African American owned businesses have made many strides in this new 21st century, and the year 2018 was one of the best yet.
According the U.S. Black Chamber of Commerce, 2018 is shaping up to be one of the best years yet for African-American entrepreneurship. Presently there are nearly 2.6 million African-American owned businesses in the U.S., a number that has impressed many in the business world. Much of the exponential growth has come about with the help of countless platforms, programs, initiatives and conferences in place to support such exponential growth.
As mentioned, there are many programs committed to helping African-American entrepreneurs reach their business goals. One such program is The Black upStart, a national initiative to train African-American entrepreneurs. According to Kezia Williams who is the founder of the program, “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.”
Programs like these are greatly needed if the existing wealth gap is to be closed. In fact, research shows 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.
No longer is the African-American community letting things just remain status quo when it comes to either the wealth gap or the expansion of black owned businesses. The African-American community has taken things into their own hands by providing the much-needed support systems that so many African-American entrepreneurs need to get passed all the hurdles that still remain. As time passes it is hoped that these social and educational barriers will be eliminated, and prosperity will come to all those who truly deserve it.