Black Culture Market’s Post

Ok, Black Women Entrepreneurs, this study is for you! Please take a moment to complete this survey: https://lnkd.in/e-xCSFRi who’s reasearch will uncover the impact of the social justice uprising and the defunding of DEI initiatives on Black Women-Owned Businesses. This research is going to be shared with policy makers and other decision-makers to make the entrepreneurship ecosystem more equitable and to create support programs that genuinely help Black entrepreneurs. Gooooo Nikki Porcher and Buy From A Black Woman We need this work and data!

NO EXCUSES!! I've lived by this mantra. When I find myself explaining away my shortcomings, I've learned to check myself and hold myself accountable. Being raised as an only child, I never had a sibling to scapegoat so it was always all me or nobody. Not to mention I'm a high achiever, so I'll always figure out a way. But what happens when it isn't an excuse, but reality? What may sound like complaining or an excuse to you could honestly be someone else's hindrance. Case in point... I was sharing with a business acquaintance of mine some challenges that I have faced as a Black woman entrepreneur in acquiring resources to grow my business. He said I was making excuses and named other successful Black women like Oprah and Lisa Nichols as examples that the hurdles we have to face aren't as arduous as we claim. I'll be transparent - I really could have punched him in the nose, but we were on Zoom. I wanted to tell him the very REASON many of us fled the workplace to start our own businesses is because of the stress, inequities, and microaggressions we face. Now here he was invalidating our experience again. I should have shared that more than 60% of us are self-funding businesses in sectors like retail, healthcare and social services that are crowded with low margins and a lot of competition, while not having high-paying jobs, trust funds, loans from parents, or equity in real estate or other investments to back us. I could have told him that Black business owners who apply for funding face 3x the rejection of White business owners, and only 2% of venture capital funding goes to U.S. female-only founders. But those realities would only sound like excuses. So I'm figuring out a way. If you know of resources aimed at leveling the playing field for Black women entrepreneurs, please share them so that my network of sisters can learn of them. We collectively appreciate you.

Wow, what a week it's been since the launch of The 1000 Club! The response has been incredible, and we're still buzzing with excitement. If you're interested in joining "The 1000 Club" you can apply using the link below https://lnkd.in/e4iwaEnD And if you'd like to support our initiative, check out the link for more information https://lnkd.in/exx9c9eF "The 1000 Club" is a pioneering initiative dedicated to empowering Black women entrepreneurs through comprehensive financial literacy and credit empowerment. Led by Ngunan Adamu and the iWoman Academy team, this transformative program offers a 12-month journey from credit challenges to financial resilience. Financial literacy is crucial for anyone striving to achieve financial stability and success. However, Black women entrepreneurs often face unique challenges due to intersecting factors such as racial and gender biases, lack of access to traditional financial resources, and systemic barriers. "The 1000 Club" addresses these challenges head-on by providing participants with the knowledge, tools, and support they need to navigate the complexities of credit management and financial planning. By fostering a community of mutual support, knowledge-sharing, and empowerment, the program aims to uplift Black women entrepreneurs and enable them to take control of their financial futures. This initiative is vital because it not only empowers individual participants but also contributes to broader economic empowerment and community development. By bridging the financial literacy gap and promoting economic inclusion, "The 1000 Club" helps build a more equitable and prosperous society for all. Let's keep the momentum going 💪🏾

Talk to God...AND your accountant 💰 QUOTE #1 "When one considers 13% of the U.S. population is Black and more than $140 billion in venture capital was involved in the U.S. last year, it should be reasonable to expect Black funding numbers to be around $18 billion, Judge said. “Funding was less than $1 billion a year,” he said. “That means we have about a $17 billion problem. People understand money, so they should understand that. Now we need a $17 billion solution.” https://lnkd.in/guYHufad QUOTE #2 "This decline is particularly concerning for Black women entrepreneurs, who often receive a disproportionately small share of VC funding. In 2021, Black woman start-up founders received just 0.34% percent of the total venture capital spent in the US." I REPEAT: As Odette Flemming, ALC wants us to remember...that's LESS THAN HALF A PERCENT. #BFFR https://lnkd.in/gWADzUBe QUOTE #3 "Most (86%) of the Black business owners surveyed believe their businesses are “judged more critically than non-Black businesses.” In addition, the report says Black business owners “feel the impact of racial disparities” every day. So to avoid negative racial stereotypes, 82% say they behave differently in customer and vendor interactions." https://lnkd.in/gnGWQmAV LinkedIn is a business platform where we can be very intentional with our support and dollars. Let's remember that as we continue to build relationships and share knowledge behind the scenes on this platform ✊🏾

For nearly 15 years, I’ve built a business dedicated to providing exceptional services to clients. Along the way, I’ve faced barriers rooted in bias: "We can only work with you if your business is certified as an MBE." After countless rounds of pitches, interviews, and proposals with a civic organization, I was passed over. A white colleague made one call and secured the contract—no interviews, no proposals. While transitioning to a product-based business, my wife and I heard: "You’d have a better chance of getting funding if you had a white guy on your team." "Wow, I didn’t expect your platform to be so polished and professional." "This is a great idea or concept," — even though Kataba is real, built, and being used by actual people. And after all that, the encouragement often ends with: "Best of luck, I’m rooting for you!" Let me be clear: the best way to support me or any business owner, founder, or entrepreneur is to take action. Buy from us. Share our business with others. Talk about our products. Help us grow. Words are nice, but actions build businesses. So, if you believe in what we’re doing, show it by supporting us directly. We’re not just asking for hope; we’re here to deliver value. Thank you Natasha D. Wade for sharing! #business #entrepreneur

Celebrating the Entrepreneurial Spirit of Black Women in America In recent years, there has been a significant rise in the number of Black women-owned businesses across America, and their impact on the entrepreneurial landscape cannot be overstated. From startups to established enterprises, Black women entrepreneurs are making waves, breaking barriers, and driving innovation in every industry imaginable. Despite facing systemic challenges and disparities, Black women continue to defy the odds and build successful businesses from the ground up. Their resilience, determination, and unwavering commitment to excellence are a testament to their entrepreneurial spirit and ingenuity. As leaders and trailblazers, Black women-owned businesses contribute not only to the economy but also to the fabric of our society. They create jobs, drive economic growth, and serve as role models and mentors for the next generation of entrepreneurs. At Urban Candles LLC, we recognize the immense value that Black women entrepreneurs bring to the table. We are committed to supporting and uplifting their voices, fostering an environment of inclusivity, and providing opportunities for growth and success. As we celebrate the achievements of Black women-owned businesses, let us continue to champion diversity, equity, and inclusion in entrepreneurship. By recognizing and amplifying their contributions, we can create a more equitable and prosperous future for all. #BlackWomenEntrepreneurs #EntrepreneurialSpirit #DiversityInBusiness #Innovation #Empowerment #Inclusion #BusinessLeaders #BreakingBarriers #DrivingChange #CelebratingSuccess

Why do black and discriminated against founders need to be helped? "Isn't America based on equality already? Our constitution was made so all citizens could have equal rights and opportunities, right?" "I dont think we have much racial discrimination anymore, isn't it 2024?" Well, according to a few statistics you may or may not know, there are several reasons why this is the perfect time why black founders need support more than ever and why Fifth Star Funds exist. 1️⃣ Historical and Systemic Inequities: Access to Capital: Black entrepreneurs receive less than 1% of venture capital funding annually in the United States, despite representing about 13% of the population . Network Disparities: Studies show that 77% of venture capital is concentrated in just three states: California, New York, and Massachusetts, where the Black population is relatively smaller, limiting network opportunities for Black founders . Bias and Discrimination: Research indicates that investors are more likely to fund startups led by people who share their racial and gender background, which can disadvantage Black founders . 2️⃣ Economic Empowerment: Wealth Gap: The liquid wealth of white families is roughly 22 times greater than that of Black families. Supporting Black entrepreneurship can be a significant step towards reducing this gap . Job Creation: Black-owned businesses employ approximately 920,000 people, contributing significantly to employment within Black communities . 3️⃣ Innovation and Market Potential: Diverse Perspectives: Diverse teams are 70% more likely to capture new markets, and companies with more diverse management teams have 19% higher revenues due to innovation . Untapped Markets: Black consumers have a spending power of over $1.4 trillion, indicating significant market opportunities for businesses that understand and cater to their needs . 4️⃣ Social Justice and Equity: Representation: Less than 1% of venture-backed founders are Black, highlighting the underrepresentation and the need for greater inclusivity in the entrepreneurial ecosystem . Fairness: Providing equitable opportunities in entrepreneurship helps ensure that everyone, regardless of race, has the chance to succeed and contribute to economic growth. 5️⃣ Community Impact: Role Models: Successful Black entrepreneurs serve as vital role models. Studies show that mentorship can increase the success rate of new businesses by as much as 50% . When one rises, hopefully we can all rise as a nation and change the trajectory of history starting with Fifth Star Funds. #fundraising #business #venturecapital #investing #diversity

The doors to entrepreneurship are open for Black women. The 2024 Impact of Women-Owned Businesses report finds that Black women’s small businesses grew to 2.1 million between 2019 and 2023, generating $98.3 billion in revenue for the U.S. economy. This video is part of The Financial Journey, a unique series focused on financial education and opportunities created through a strategic partnership between Wells Fargo and Word In Black. Watch: https://lnkd.in/gJ_64xgx

20% of small businesses don’t make it past their first year. And, if you disaggregate that by identity, you’ll find: 🚩Around 30%-40% of women-owned businesses don’t make it past their first year, and 🚩About 80% of Black-owned businesses don’t make it past theirs. You see how the closure rate skyrockets if you are a woman and/or a Black person? That’s inequity. As a Black Woman who has worked to eradicate inequity for 2 decades, I am all too familiar with these stats and what creates them. So is Sterns Bank: I referenced their report on the barriers Black women entrepreneurs face in my newsletter today. Are you subscribed? At the close of this International Women’s Day, I want to celebrate all the women who are out here working hard, building a business, despite those stats. I also want to celebrate ME (a’la Neicy Nash!) and my team, our clients, and our community of supporters for helping me be in business for almost 16 years. Our Sweet 16 is on March 17th and we have some ways that you can help us celebrate (and also win a Sweet VIP session with me). Participation link in the comments.

Ok Ladies, a key reason investors aren't feeling some of your pitches is because your math ain't mathin. Don't let your numbers trip you up! Our latest blog post breaks down the key numbers every Black woman entrepreneur needs to master before stepping out at pitch competitions or investor meetings. Click to read my full post on our blog! https://shorturl.at/P36NJ