Black women are leading the entrepreneurial race in 2022

by | Jan 31, 2022 | Black Girl Magic, Black Owned Business, Business News, Latest, Trending | 1 comment

Why Black Women Business Owners are Starting New ventures

Black women are taking the leap into entrepreneurship in record numbers. A new study reveals facts that showcase black women’s influence on the business world.

Black entrepreneurship in the USA

Roughly 5 million Black women own a business in this country. You are also more likely to own a business if you are part of this group. They are using different strategies – some participate in exporting companies, others one woman boutiques, some make custom clothing.

Reasons for this trend among black women

There are many reasons for this trend among black women to start new ventures. One of these is the possibility of increasing self-empowerment, leaving adverse environments, and controlling their own destinies to make changes. Another argument notes that African American women are impacting the economic system by increasing the understanding of entrepreneurship opportunities for entrepreneurship help.

How to quantify and counter stereotypes

As women, especially Black Women, who are business owners, frequently, it is their struggle to reconcile tradition with modernity and balance family responsibility with managing small businesses.

With this struggle comes the ever-present undermining of the idea that Black women like me can really make anything happen for themselves. Black women may experience racism, sexism, and other biases from gatekeepers in their industry.

They feel that not being taken seriously because of their race, ethnicity, or gender profoundly affects their self-esteem and confidence levels. Reading this blog content is very insightful. It covers all the major points in detail.

The article talks about how Black Women business owners are starting new ventures because they are labeled with stereotypes like “they don’t perform well,” which is inaccurate. They explain the importance of having numbers and statistics available to quantify and counter these stereotypes.

Statistics of successful black women

Black women are the least likely to start a business but are also among the most successful black women entrepreneurs. Some interesting statistics about this subset of entrepreneurs are that they found success other than traditional startups. They formed 9% of hair care business owners, 11% of cosmetic businesses, 8% of beauty supply company owners, and 7% of florists.

The intersection of gender and race

Black female entrepreneurs make up only 3% of all U.S. women business owners, yet they generate a disproportionately high percentage of the entrepreneurial output of the nation. However, most Black female entrepreneurs report that racial barriers impact their ability to do business and their perceptions of business opportunities.

Is Entrepreneurship the new civil rights movement?

I’ve mentioned the term ‘Silicon Valley of Black Women’s Business,’ and I think that ‘entrepreneurship is the new civil rights movement”. Entrepreneurship is supposed to be one of the paths out of poverty. Starting your own business gives people an incredible sense of pride, more self-determination, and often more money. Plus, it looks great on your résumé. For Black women, traditionally marginalized in the business world, entrepreneurship offers one path of empowerment not available to more privileged Americans, including white men.

This article was penned by Jonathan P. Wright. Jonathan is a freelance writer for multiple mainstream publications and CVO of RADIOPUSHERS. You can read more of his work by clicking here.  

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Laghe Andrews
Laghe Andrews
2 years ago

Love this and appreciate it being posted! We are on the rise 🤎