Becoming a business owner requires an uncommon level of courage and discipline. Being a Black business owner requires an even greater level of that same courage, discipline, and self-belief while simultaneously acknowledging and embracing progress as fuel to keep you moving forward on the journey toward business ownership and success. Choosing to become an entrepreneur and business owner instead of working for others is challenging but worthwhile. Every Black entrepreneur who opts for this path should be celebrated because these statistics do not represent comfort; they represent breaking barriers and achieving something remarkable that is only possible for those who step out of their comfort zone.
Today, 3.5 million of the 33.2 million businesses in the United States are Black-owned. While Black business ownership has grown over the years, the percentage of business owners who identify as Black or African American remains small but mighty – and profitable. The Annual Business Survey revealed that Black business owners employed more than 1.4 million people and generated about $206.1 billion in revenue in 2021. Additionally, the number of Black-owned businesses increased almost 30 percent between 2017 and 2021, nearly eight times the growth rate of all U.S. businesses. But, according to a Pew Research study, only 3% of Black-owned businesses had 50 or more employees; about two-thirds employ less than 10 people. This is part of why we celebrate National Black Business Month: to support business ownership, Black courage and belief in themselves, and the promise of equality and justice for all.
In August 2004, Historian John William Templeton and engineer Frederick E. Jordan, Sr. co-founded National Black Business Month. Both men, entrepreneurs and Black business owners from the San Francisco area, were familiar with the challenges faced by Black individuals seeking business ownership. These challenges included limited access to capital, discrimination, stereotypes, and biases, all of which affected crucial aspects of business ownership such as brand visibility and scaling for growth. Celebrating Black-owned businesses thriving beyond the 10-year mark is significant, making National Black Business Month a cause worthy of recognition and celebration.
So, how can YOU celebrate Black Business Month? Here are three essential yet supportive ways to see, celebrate, and help Black businesses continue to beat the odds and fill in the national and global gap.
Educate and Encourage Others
In 2021, Black people represented about 14% of the U.S. population, but only 2.4% of all employer-firm owners. Understanding the demographics of our country and the world empowers us to make informed decisions when making purchases. With awareness of the underrepresentation of Black individuals in our country and in business ownership, we can educate ourselves and encourage support for Black-owned businesses. Additionally, we can help promote aspiring Black entrepreneurs, celebrating their efforts to bring about the change they wish to see.
Diversify Where You Spend Your Money
Consumers are not always responsible about where and how they spend their money; however, conscious consumers are. Becoming a conscious consumer is easy once you are aware of disparities or inequalities. You become a conscious consumer when you feel compelled to take action. Therefore, it is your responsibility to diversify where you spend your money, making intentional efforts to support Black-owned businesses in order to help and make a difference.
Be Consistent
Celebrating Black Business Month in August by showing support is important, but it’s not enough to only show support during this time of year. These businesses need consistent support year-round in order to truly be recognized and uplifted. Instead of reserving your support for August alone, make an effort to support Black-owned businesses throughout the entire year. Consistency is key, so make an effort to celebrate Black businesses whenever you get the chance.
Whether you are a customer, a fellow entrepreneur, or a business owner, celebrating and supporting Black business ownership and success is not just a gesture but a strategic move and a way to celebrate your own business growth, sustainability, and goals. Celebrating Black business ownership is celebrating humanity.