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Op-Ed: Black Americans Represent 2.4% Of All Business Owners In The US, But Now Is Still The Time For Us To Thrive — Here's Why

According to the Small Business Administration (SBA), Black business ownership is growing at the fastest pace in 30 years. That’s an amazing headline, but let’s do the numbers: Black Americans make up about 12.4% of the U.S. population, but we only represent 2.4% of all business owners, per USA TODAY. We’re making progress, but there’s so much wide open space for us to claim as entrepreneurs. I believe that Black Americans have been so underserved by product and services companies that there are no saturated markets. Imagine creating a product that fills the gap for a Black consumer and scaling that product to Black consumers throughout the US, then the Caribbean — and don’t get me started thinking about the possibilities on the continent of Africa. I dream big, but I’m not the only one. In fact, we’re in the midst of what’s being called the Black Business Boom, where 77% of Black professionals are dreaming of starting their own business. This surge isn’t just a trend; it’s a...

Aug 30, 2024