SitemapThe breadth of entrepreneurship stretches far and wide. It encompasses segments ranging from retail to real estate, from hardware to health care.
And within all of those sectors, one demographic is getting into business more than any other: black women.
Nielsen reports in a study conducted in 2017 that the number of businesses owned by black women increased 67% between 2007 and 2012, far outpacing the 27% growth for the overall female population. According to the U.S. Census Bureau Survey of Business Owners in 2015, the most recent available, black women were the majority owner of more than 1.5 million businesses nationwide, accounting for $42 billion in sales and $7.7 billion in payroll.
Even with that growth, however, there are certainly challenges. The average revenue for businesses owned by black women was $24,700, far below the all-women average of $143,100, according to the American Express 2018 State of Women-Owned Business report. If those figures were comparable, the report estimates, businesses owned by black women would add 4 million new jobs and $1.2 trillion in revenue to the economy. To read the full story from The Business Journal, click here.