74(8), 53-54. Web.
Hunt, V., Prince, S., Dixon-Fyle, S., & Yee, L. (2018). Delivering through diversity. McKinsey & Company, 231.
McCann, A. (2021). Most & least ethnically diverse cities in the U.S. WalletHub. Web.
Refinitiv. (2020). Refinitiv announces the 2020 D&I index top 100 most diverse & inclusive organizations globally. Web.
Vantage Circle. Diversity and inclusion trends to look out for in 2022. Web.
World Population Review. (n.d.). Jersey City, New Jersey population 2021. Web.