When it comes to creativity, it's hard to beat the Black community. That creativity has led many to start businesses. The hashtag #BuyBlack didn't come out of left field.
Fact: when it comes to entrepreneurship, Black enterprise is on the rise!
The Census Bureau saw a 38% increase in Black-owned businesses from February 2020 through August 2021. It's an incredible jump, even when considering that Black Americans are more likely to start a new business than any other ethnic group.
But getting our entrepreneur on isn't new.
Shortly after the abolition of slavery, Black people opened thriving businesses around the country and served mostly Black communities. But white supremacy laws made Black-owned businesses targets.
Even in a "post" Jim Crow era, Black businesses face funding challenges and discrimination.
Black startups only receive about 1% of all venture capitalist funding for all new businesses. Institutional racism has also made it so that only 31% of business loans for Black-owned companies are approved.
But still, we rise!
Black entrepreneurship soared due in part to the social justice movements that spread throughout the country. With marketing like "Buy Black" and corporate burnout a real thing, creating and owning businesses gives our community a sense of growth and hope it hasn't had in a long time.