BLACK WOMEN DRIVING THE BUSINESS WORLD…
Black women are excelling in many sectors with statistics showing black women are the most educated group in the US. And now black women are conquering the world of entrepreneurship. A podcast with Geri Stengel, a research advisor to American Express, revealed the growth of female entrepreneurs. In a more interesting finding, Stengel reported, “What’s driving these numbers are women of color. Women of color over that same period of time are starting businesses at a much faster rate. The number of firms owned by African-American women has grown by 164% since 2007.”
Thriving in this sector comes with its challenges, including revenue gaps between black women and non-ethnic women. Some women also face the dilemma of not having enough influential contacts or business experience. However, Stengel offers beneficial advice to jumping over these hurdles. “My advice for younger women that are starting businesses is to take advantage of all the resources that are out there and join accelerator programs. Research programs through the SBA and business centers to evaluate financing,” says Stengel.
Despite the obstacles in business black women face, there are no predictions of slowing down. In fact, black female entrepreneurs like Pamela J. Booker, Founder/CEO of Koils by Nature, feels that the future is “bright” for women of color in business.
If any of our readers are thinking about starting a business, a great starting point would be picking up Cheryl A. Smith’s Market Women: Black Women Entrepreneurs from your local bookstore.