By Majella Mark
- By the end of this year there will be 27 million self-employed professionals in the U.S.
- There are 15 billionaires of full or mixed African ancestry in the world
Social media influencer B. Simone can’t deal with a dude who works a nine to five. She did clarify, stating that entrepreneurship is a lifestyle, preferring a partner who will understand the hustle. While 26% of entrepreneurs’ biggest motivation for starting a business was being their own boss, it takes a lot of sacrifice and preparation to make this transition. This should not stop you from being about that entrepreneurial life, specifically when you take into account that there are 585 billionaires in the U.S., along with 15 billionaires of full or mixed African ancestry in the world, and 62% of them are self-made.
Why This Matters: Although entrepreneurship has its risks, there is a sense of ownership and control of one’s own destiny. One of these risks is not having enough capital with around 13% of entrepreneurs funding their small business with their 401(k), while 32% fund their business with cash. A good portion of these individuals are still working a regular job in order to fund their dream. Even with full time employment in the U.S. down by 9% since March of 2020.
19% of women-owned businesses are African Americans
This country prides itself on opportunities and dreams with 27 million self-employed professionals in this nation today. Some of the most popular professions for entrepreneurs is retail, real estate and consulting. Although 14% of all U.S. businesses are owned by African Americans, they are less stable than their white counterparts, which is why many Black dream-chasers can not leave their jobs. Despite the struggle 19% of women-owned businesses are African Americans.
Situational Awareness: Currently there are people on the streets fighting for their right to live in this country without racism and hostility from their oppressor. Simultaneously there is dedication to create inclusivity and recognition for Black businesses and innovations. Numerous campaigns can be found on social media demanding corporations present their Black presence within their companies, demanding executives’ resignations due to the mistreatment of Black employees and a significant push for consumer activism towards the Black business community. We are in a place in history where prosperity and entrepreneurship seems bright.
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