September isn’t just for back-to-school shopping or squeezing in one last summer getaway—it’s also the time to celebrate Black businesses! On the heels of Black Business Month, The Bold Maven™️ is all about acknowledging the remarkable Black-owned businesses that fuel our economy and drive social change. And let’s be honest: who doesn’t love a reason to celebrate the phenomenal entrepreneurs who are rewriting the rules of business?
Let’s rewind to 2004, when Frederick E. Jordan and John William Templeton decided to give Black-owned businesses the spotlight they deserved. Their goal? To spotlight and support the 2.6 million African-American businesses that are too often overlooked. Jordan, who faced his own uphill battle for funding, wanted to change the narrative and ensure that Black entrepreneurs could thrive despite the odds.
From barbershops and tobacco stores in the 1800s to the thriving Black Wall Street of the 1920s, Black entrepreneurship has a rich history that deserves to be celebrated. By 1915, Booker T. Washington was championing Black business through The National Negro Business League, laying the groundwork for the economic powerhouse that Black-owned businesses would become. Fast forward to today, and Black-owned businesses are not just surviving—they’re thriving, with Washington D.C. boasting the highest ratio of Black-owned businesses at an impressive 28%.
Black women-owned businesses are blazing trails and shattering glass ceilings in the entrepreneurial world, and the stats speak volumes. These dynamic entrepreneurs are not just participating in the market—they’re transforming it. According to the 2023 State of Women-Owned Businesses Report, Black women own 22% of all women-owned businesses in the U.S., a remarkable figure that highlights their significant contribution to the economy. These businesses are thriving in diverse sectors, from tech startups to beauty salons, and they’re growing at a staggering rate of 164% over the past decade. Black women are also leading the charge in job creation, with their enterprises generating thousands of new jobs and contributing billions to the national economy. Celebrating Black women-owned businesses isn’t just about acknowledging their success—it’s about recognizing their role in driving economic empowerment and innovation.
But why exactly should we care about Black Businesses and Black Business Month? For starters, it champions equity. By focusing on Black-owned businesses, we’re helping to level the playing field and encourage more people from African-American communities to dream big and start their own businesses. It’s not just about celebrating successes; it’s about acknowledging the strides made and paving the way for more entrepreneurs to rise.
Supporting Black-owned businesses also means supporting minority communities as a whole. These businesses often face unique challenges, including systemic racism, which makes our support all the more crucial. And let’s not forget the importance of inclusivity and diversity in the business world. By backing Black-owned businesses, we contribute to a more diverse and dynamic economic landscape which has a remarkable impact on the GDP.
So, how can you get involved? Start by using Black directories to find local Black-owned businesses for your everyday needs. Follow the #BlackFoodFridays movement on Instagram and check out apps to discover Black-owned restaurants in your area. And while you’re at it, why not dive into some inspiring literature about Black entrepreneurship? Books like “The Color of Money” by Mehrsa Baradaran and “The Little Black Book of Success” by Elaine Meryl Brown offer valuable insights and inspiration.
Black Business Month is more than just a celebration; it’s a movement that yields exponential results. It’s a chance to honor the incredible Black entrepreneurs (many of which are women-owned) who are changing the game and to support their continued success. So let’s raise a glass—and a shopping bag—to the Black-owned businesses that make our world a better, more vibrant place. Get involved, get inspired, and help make Black Businesses a true celebration of success and progress.
