BUSINESS
BLACK WOMEN
OUTPACE ALL ENTREPRENEURS BY LAKEISHA FLEMING
P
andemic job layoffs and job market shifts are leading women to create companies in larger numbers. They are changing the face of entrepreneurship on a national level. Entrepreneurship among Black women has experienced explosive growth. Businesses owned by Black women grew 67% from 2007 to 2012 and by 50% from 2014 to 2019. Research from the Harvard Business Review shows that 17% of Black women in the United States create or lead a business, compared to 10% of white women. We look at why this fast-growing segment started their businesses, their ability to weather the pandemic, and resources to help other women step out as entrepreneurs.
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THE NEW FACE OF WOMEN ENTREPRENEURSHIP Women in the United States own over 12 million businesses. Black women run more than a third of those businesses. The business landscape completely changed with the COVID19 pandemic. As consumer needs shifted, these women seized opportunities to provide new services. Other women-owned companies have continued to prosper despite the impact of the pandemic. Businesses led by women employ over 10 million workers. Female entrepreneurs contribute significantly to the economy. Combining their interests and expertise, they create thriving businesses that supply viable sources of income.
WHAT LED TO LAUNCHING A NEW BUSINESS? Millions of workers lost their jobs during the COVID-19 pandemic. Black people were disproportionately affected by job market losses, with higher job losses and lower rates of employment recovery than other ethnic groups. The losses led to creative solutions, with more than four million new business applications filed in 2020 alone — an increase of more than 20% from 2019.
HOW TO SUPPORT WOMEN ENTREPRENEURS Buying products and services that women-owned businesses offer is one of the best ways to show your support. Women entrepreneurs also need support with business planning, strategizing, and access to capital to help their businesses grow. The National Minority Supplier Development Council offers scholarships, programs, networking, and certifications. The U.S. Small Business Administration's Office of Women's Business Ownership (WOSB) provides access to credit and finances, along with training and federal contracts. Women's Business Enterprise National Council is an approved certifying entity for WOSB's federal contracting program. Supporting these businesses makes a difference now and in the future. 22 ONYX MAGAZINE
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WHAT IS AN INTRAPRENEUR? An intrapreneur is an individual who acts like an entrepreneur while working at a big company, instead of owning their own business. Although working in a corporate management system, an intrapreneur introduces new ideas and takes calculated risks with new ventures. An intrapreneur shows initiative, seeking out creative solutions and projects.
HOW DO I START MY OWN BUSINESS AS A WOMAN? Determine your area of interest and expertise. You want to start your business with a solid foundation. Put systems in place to keep you organized, with everything from finances to customer interactions. Reach out to local organizations for tips on growth and support in your area. Network with other business owners who can share information on business grants and other resources. Be open and adaptable to change. Be flexible in creating the schedule that works for you. If you are most creative first thing in the morning, shift other administrative duties to keep that time free. Make taking breaks in the day a priority. Self-care is not selfish; it's a necessity to help you function. Continue to learn about your industry and stay aware of consumer trends.
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