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In the heart of the South, Memphis, a city rich in soul and musical heritage, boasts one of the largest Black populations — outnumbering cities like St. Louis, Boston and San Francisco. And while a recent report by Heartland Forward showcases the city’s pride in its 55,000 Black-owned businesses, it also highlights a clear disconnect between its demographics and its entrepreneurial landscape.
Did you know that while 46% of the adult population in the Memphis metropolitan area is Black, only 7.3% of employer firms in the city are Black-owned? The stark contrast doesn’t end there. Memphis brims with Black-owned non-employer firms — businesses operating without any employees other than the owner.
The potential exists for these sole proprietors to level up and evolve into incorporated businesses with staff, yet this opportunity for Black entrepreneurs in Memphis has often been dismissed.
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In a society where entrepreneurship is a key driver of financial growth, these disparities highlight the challenges Black entrepreneurs face in attaining wealth and, more critically, creating generational wealth.
Yet, as cities across the country are facing almost identical issues and attempting to reckon with these systemic inequities, Memphis has the potential to become a leading case study of success for others to follow.
But change needs action, and action needs strategy, and while capital is important for any business owner, it is not all that is needed for success in Memphis.
Partnering with a coalition, including StartCo, The Greater Memphis Chamber of Commerce, Black Business Association of Memphis, Downtown Memphis Commission, Christian Brothers University’s Center for Entrepreneurship and Innovation and Mayor Jim Strickland, Heartland Forward’s report dives deep into the entrepreneurship ecosystem. Its insights are eye-opening, and its recommendations are a roadmap for the future.
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Like most Black entrepreneurs, those in Memphis are resilient. Those with self-employment as their main income tend to own homes more than those employed by someone else. And as these entrepreneurs gain experience over the years, they break through initial hurdles.
However, hurdles persist. The digital divide is a major one. A significant number of Black business owners lacked the essential high-speed internet connection during the COVID-19 pandemic, hindering their ability to pivot their business models. This lack of access is more than just an inconvenience; it’s a barrier to growth.
For Memphis to truly champion its Black entrepreneurs, the city and its leaders must prioritize bridging such gaps.
The report suggests moving resources to facilitate experimentation, ensuring high-speed internet access, lessening dependence on necessity entrepreneurship and fostering mentoring opportunities. All of these can help pave the way for the city’s Black-owned businesses to thrive.
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The journey of entrepreneurship is complex and nonlinear. But for Black entrepreneurs, the path is studded with unique challenges.
By addressing these challenges head-on, Memphis can inspire other cities to do the same, furthering the cause of racial economic equity across the U.S.
The data and recommendations provided by Heartland Forward offer a blueprint. Now, it’s up to Memphis’ leaders, its business community and its residents to rally behind its Black entrepreneurs, ensuring they have the support and resources they need to succeed.
Andre Fowlkes is president of Start Co., a venture architect firm working with startups, clients, and partners in early stage business strategy for tech innovators. He is based in Memphis.
Jonas Crews is an economist at Heartland Forward, a think-and-do tank working as a resource for states and communities to advance economic success in the middle of the country. He is based in Arkansas but works closely with the Memphis community.
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