There are still many issues facing the African American business community these days but despite that, black entrepreneurs have done very well in 2018.
The U.S. Black Chamber of Commerce takes it as part of their duties to keep records on black owned businesses across the country and how well they are doing. According to the U.S.BCC, African-American businesses have grown at an exponential rate in the 21st century. With 2018 now in its final few months the data show that is has been a very good year for African-American entrepreneurship.
The numbers continue to grow but currently there are nearly 2.6 million African-American-owned businesses in the U.S., and now there are countless platforms, programs, initiatives and conferences in place to support the exponential growth that is expected to continue.
According to Kezia Williams who is a D.C.-based entrepreneur who currently leads a national program designed to cultivate the next generation of African-American entrepreneurs and innovators for the United Negro College Fund, “The penalizing effects of racism robs black employees of fair and equal earned income simply because they are black. Therefore, entrepreneurship is not only necessary for black employees seeking to fully capitalize from their labor but also for black returning citizens who attempt legitimate employment despite policies that restrict their economic mobility and subsequent earning potential.”
Research that deals with the subject of wealth by racial group and other economic factors has found that, that the gap in average wealth between African-American and white adults decreases from a multiplier of 13 to 3 when you compare the wealth of business owners by race.
A growing number of resources designed to help black entrepreneurs reach their goals are already available and more are on the way every day. There are already several conferences promoting black business and black entrepreneurship that have become annual events, and more are sure to be initiated soon.
It has been a good year for black business and entrepreneurship in the U.S. and it looks like next year may be even better.