One positive that emerged from the 2007–2008 credit crisis—and its subsequent recession—was a spark in entrepreneurship. Nearly one of every 10 U.S. companies operating today was launched within the past five years, according to a September 2016 U.S. Census report.
To narrow it even further, approximately 13 percent of today’s Black-owned businesses were also started during that time frame. There are now more than 2.5 million Black-owned businesses in the United States, which generate more than $150 billion in gross revenue, according to a 2016 report from the Minority Business Development Agency.
But those numbers still pale when compared with those of nonminority firms, which total $10.5 trillion across nearly 19 million companies. With regard to other minorities, U.S. Hispanic-owned firms (3.3 million) produce three times more revenue than Black firms, while a smaller number of U.S. Asian firms (1.9 million) generate nearly five times as much revenue Black firms do.
Reasons for the disparity abound, from higher rates of failure with Black-owned businesses to lack of access to capital and resources.
There is a solution, however: Growing existing African-American-owned enterprises. (Ebony Magazine)