Black female entrepreneur
Black females represent 38% of all small business owners.

Guidant Financial provided credible statistics that illustrated the habits, traits and financial framework of minority businesses. Accordingly, its close of 2019 reporting demonstrated that Black small business owners opened more health, beauty and fitness businesses than in year’s prior. Further, that trifecta surpassed business services as the previous year’s most popular industry for Black businesses.

Women rule and youth are formidable leaders in small business growth among Blacks. Comparatively, Blacks aggressively pursued entrepreneurial endeavors at a quicker pace than the average non-minority business. Baby boomers comprised the majority of all business owners at a rate of 57%, while 45% of the demographic is comprised of Black baby boomers.
Black millennials weigh in at 23% of the total 18% of small business owners and the women who birthed them, their sisters, wives or girlfriends bring up the rear with an impressive market share.

According to Guidant, “There are more Black female small business owners than the average by a solid 15 percentage points. Thirty-eight percent of Black small business owners are women – a big distinction from the average small business owner, of whom only 23% are women. This percentage hasn’t changed since last year, suggesting that though the number of Black women in small business is greater than the average, it has hit the same plateau of growth seen in the average small business owner populace.”

Black Entrepreneur Chart

When Black women convened in Miami Beach last year for the annual Who is the Bawse Conference, self-made female entrepreneurs proved why Black Girl Magic in the small business arena is more than simply pulling a proverbial rabbit out of a hat.

From multi-millionaire and business entrepreneurial maven Courtney Adeleye, whose most impressive trick move was taking just five years to turn $500 into over $50 million in sales to Jesseca Dupart, founder and CEO of Kaleidoscope Hair and Alycyone Gunn, The Six Figure Chick, Black women in small business proved their worth.

Community is the cornerstone of Black business owners’ drive to succeed. While their collective efforts feed into national economic growth, they are committed to creating prosperous microcosms on their own turf. Minority business owners are more likely to hire minority workers, some of whom have been negatively affected by unemployment.

Reports show that from 2012 to 2017, minority-owned small businesses grew by 79%. However, from 1997 to 2015, the number of businesses owned by Black women grew 322% (making them the largest growing group of entrepreneurs at that time).

A Black small business owner is a happy example of the American Dream. The leading incentives Blacks shared regarding their desire to be small business owners were to “pursue my own passion,” a sentiment shared by 28% while 27% were “ready to be my own boss.” Additional perspectives were that an “opportunity presented itself” and “dissatisfaction with corporate America.” The latter two were respectively 17% and 11%.