The unique experience of Black entrepreneurs

Most business owners agree that the entrepreneurship journey is unique. It can be demanding, lonely, tiresome, and hard.

But, all journeys aren’t created equally, especially as it relates to black entrepreneurs especially when only 1% of the businesses that make it past the 4 year mark will be African American owned.

Medium Brush Stroke

According to Forbes, Black Women are among the fastest growing entrepreneurs, growing at a rate of 3 times their share of the female population.

Access to and cost of capital

Black entrepreneurs apply for traditional funding at the same or higher rates than other demographics, but get denied more frequently.

Lack of generational wealth/lower net worth

Seventy-three percent of Asian business owners rely on family and personal savings to start businesses, followed by 72% of Hispanics, and 70% of African Americans.

Judged more harshly and given fewer chances

Black workers are judged more harshly from bosses, which impacts reviews, wages, and employment while Black businesses aren’t awarded more chances when their first business doesn’t succeed.