According to a December 2022 report by the U.S. Senate Committee on Small Business and Entrepreneurship:
“Over the last 10 years, minority business enterprises accounted for more than 50 percent of the two million new businesses started in the United States and created 4.7 million jobs. There are now more than four million minority-owned companies in the United States, with annual sales totaling close to $700 billion”.
Women of color are driving new business growth.
According to American Express, “The 2019 State of Women-Owned Businesses Report.” (September 2019) Black women are the fastest growing demographic of entrepreneurs in the U.S., with nearly 2.7 million businesses nationwide.
Despite these numbers, there is a disparity in the access to necessary resources and support for women of color to start and grow businesses. The Covid-19 pandemic has exacerbated the disproportionate number of challenges these businesses face.
Level the Playing Field
Although there’s no one solution to rectifying the problem of inequitable opportunities, there are several key actions that larger organizations can take to support and strengthen businesses owned by women of color.
Provide Access to Capital:
Invest in human capital by offering education and experiences that build knowledge and skills.
Include women of color business owners in networks where they can gain social capital and have the opportunity to achieve their goals. Link with women of color-owned companies through supplier diversity programs, joint ventures, and partnerships.
Create greater economic power by increasing financial capital and the ability to purchase resources needed to build products or offer services.
Support Businesses Owned by Women of Color
Take These Easy Steps…
As reported by McKinsey and Company in “Diversity Wins – How inclusion matters”, May 2020″
“The business case for inclusion and diversity (I&D) is stronger than ever. For diverse companies, the likelihood of outperforming industry peers on profitability has increased over time, while the penalties are getting steeper for those lacking diversity…Increasingly, we find that the most diverse companies recognize I&D as more than a social-justice imperative; they also see it as a core enabler of growth and value creation”.
Greater Benefits for Your Company
- increase your company’s brand recognition and brand equity
- bring fresh perspectives and innovative thinking to your company
- demonstrate your company’s commitment to diversity and inclusion in a concrete fashion
Download My Chapter From the Book: ENOUGH
Ready to become a KBBO? Download your complimentary copy of Making Meaning is key to happiness, the chapter I contributed to the book "ENOUGH: Unlock a life of abundance starting right where you are." You’ll get steps and inspiration to start your journey towards successful business ownership and personal freedom. Each month you’ll also receive the KBBO newsletter with mindset, marketing, and business tips to support you.
What’s the Meaning of the Leaf Logo?
The logo is the Aya (pronounced “eye-ah”), an Adrinka symbol that means “fern.” It is a symbol of endurance, independence, hardiness, perseverance, resourcefulness, and defiance against difficulties. To me, it represents the struggles and triumphs of women of color.
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