August marks National Black Business Month, a time to recognize the contributions and challenges of Black-owned businesses across the U.S. There are approximately 3.12 million Black-owned businesses in the country generating $133.7 billion in revenue and employing 1.18 million people. Among these, nearly 39% are led by Black women entrepreneurs who often face unique barriers rooted in historical underrepresentation.
Understanding the Unique Strengths of Black Women Entrepreneurs
Black female business leaders bring innovative perspectives and resilience to the marketplace. Tayo Ishola, founder of I Am Eido, emphasizes the importance of honoring their individuality and recognizing capabilities beyond common stereotypes. This approach fosters greater respect and support from consumers, investors, and partners alike.
Providing Pro Bono Expertise to Strengthen Foundations
Solid business foundations are essential for longevity and growth. Majora Carter, a real estate developer with deep community ties, advocates for professionals to offer pro bono or deferred services in legal, financial, or real estate areas. Such support can help Black-owned businesses navigate complex challenges and position themselves for sustainable success.
Leveraging Purchasing Power to Drive Economic Change
Intentional purchasing is a powerful tool. Buying from Black female entrepreneurs not only boosts their sales but also encourages supplier diversity across industries. Desiree Noisette, founder of Mermosa Wines, recommends integrating these practices within corporate procurement strategies, positioning companies as allies in economic equity.
Advocating for Supplier Diversity in the Workplace
Promoting supplier diversity helps create inclusive supply chains that can benefit businesses and communities. Actively advocating for Black women-owned businesses in corporate settings elevates their visibility and opportunity for growth, creating meaningful impact beyond individual companies.
Amplifying Impact Through Feedback and Referrals
Giving constructive feedback, providing referrals, and promoting Black women entrepreneurs through professional networks can significantly expand their reach. Industry leaders such as Tracey Jenkins of Sodexo Live! and JoLinda Herring of Bryant Miller Olive P.A. demonstrate how championing diversity leads to sustainable economic benefits.
Building Long-Term Economic Equity Through Collective Action
Supporting Black female entrepreneurs calls for intentional, ongoing action rather than one-time gestures. Combining awareness, financial support, expertise, and advocacy helps establish equitable opportunities that contribute to broader economic inclusion and community revitalization.
National Black Business Month presents an opportunity to recognize the resilience and contributions of Black women entrepreneurs. By intentionally supporting and amplifying their efforts, individuals and organizations can foster real and lasting economic equity.