Black Women Own Two-Thirds Of BIPOC Small Businesses. What Are They Teaching The New Generation Of Employees

by SHAWN JOHNSON.

Companies are still struggling to maintain values Diversity, Equity and Inclusion Attempt. But in the field of entrepreneurship, BIPOC small business owners are showing real promise.

Thirty-nine percent of small businesses are now owned by respondents identifying as BIPOC, compared to 17% in 2019. new research From GoDaddy Venture Forward, a research initiative that focuses on small businesses and their impact on local economies. And at the forefront of the movement are women of color, who own two-thirds of small businesses owned by the BIPOC community.

“Black women turn to spaces like entrepreneurship in an effort to help their families and build generational wealth because it’s not as prevalent in the BIPOC community,” says Ebony Janelle, leader of Empower by GoDaddy, which provides training, digital tools and resources for entrepreneurs from disadvantaged communities. “They wanted to be able to pass something on to their children, so they decided to take whatever passion they have and turn it into a business.”

One in six small business owners According to research from GoDaddy, women earn more than $100,000 annually, and among them, nearly three in ten female owners consider themselves the breadwinner in their household. The US Small Business Administration Office of Advocacy also found that Black-owned businesses currently generate $206 billion in annual revenues and Employing 3.56 million workers,

“Not only are the local economies and the national economy benefiting because of new businesses starting up, but I think they’re also bringing the next generation into that kind of area,” Janelle says. “When you see Black women, or women of any race and background, becoming successful entrepreneurs, it teaches the younger generation that if they can do it, you can do it too.”

2022 YPulse Research Survey Reveals Majority of BIPOC Young Consumers Aspire to be an entrepreneur, many teens and college students of color are already starting their own enterprises. Many of them are young BIPOC-founded businesses Focus on supporting their communities, from beauty supply vending machines to a line of empowered doll collections. However, according to YPulse, BIPOC entrepreneurs still receive less funding than their white counterparts, indicating a continued lack of support despite major improvements made toward diversity efforts.

But unlike dealing with equities – or lack thereof According to Janelle, in larger established companies, this is trickier in the field of entrepreneurship, which can be done through purposeful policy changes and codes of conduct. To make a real difference, equitable efforts will have to be made come from systemic and consumers Who connect with small businesses as well as nonprofits and regulators to create and order resources available to entrepreneurs.

Janelle says that to put this into effective practice it is necessary to ensure that the systems and processes that entrepreneurs go through to open their businesses, such as the registration and banking process, are done with a lens of equity. And if it’s not, it depends on Consumers must act as checks and balancesAnd make deliberate efforts to identify, promote, and reduce bias.

“People need to realize that diversity, equity, inclusion and belonging are fundamental to who we are as human beings,” says Janelle. “And that’s the best way to help everyone in the system and make sure we’re having equitable and inclusive practices.”

Original article from Business News

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