The fastest growing group of entrepreneurs in America today are African American women. Businesses owned by black women have increased to over 300 percent since 1997, according to American Express Open's 2015 State of Women-Owned Business Report. What makes this group so successful? They do some things differently.
How Black women succeed in business
In order to be called successful, businesses have to stay in business. This means passing the 5 year mark. Increasing business is another important sign of a successful business, and for most, it is hitting the $1 million mark or higher. Black women-owned businesses have shown they can accomplish this, and more, by doing 3 things differently.
#1 - Focus on profit: Opening a business may begin as a way to fulfill a passion. But it won't keep you in business unless you continue to grow and profit. Black women focus on product, positioning, competition, and other market factors to ensure their businesses not only stay afloat but continue to grow.
#2 - Know and take advantage of available resources: There are many resources available to women in business. New African-American women-owned businesses will find help from the National Minority Supplier Development Council and the Women Business Enterprise National Council. In addition, federal and local government agencies have supplier diversity professionals and are looking for qualified minority and women-owned businesses to do business with them.
#3 - Find mentors: Every successful business person needs a mentor. Black women in business network regularly with other black women. They help each other find resources like financing. Women helping women is a powerful tool to use if you want your business to be successful.
You can find more ideas on black women in business from the book 50 Billion Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadership, available on Amazon.