Black Women Entrepreneurship: The Struggle Is Real, So Is The great Outcome
Oprah, Chimamanda Ngozi, Madam C. J. Walker. All these women have not just the color of their skin in common, they’ve struggled to get to where they wanted to be. They are Black women entrepreneurs that faced many challenges and have a lot to inspire us, despite our race. But why, year after year, minority women are being shut out?
Racial and gender-based biases can be one answer. Fortunately, not the reason to make us give up on our dreams or the demand to increase our income. When it comes to access to capital, a simple “no” can be another answer to stop black-owned business to come to life. Even though 50% of women-owned businesses in the U.S. are controlled by minority women, they are still being denied by banks and fund companies - Black women have even more problems to receive the financing they asked for, besides paying higher interest rates for no reason. But there is still hope: resources to support Black women entrepreneurs are growing – Black Girl Ventures is an outstanding example helping to change this reality: they provide Black/Brown woman-identifying founders with access to community, education, and leadership development.
Networking is another major barrier that leads black entrepreneurs to a disadvantageous place. How can you have good connections if you weren’t given the chance to be in the same space of people who can help you get through financial or mentoring issues? Following Madam C. J. Walker aspiration, we have to find our own ground to build up outside the idea field. Bringing a business to life is, for us Black women, also fighting against discrimination.
A work-life balance, strengthened negotiation skills and a need for a powerful support system are other challenges Black women have to overcome. At all business stages, networking and counseling are critical even for emotional support during a lonely undertaking for the main part of the 2,681,200 Black women-owned companies in America. Remember: a new business can result from poor treatment and undervalue in the workplace, not to mention family economic problems, which are big triggers to mental health issues. The American dream of “skill + creativity + hard work = success” may not be the case for women of color. Our fair share is unfair even when we are hungry for prosperity.
In this scenario, determination and passion win though. Black women are known by being self-learners, regardless of all hard-lifetime-things. We turn exclusion into motivation and faith, and to make a business succeed, we need to learn from a wide variety of sources. That is how we can keep striving instead of letting fear keep us struck. In our history, we have a fear-of-not-being-capable chasing us nonstop, but we overcome it because we take the risk to encounter our place in life. It took a moment for us to realize how good we are in everything we want to do. We battle our inner selves to find the courage to say “we can do it”.
Oprah’s entrepreneurial life has a lot to teach, but one of her most valuable takeaways is to listen to your own voice, following things in your unique way. You need funding, but perseverance has a lot to do with investing in yourself first, making a plan you really feel passionate about to show the investors how valuable you are. Chimamanda uses her words as her powerful business to tell us that whenever we wake up, that is our morning for a fresh start to shine, to change the world beginning from our own world.
Black women represent the fastest growing subsegment of entrepreneurs. So why aren’t we in the same positions of all the rest of the business ecosystem? We need to raise awareness of why it is still so difficult for Black women to build their entrepreneurial careers when they are so competent. We need to find people to fight for our businesses with the same strength we are doing it. We know how hard it is to change our social structure, where POC are on the margins since forever. New challenges appear every day to get the better of. The journey can be daunting, but we always see brighter days ahead. Our purpose as Black women entrepreneurs will drive us forward, and when it happens, the whole market wins.
PS: next month, we will have the last blog post of our series to talk about the importance of community support for Black female entrepreneurs. See you then!