Black females are the fastest growing group of entrepreneurs
Entrepreneurship, or the idea of entrepreneurship, has become an increasingly attractive option for millennials over the past few years. To have a business, and control your own schedule, sounds pretty awesome to a large number of college students and grads alike.
According to Forbes:
“The number of businesses owned by African American women grew 322 percent since 1997, making black females the fastest growing group of entrepreneurs in the U.S. Overall, the number of women-owned businesses grew by 74 percent between 1997 and 2015 — a rate that’s 1.5 times the national average. These businesses (women-led companies) have added an estimated 340,000 jobs to the economy since 2007.”
So, not only are women creating employment for themselves but the rest of the country as well.
When you add to that the fact that it was reported in the latest Nielsen Report that Black millennials have 162 billion dollars in buying power along with cultural influence that is beyond comparison, that’s some pretty great news.
In their latest report, “Young, Black, and Connected,” they also stated that Black consumers have 1.2 trillion dollars in buying power currently and that is slated to grow to 1.4 trillion by 2020. Also of note, their income from 2004-2014 has grown by 18 percent as opposed to 2 percent nationwide.
Essence also recently shed light on some notable female entrepreneurs including everyone from Oprah to Madame C.J. Walker.
It’s a great time to be young, Black, female and entrepreneurial minded, that’s for sure, and the numbers show just that. However, let’s also make sure, especially during the holiday season that we support those women-led businesses.