GUAP NEWS
In recognition that Black History doesn’t end with February and Women’s History stretches beyond March, it is fitting to remember the words of Madam C. J. Walker, a pioneer of Black entrepreneurship, mutual aid and one of the first American women to become a self-made millionaire.
“I am not satisfied in making money for myself. I endeavor to provide employment for hundreds of women of my race,” she said.
Her words are especially relevant as we witness an incredible rise in entrepreneurship among Black women and men in the northeast and across the nation. They’re leading the way in creating jobs, adopting innovative business strategies and uplifting entire communities.
In many ways the digital age has democratized access to markets and resources, allowing Black entrepreneurs and, more specifically, Black women, to bypass traditional barriers to business ownership. They represent a significant and growing portion of the entrepreneurial landscape, showcasing a commitment to their visions — and to delivering on Madam Walker’s conviction to create opportunity for other Black women.Black business owners now helm 3.5 million businesses, employing over 1.2 million people. This represents an impressive annual increase of more than 7% in employment generated by Black entrepreneurs. Despite significant financial hurdles, Black women have been at the forefront of business formation during the COVID-19 pandemic. Their ventures now account for 14.8% of all women-owned businesses and 52% of all Black-owned businesses, making them the only demographic where women own more businesses than their male counterparts.
This notable rise in entrepreneurship is driven in part by digital innovation and the widespread use of social media, online business listings, targeted advertising, and even AI. Women business owners lead in adopting digital strategies: 59% of women entrepreneurs report using targeted digital advertising compared to 48% of men. A survey from the Data Catalyst Institute finds that 85% of Black-owned businesses attribute a significant part of their success to digital platforms, which underscores the critical role of technology in today’s business ecosystem. These tools not only enable businesses to sell products and services online but also create spaces for Black entrepreneurs to support and learn from each other.
Social media platforms, in particular, have become invaluable for marketing and brand building. They allow businesses to compete with more established players and connect directly with consumers, cultivating a following through engagement and personalized content. Specifically, targeted advertising on Facebook and Instagram and tools like Facebook Groups that work to connect Black business owners provide powerful avenues for building community and growing and scaling a business online.
The rise of e-commerce has significantly reduced the overhead costs associated with physical retail spaces, allowing for more flexible business operations. This shift has been particularly beneficial for Black and woman business owners who face tremendous barriers to accessing capital. Online platforms contribute to an environment where anyone with a vision and determination can succeed.
The adoption of AI tools, such as chatbots and virtual assistants, further illustrates the innovative ways Black entrepreneurs are leveraging technology. According to a survey from the Small Business & Entrepreneurship Council, a vast majority of small businesses using AI have found these tools effective in expanding their operations, with many agreeing that AI offers a cost-effective solution to traditional business challenges.
Digital empowerment aligns with broader support for investing in technology and innovation. According to a recent poll, Black New Yorkers strongly support Gov. Kathy Hochul’s initiatives to make the Empire State a hub for AI research and development. The Black community recognizes technology’s potential to cultivate economic growth and create opportunity.
The story of Black entrepreneurship — and the trailblazing women at the forefront — is one of resilience, innovation and philanthropy. It’s essential that policymakers and small business advocates support these entrepreneurs and recognize their role in building a more inclusive economy. A culture of sharing, helping others, and giving back has long been ingrained in Black culture and in our faith and family traditions. As technology offers the tools for business owners to be nimbler and more strategic, entire communities will rise with them.
By fostering an environment that encourages innovation and economic mobility, we can ensure that the legacy of pioneers like Madam C. J. Walker continues. That means inspiring future generations to not only set out on their own and “wring success out of a number of business opportunities that lie at their very doors” — or in 21st Century terms, on their screens — but to invest in their friends and neighbors — and to be a catalyst for shared success.
Phil Andrews is a leading advocate for economic empowerment. He is president of New York’s largest African American Chamber of Commerce and is the founding pesident of the African American Small Business Foundation.
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