As a millennial business owner, I find it important to shed light on the disparities faced by black women-owned small businesses.
Growth Unmatched
According to a study by American Express, while the number of women-owned businesses grew 21% from 2014 to 2019, firms owned by black women grew by a staggering 50%. Despite this growth, these businesses still face significant challenges in accessing capital, networks, and business support.
The Silent Truth
The impact of these disparities on the economy is substantial. If black women entrepreneurs had equal access to resources, it is estimated that the U.S. economy could potentially gain $300 billion in additional GDP. This highlights the untapped economic potential that lies within black women-owned businesses.
Be Aware and Advocate
It’s crucial for society as a whole to be aware of these disparities and actively support black women-owned businesses. By advocating for policies that promote equity in entrepreneurship, encouraging diverse supplier partnerships, and consciously choosing to support these businesses, we can contribute to a more inclusive and thriving economy.
Resources
Understanding the challenges faced by black women-owned businesses and taking tangible steps to address these disparities is not just a matter of social justice, but also a strategic economic imperative.
To help create an environment where all entrepreneurs have an equal opportunity to thrive, use this list of small business resources.
I hope to see you grow your Bold Boss Mom business opportunities.
