Women are starting businesses in greater numbers as a result of widespread layoffs at work and changes in the labor market. On a national level, they are altering the perception of entrepreneurship.
Black women’s business ownership has exploded in popularity. Black women-owned businesses expanded by 67% from 2007 to 2012 and 50% from 2014 to 2019.
Compared to 10% of white women, 17% of Black women in the United States start or run their own businesses, according to research from the Harvard Business Review. We examine the factors that led to the rapid expansion of this group, their resilience in the face of the epidemic, and the tools available to support other women in starting their own enterprises.
Over 12 million enterprises are owned by women in the US. More over a third of those are run by black women. The corporate landscape radically shifted with the COVID-19 epidemic. These ladies jumped at the chance to offer new services as consumer requirements changed.
Jenna Morrow put her love of interior design to use after being forced to take a leave of absence during the pandemic. She established The Morrow Home and serves as its chief architect. For Dawn Carr, the epidemic exposed the demands of black customers that weren’t being served. Founded by her, Mahogany Insights.
More than 20% of U.S. small company owners claimed the epidemic impacted their businesses, despite the fact that for some people it presented opportunities. Leneille Moon was at first included in that figure. But she made the decision to shift the emphasis of the services she offered. She thrived as the owner and creative director of Special Event once the rebranding was successful. Other female-owned businesses have thrived despite the pandemic’s effects. More than 10 million people are employed by companies run by women. The economy benefits greatly from the work of female business owners. By fusing their areas of passion and expertise, individuals establish successful firms that offer reliable revenue sources.
What Led to Launching a New Business?
During the COVID-19 outbreak, millions of employees lost their jobs. When the job market suffered, black individuals were disproportionately affected, suffering more job losses and slower rates of employment recovery. The losses led to inventive solutions, with more than four million new company applications submitted in 2020 alone – an increase of more than 20% from 2019.
