A new report by FourFourtwo reveals the business world is full of people of color and we should be grateful for them.
Read more The report, Black Entrepreneurs Book: A Business Owner’s Guide to Creating Wealth and Influence, is based on interviews with more than 100 business owners, entrepreneurs, and mentors from across the country.
The authors found that many black-owned businesses are starting to make inroads into the lucrative black market, and it’s thanks to a growing demand for business advice and expertise from the black community.
The report focuses on black- owned businesses, not businesses in general, and says that the majority of the businesses surveyed have been “innovative” and are “successful in their current and future roles.”
This, the authors say, is due to a combination of the right business ideas and the right mentors and mentors-in-training.
“The fact that we have this diversity of black business owners that are starting businesses that are innovative and succeeding in their roles is really exciting,” said author Michael Brown.
“There’s a lot of momentum in this area.”
The report also looked at business trends that have been happening in recent years, which included the growth of technology-enabled business, and the number of black people entering the workforce.
The number of new black-led businesses has increased by more than 60 percent over the past decade, with a total of 5.2 million people working in the black-run and white-run sectors.
There are currently over 6 million people in the United States with a black-based job.
“If we can bring together all the voices of the people who are creating a new economy and creating new opportunities, then that will have a really positive impact on the lives of everyone,” Brown said.
The findings of the study, which was published this week in the New England Journal of Medicine, show that more than half of black businesses surveyed are growing at a rate of 50 percent or more, and that a majority of them are “innovation” businesses, with some businesses being “startups” and others being “venture capital-backed.”
The authors say that the rise of technology in the business sector has opened doors for black-driven businesses to be successful.
“Technology is changing the landscape for how businesses are doing business, it’s changing the dynamics of how business is done, it is changing how people are doing businesses, it really is changing our economy,” said Brown.
And it’s also changing the makeup of the business community, with the majority now comprised of women and minorities.
But the authors also say that black-founded businesses still need to be part of the conversation, and they’re finding that black leaders and entrepreneurs are taking their business to new levels of success.
“A lot of people are still very wary of them,” Brown explained.
“They’re still afraid to speak up because they don’t know how to navigate the business culture.
They don’t want to say things that are not socially acceptable, so they don and they don [continue to] be afraid to say something that they think is not right.
And they’re not getting the help they need.”
Brown said that there’s a need for black entrepreneurs to get out and get involved in the industry, and there are some steps that black people can take to get started.
“What you have to do is find the support and the resources that you need, that you can be a catalyst for change, because you need to have a lot more people of colour in the space,” he said.
“It’s not just a black issue.
It’s a white issue.
You have to be the catalyst for it.
You need to do more.”
For more stories from the United Kingdom, go to fourfourtwo.com/uk.