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For years, black women have been the future-minded entrepreneurs who have repeatedly changed the course of history. are making entrepreneurship difficult.
fastest growing group of entrepreneurs
Black women own nearly 2.7 million businesses nationwide, making them the nation’s fastest-growing entrepreneurial group, according to a JP Morgan report. Despite impressive numbers and the undeniable impact of black women-owned businesses, research shows that black women are generally underfunded to obtain resources for businesses.2014-2019 Meanwhile, black women-owned businesses grew 50% between 2014 and 2019. This was the highest growth rate among the female demographics.
exponential growth
Many black women are starting their own businesses, which experts say may be a direct cause of corporate America’s toxicity, especially for black women.JPMorgan Chase Tosh Ernest, head of business growth at , said the higher rate of black women entrepreneurship may reflect a general dissatisfaction with traditional 9-to-5 jobs. rice field.
“Higher rates of black female entrepreneurship may also reflect a lack of opportunities in the traditional workforce. Many are starting businesses to survive rather than pursue market opportunities. ‘ said Ernest. “More than 60% spend less than 40 hours a week on business, suggesting they have other jobs and responsibilities that require time and attention.”
hurdle
According to a JP Morgan report, about 61% of black women self-finance their startups due to lack of access to capital. According to the report, black women struggle to get funding and are three times more likely to be turned down than white business owners. Disproportionate access to capital has forced many black women to pay most of their business costs out of their own pocket.
Investing in black women requires the right resources to grow the brand, Ernest said.
“Black women, more than ever before, are poised to play an increasingly visible and important role in America’s future,” Ernest said. “Entrepreneurship is key to elevating their voices and careers and realizing the American dream of social and economic equality, empowering black women entrepreneurs to grow and sustain their businesses. We believe we must play our part in a targeted effort to
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