With March being Women's Month, we had to shout out some Black women business owners and also highlight the impact Black women are making strides in the world of business.
Entrepreneurship among Black women has skyrocketed over the last decade. In 2018 alone, Black women owned more than 2 million businesses across the country, making us one of the leading group of female business owners. A 2021 analysis showed that 17% of Black women were in the process of starting a business or running a new enterprise compared to 10% of white women and 15% of white men.
The analysis did show that while Black women are more likely to start up a business than white women, there are disparities in sustaining those businesses. Just 3% of Black women were running a mature business compared to 7% of white women, the analysis conducted by the Harvard Business Review in partnership with the Global Entrepreneurship Monitor.
Some of the reasons for those disparities include the type of businesses Black women are more likely start –– retail/wholesale, health, social services, and more –– which have lower margins and operate in a crowded field, making sustainability difficult.
Additionally, inequality in access to capital influences longevity in business. Compared to white women, Black women shoulder more student loan debt, and, according to the analysis, less likely to have the personal collateral (like owning your own home) to put up for the investment. Black women also earn less wages compared to white men and women, so going into business can dig someone further into debt.
This data highlights why supporting Black women business owners is critical as a community, as well as continuing the fight for economic justice.
To celebrate the feats Black women are making in business, and to continue throwing our support behind these entrepreneurs, check out these 10 Black women-owned businesses.
Me & The Bees Lemonade
Founder: Nicole Gibbons
Ebonii's Moon Stationery
Founder: Carmen Cardoza
Cavo Candle Co.
Founders: Rachel Femi and Naomi Adeyemo
Ivy's Tea Co.
Founder: Shanae Jones
Uncle Nearest Whiskey
Owner: Fawn Weaver
Lakay Designs Home Décor
Founder: Jojo Pierre
Founder: Dr. Lisa Williams
J. Dow Fitness
Founder: Dr. Jacqueline Dow
Creamalicious Ice Cream
Founder: Chef Liz Rogers