Why Now Is The Best Time in History For Black Women Entrepreneurs

According to The 2017 State of Women-Owned Businesses Report commissioned by American Express, women’s entrepreneurship is growing at a fast pace. Women-owned businesses account for over one-third of all U.S. firms, resulting in an estimated 11.6 million firms in the United States as of January 2017. Leading the way in the entrepreneurship space are African American women. Women now own 30% of all businesses in the U.S., accounting for some 9.4 million firms. Additionally, African American women control 14% of these companies, or an estimated 1.3 million businesses.

“This is our time,” says Venus Opal Reese, CEO of Defy Impossible, Inc. and creator of the Black Woman Millionaire Tour. “Everything our ancestors have prayed for is at our fingertips. The social structures that have kept us in bondage have lessened.”

Many attribute black women’s success in launching businesses to their willingness to acquire mentors and create communities. The outlook for women entrepreneurs will only get brighter as more women gain access to inheritances. “Women are going to control $22 trillion of investable assets by 2020. We are going to inherit, by 2050, something like $35 trillion,” reports DyMynd, a boutique financial empowerment firm led by CEO Carolyn Leonard and Chief Strategy Officer Monika Black.

And for those who may not be expecting a lump-sum inheritance, more companies are anxious to provide more capital to increase the number of female startups. Former supermodel Tyra Banks started Fierce Capital LLC to invest in more women-focused businesses. Through Intuit’s “Backed by QuickBooks” funding initiative, a black-owned firm received an unexpected business investment that helped them to fund their makeup brand that focuses on diverse skin tones. The number of angel investors who seek to increase the number of startups led by women is growing every year.

“It’s not a matter of getting ready. You are already ready,” says Reese. “It’s not only your time; it’s your turn. You might see yourself as a product or service provider but I see you as a new market. And when you are a category of one, you eliminate the competition and can charge whatever you want.”