Black women are driving America’s entrepreneurship boom—starting six times more businesses than average and creating 1.4 million jobs, according to the Center for American Progress.
Latina women are also making a significant contribution, with 944,000 firms and $65.5 billion in annual receipts. This increase in entrepreneurship indicates that women are seeking alternatives to the traditional workforce for establishing economic self-sufficiency, pursuing business ownership as a wealth-building tool instead.
But even though Black women are starting businesses at a rapid rate, their businesses earn less revenue, remain smaller, and have a higher failure rate.
Access to capital is still a significant obstacle, preventing women-owned businesses from leveraging valuable opportunities, or in some cases, from even getting off the ground.
In the meantime, women themselves are stepping up to the challenge.