August is National Black Business Month
According to a 2021 U.S. Census Bureau report on minority-owned businesses, Black and African American business-owners own nearly 125,000 businesses in the U.S. (the number is 124,551, to be exact).
As I thought about the annual observation of National Black Business Month, I decided to do a little research into black-owned businesses. What I found was impressive. While there are too many black entrepreneurs to include in a single blog, I chose the three individuals highlighted below because I found them particularly interesting and inspiring. I hope you will too.
David L Steward of St Louis worked for and eventually purchased a consulting firm in 1984. As noted in Wikipedia’s description of his achievements, “He renamed and integrated technology into the company and, with the help of the Small Business Administration, acquired federal contracts, which allowed his business to blossom. He later founded World Wide Technology in 1990 with over 1 billion in revenue.”
Maggie Lena Walker (1864-1934), was the first woman of any race to charter a bank in the United States. The bank was a powerful institution for African Americans in the segregated South, helping them establish credit, save money while earning interest, and start businesses. The Wikipedia description of her life and achievements is extensive. I recommend that you go there if you’d like to learn more about her. For the sake of brevity, I include the following from Wikipedia: “When Walker was 14, she joined the Independent Order of St. Luke’s, an African American benevolent organization that helped the sick and elderly in Richmond. Within the organization, Walker held many high-ranking positions. In 1902, she began publishing the organization’s newspaper, The St. Luke Herald.
“She encouraged African Americans in Richmond to harness their economic power by establishing their own institutions. Her first business was a community insurance company for women. From there, she continued her entrepreneurial pursuits. In 1903, she founded the St. Luke Penny Savings Bank.”
Daymond John is known from the popular television show Shark Tank, but his real claim-to-fame is that he re-defined the apparel industry with his FUBU clothing line. His rise to success is fascinating; I suggest you read the full story in Wikipedia. Here is a brief excerpt: “He began working at the age of 10; one early job entailed handing out flyers for $2 an hour. In high school, he participated in a program that allowed him to work a full-time job and attend school on an alternating weekly basis, which he credits with instilling an entrepreneurial spirit. After graduating from high school, he started a commuter van service and waited tables at Red Lobster.
“When John was 16, he started FUBU in his mother’s house in Queens. His mother taught him how to sew and supported him by allowing her house to be taken over to grow the business.
“In the early 1990s, John received $300,000 in orders and also an offer to participate in Macy’s at a Las Vegas fashion trade show. They had to take out a second mortgage of his mother’s house in order to fulfill the orders. After being turned down by 27 banks for a loan, his mother used the last of their money to take out an advertisement in the NY Times. As a result of the ad, FUBU made a deal with Samsung Textiles, allowing them to complete their orders.
“FUBU has earned over $6 billion in global sales, and is featured at the Smithsonian’s National Museum of African-American History and Culture.”
While there’s been growth in the number of black entrepreneurs and businesses over the years, these business owners still face challenges. Thus, Black Business Month was born; the concept is simple: “support Black-owned organizations to promote greater economic freedom for Black neighbors and their growing businesses.”
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Godspeed!
Your fellow-dreamer and doer,
Bruce D. Clark
If I can do it, anyone can!