Entrepreneurship

Black women are now the fastest growing group of entrepreneurs in the United States. Women now own 30% of all businesses in the U.S., accounting for some 9.4 million firms. And African American women control 14% of these companies, or an estimated 1.3 million businesses.  Black women have turned out to be a new and vibrant business force despite a number of historical odds, and fierce barriers to entry.

In seeking ways to not only spread, but protect Black Girl Magic, we must tackle the issues holding more Black women back from joining the ranks and empowering their communities.

Wealth Gap

In 2013 the median white household had 13 times the wealth (“wealth” refers to total assets minus debts) of the median black household — specifically, the median white household had about $134,000 to the median black household’s $11,000. The wealth gap black families experience can be traced back to such historic injustices as slavery, segregation, redlining (the practice of demarcating areas of a city or town by race, often leading to denying necessary goods or services to people who live in those areas), unequal access to government programs like cash welfare and the GI Bill, and ongoing institutionalized and systematic discrimination. This disparity in wealth spans generations and perpetuates unequal opportunities, decreasing the amount of resources black families can devote to education and career advancement

Stats courtesy of AAUW