Thursday, July 7, 2022

Black Women Fastest Growing Group of Entrepreneurs in U.S

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*Black women may be disparaged and mocked in the media but they’re dominating where it really matters: in business ownership.

Black women make up the fastest growing group of entrepreneurs in the U.S. Since 1997, businesses owned by Black women grew by a whopping 322 percent, according to Fortune.

Women own 30 percent of all businesses in the U.S., and Black women hold 14 percent – or 1.3 million – of those companies. While Black women-owned business are thriving all across the nation, the largest share of Black women-owned businesses are located in Georgia, Maryland, and Illinois.

In Detroit, a small nonprofit is making efforts at helping black women become business owners. Since it was formed in 2012, the Build Institute has graduated nearly 600 students from its eight-week courses, which teaches the basics of starting and running a business.

“Our typical participant is an African-American woman,” said April Boyle, the group’s executive director. “It was very intentional from the very beginning to be inclusive, because when we started we saw a gap. There was a lot of attention on high-scale, high-growth technology companies but not a lot of support for community and Main Street entrepreneurs.”

Danielle Smith launched Detroit Maid in 2013 after she couldn’t find a cleaning service that was willing to take work assignments in Detroit. The Build Institute taught Smith the “technical stuff” and gave her advice on how to market and brand her services.

Smith’s first customer was Paramount Pictures, which was in Detroit filming “Transformers: Age of Extinction”. The company found her through a Google search and hired her after reviewing her proposal. Since then, she has hired four part-time employees and has worked on nearly 300 accounts, and is looking at revenue of approximately $80,000 in 2015, more than double last year.

Businesses owned by black women also top the charts in revenue growth when compared to other minority women-owned firms proving that their economic power is ever-growing.

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Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

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7 COMMENTS

  1. I believe that because white people, just like being co workers, feel more comfortable working with black women then they do with black men and black women have taking advantage of racism towards black men because black women have finally figured it out , along with oprahs influenced and the women’s equal rights movement, oh, and Steve Harvey, and are now excelling. This trend should continue and the black man’s role is going to continue to spiral downward. Because black men are the last, after white men, white women, black women, and others, to be offered opportunities, It’s going to be Interesting to see what become of black men ten to fifteen years from now, specifically, that these controlling black women, who are now making more money than black men, don’t feel like they need black men, more black women are dating each other because homosexuality is now accepted, and white men feel more comfortable around black women, because black men are being reduced to nothing

    • I disagree with your black men will be reduced to nothing! Where are you getting your statistics?

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