The #BlackGirlMagic is REAL!
And the economy knows it! Black women, more than any other racial group are creating start ups & building empire’s faster than any other race. In June 2015, Fortune magazine reported that the number of businesses owned by African American women grew 322 percent from 1997, making them the fastest growing group of entrepreneurs in the U.S. These businesses are also generating more than $52 billion in revenue.
Meaning in ’97 there were less than 1 million minority-owned businesses run by women and now in 2015 that number has skyrocketed pass 3 million!
Using free platforms like social media & the capability of building a website for less than twenty bucks, Black women are easily building long term ways of income. With a marriage rate of less than 40% more black women are owning businesses than getting married. Remember, wealth is the accumulation of assets built over time. It’s a marathon, not a sprint.
Black women are much more likely than their male counterparts to obtain college degrees. We are also less likely to marry outside of our race, which can leave us with fewer choices when it comes to matching up with someone of a similar educational status. And that can have a ripple effect that impacts not only current earnings, but future economic mobility.
Black women are doing their part in creating legacies for their families at an alarming rate. It’s imperative the black community continue & maybe even ‘up the ante’ a bit when it comes to supporting black owned businesses.
So whatever business you’ve been contemplating on baby girl, fix that crown & go get it!
#BlackGirlMagic is undeniable.