In 2019, the world came to a complete halt. Businesses were shut down, families were feeling the scarcity of supplies, food, and resources, and the world as we knew it had been turned upside down. 

Black Entrepreneurship History:
Area 1 – Turning Lemons into Lemonade

Black Entrepreneurship history has proven that African-American business owners have the gift of turning lemons into lemonade. We have historically made the best of the most horrific situations, and COVID was no different. Amid this scary time in our history, Black businesses suffered the most but still managed to stay afloat and eventually come out on the other side successful.

Unfortunately, not all Black businesses survived, but the ones that did have the full support of their community behind them. 

It was at this time that a woman, or should I say warrior, gave up her million-dollar bank account, her big house, and nice cars, and traded that all in for an old beat-up truck and $100 cash to live off of for 90 days.

Black Entrepreneurship History:
Area 2 – Monique Idlett – The Community Warrior 

Moneice Idlette starred in the Undercover Billionaire reality TV show where she was tasked with building an entire business from scratch with very limited resources, and only her expertise in Business and marketing to do it.

No spoiler alerts here, but just know that she proved herself to be a woman of integrity as she invested her time, energy, and expertise to build up a black community of artists, entrepreneurs, and families. By the end of the show, you could see an entire town come back to life, neighbors who had almost given up on their city started to see a glimmer of hope in the eyes of Monique and began to truly appreciate….

Watching this show was the most inspirational piece of content I have come across as a black woman. It elevated the way I viewed business owners who have hustled to build their empires, and it broke barriers in my mind about my potential to become the next black woman with a successful business. 

Black Entrepreneurship can be defined as the movement of the black community to redefine their destiny by investing back into themselves and their dreams for the advancement of the entire black community. Black Entrepreneurship helps to recirculate the black dollar into the black community and provides jobs and opportunities for community building and creative collaborations.

Through Black Entrepreneurship, our people can take control of their financial futures by creating their businesses, products, and services. This movement empowers black people to become leaders in their industries and to inspire and mentor others within their community.

Black Entrepreneurship also plays a significant role in closing the racial wealth gap, as it allows for greater economic mobility and the accumulation of generational wealth. By investing in Black Entrepreneurship, we can create a more equitable and prosperous future for all members of the black community.

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Overview and timeline of Black people’s History of Entrepreneurship

Monique and the many women who came before her have shown through their blood sweat and tears, that we can do anything we put our minds to. From Tulsa Oklahoma to Bronzeville in Chicago, and West Ninth Street in Little Rock Arkansas, Black Wall streets were thriving hubs of black excellence and entrepreneurship havens for the up-and-coming black communities of the early 1900s. As a people, we have been pioneers leading the entire industrial revolution, leading new emerging technologies and global movements then and now. 

From 1900-1930, the Jim Crow era forced black people to create more insulated communities and provide their own health care, entertainment, beauty services, and food sources. In a time when we had nowhere else to turn, we united, pooled our resources, and built dynasties on top of the rubble of our oppression. 

Black Entrepreneurship History:
Area 3 – The First Black Entrepreneur in America 

As we all know, the Underground Railroad provided passage for enslaved black people to escape to freedom. What many do not know is that this voyage to freedom initiated the first Black-owned business in America.

At just 22 years old J T. Ward took two horses and a buggy and brought thousands of slaves through Ohio beginning in 1842. It wasn’t until years later that J T and his son William Ward founded their trucking company in 1881, starting a legacy that would last for over 140 years. 

Black Entrepreneurship History:
Area 4 – Africa Paved The Way for Black Wealth in America

Even before slavery, we have led the way for black wealth to blossom. Although it is unknown who the first African entrepreneur was, we do know that Mansa Musa is said to be the wealthiest African man in history.

Today, there is an African woman who is taking her place among the thousands of successful African business leaders, Dentaa Amoateng MBE. She is the creator of Guba Enterprise and Guba Foundation, where she runs a networking platform and organization that seeks to unite the black diaspora from the Americas to Africa and beyond.

Her business acumen, ability to create community, and wisdom in the power of African unity have set the foundation for Black people everywhere to seek entrepreneurial success on the rich continent of Africa. With the globalization of music happening with international African superstars such as Burna Boy and Wiz Kid, there has been a lot of cultural exchange between Black Americans and Africans that has birthed a new musical sound at the intersection of both worlds. 

Although we are far from creating Wakanda, this movement could lead to the transformation of the black community in America, and help us overcome the many barriers obstacles, and injustices we continue to face today just by uniting with African people. 

Black Entrepreneurship History:
Area 5 – One historical entrepreneur figure – The Black woman

Speaking of barriers and obstacles. One huge gap to our success as entrepreneurs has one significant force that cannot be denied, which is a lack of funding. 

Thanks to women like Arian Simone who are creating spaces and opportunities for women of color to get business funding through The Fearless Fund, we have seen a boom in African-American entrepreneurship in the US. Since they have funded black women with thousands in venture capital investments and have helped many small Black-owned business owners scale and reach new economic heights. 

Historically, black women-owned businesses are severely underfunded and usually fail within the first year of operating.

In order to create longevity, as business owners, African American businesses need growth capital, access to business advisors, a solid marketing team, and key partnerships that will help them to thrive in the competitive market. 

Despite the hard work that the Fearless fund team has invested into their fight to close the wealth and investment gap with black-owned businesses, there are still some who feel that black women don’t deserve special programs or safe spaces to counteract hundreds of years of racial discrimination and disenfranchisement. 

In August of 2023, The Fearless Fund team declared they would be fighting a discrimination lawsuit filed by the American Alliance for Equal Rights citing section 1981 of the Civil Rights Act of 1866, a U.S. law barring racial bias in private contracts, using this to claim that the VC firm violated discrimination laws by centering their program and eligibility criteria for funds for black women only.

The brand took to social media to share its fight against the false allegations, leading to an enswell of thought pieces and conversations around the historical discrimination black women have faced for generations for basic rights and equity on all fronts.  On September 26th Georgia Federal courts ruled in favor of the Fearless Fund, refusing to issue an injunction that would have prevented the VC firm from awarding funds to businesses owned by black women. 

In a discriminatory lawsuit alleging racial discrimination. Given that black people continue to be disenfranchised in their entrepreneurship journey, The Fearless fund provided a haven for emerging brands to balance the scale of inequality with millions of dollars in funding. 

Looking to the future and how we thrive

As a community, we are a force to be reckoned with. This I know. 

An undisputed fact that can be seen on the aisles of your local grocery store, is demonstrated at your local service-based black-owned business. From coffee to hair extensions, we are taking over. And like Diddy said, can’t stop, won’t stop. Although we are living in a different time, and at a different pace, we are still walking in the footsteps of bold and brilliant black women whose success laid the blueprint for future generations. 

Despite the many issues we face as black women striving to build businesses and leave a legacy, we will continue to triumph and overcome like our forefathers, and one day unite nations of black people across the world who will change the trajectory of our people. 

I encourage every black woman reading this to remember the little black girl in her who had big dreams, small hands, and a bright future. Revisit those vision boards, go out into the world, and shake things up.

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