African-American women step up in business world

Interesting article in USA Today [here are the highlights] …

As women take entrepreneurship’s lead, marketers from banks to tech companies are tapping black women as a new source of revenue. “It’s a huge opportunity,” says Angela Burt-Murray, editor in chief of Essence, a leading lifestyle magazine for black women.

Black women are launching companies for many of the same reasons spurring other women. They’ve gained corporate experience, but a glass ceiling keeps them from rising to the CEO’s office. They’re better educated. Self-employment offers more flexibility to care for children and aging parents.

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Black women owned 547,341 companies in 2002, up 75% from five years before, when the Census Bureau last counted. The number owned by men rose a smaller 29%, to 571,670, says the study by economist Ying Lowrey in the SBA’s Office of Economic Research.

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Black women, like all female owners, still lag behind men by some key measures. The majority of their companies are part-time ventures, often run from home at night or on weekends to supplement daytime pay. Just 5% had employees, vs. 10% for black men. Annual revenue averaged about $39,000, vs. $114,000 for black men, Lowrey’s research shows.

… Read the entire article