The Power of Black Women in Business: A New Era of Entrepreneurs and Leaders

Women of colour are the fastest-growing segment within the United States, and more of them are launching businesses than ever before. In fact, according to a recent report by Net Impact, there has been a 200 percent increase in the number of black women who own businesses since 2007. These numbers prove that as barriers continue to crumble for women in business, black women are stepping up to lead and succeed. From tech executives like Tristan Walker and Alice Gray to founders such as Presidential candidate Kamala Harris, these dynamic leaders are part of a new generation of black women entrepreneurs who aren’t afraid to take risks and stand out from the crowd.

 

What is Driving the Growth of Black Women in Business?

The number of black women entrepreneurs is growing, but why? Although there has always been a presence of black, female entrepreneurs in business, it was typically in fields like healthcare, education and retail. Now, however, black women are branching out into other sectors such as tech, real estate, finance and more. This new trend shows a shift in how black women view entrepreneurship as well as how society is shifting their perception of black female entrepreneurs specifically. As more and more women of all races move into management and leadership roles, their ability to mentor and encourage the next generation of women is strengthened. This shift has been attributed to the rise of millennial women who now account for more than one-third of the U.S. workforce. Millennial women are more likely to enter entrepreneurship than Gen X or Baby Boomer women. More than half of millennial women are interested in starting their own business, compared to only one-third of Gen X women and one-fifth of Boomer women.

 

How Black Women Are Changing the Game

A new generation of black women are standing up and taking charge of their businesses and their lives. They are entering formerly male-dominated industries, they are speaking out about issues that matter most to them and encouraging other women to do the same. As black women become more visible in business and society in general, there’s a growing presence of power and strength that comes with it. Black women are challenging stereotypes in business and leading the way for other entrepreneurs. From Kamala Harris to Chloe Lewis, these women are striving to break down barriers in the workplace. Black women have traditionally been underrepresented in executive positions and the C-suite and while the number of black women in these positions has increased since the 1990s, they are still underrepresented compared to their white and Asian Pacific counterparts. Despite this, black women are changing the game, demanding equal pay and leading with strength and purpose.

 

Ways Black Women Are Shifting the Face of Business

  • They’re breaking down barriers in male-dominated Industries. More and more black women are entering industries that have traditionally been male-dominated. Whatever the industry, black women are making themselves visible and proving that they belong there. 
  • They’re Embracing Their Entrepreneurial Spirit. As black women continue to break down barriers in male-dominated industries, they’re also becoming more open about their entrepreneurial spirit. From owning their own businesses to being open to the idea of starting a company, black women are taking control of their economic futures.
  • They’re Building Strong Networks of Support. Black women are breaking down barriers in business by supporting one another. From creating networks like Powerhouse to mentoring others, black women are uniting to support one another.

 

The Power of Networking for Black Female Entrepreneurs

Black women are networking to get their businesses off the ground, networking can help you grow your business and professional connections. It can help you find mentors who will guide you through your career and offer advice and insight from their own experience. Networking is an essential part of entrepreneurship, and it is important for black women to make themselves visible. Networking with other entrepreneurs, especially other black women, can help you find like-minded people with whom you can exchange ideas and learn from their experiences.

 

What’s Next?

Through their persistence and determination, black women will continue to break down barriers and shatter stereotypes in business. From the rise of new industries like tech to the increasing number of black women in executive positions, there are plenty of reasons to celebrate. And as society continues to shift, there are even more reasons to believe that the future for black female entrepreneurs is extremely bright.