The success of black businesses is often overlooked, but there are many African-American entrepreneurs who have achieved great success in the United States. From Sean Johnson Combs to Michael Jordan, these 11 black businessmen and women have triumphed over odds, thanks to their determination, perseverance, intelligence, talent and skill. They are among the most successful black businessmen and women in the history of the United States, and their stories are legendary. Despite the odds, some African-American entrepreneurs have managed to become very successful.
Sean Johnson Combs, also known as P. Diddy or Puff Daddy, is one of the most successful African-Americans in the entertainment industry. He is the founder of Bad Boy Entertainment and has investments in the food and beverage industries. Michael Jordan is not only the most recognized basketball player in the world, he is also a highly successful businessman.
He is the highest paid athlete in the world and has been running business since a young age, including Nike's famous Air Jordan line. He also holds a minority stake in the Charlotte Hornets basketball team. Madam C. J.
Walker, born Sarah Breedlove, is one of the most successful black businesswomen in history and the first self-made millionaire woman in the history of the United States. Her company, Walker Manufacturing Company, found success in creating beauty and hair products for black women and continues to operate today. The richest black businessman is Nigerian businessman Aliko Dangote with a net worth of $14.1 billion. Janice Bryant Howroyd's ACTone Group is one of the main contenders for the largest black-owned business in the United States. With more than $2 million in revenues and more than 2000 employees, it is a major success story.
Rachel Holmes, 18, is another example of a successful black entrepreneur. She is CEO of Black Girls Mean Business, a nationwide free virtual summer business program for black high school girls. Unfortunately, black business owners have been disproportionately affected by the economic downturn linked to the pandemic due to their greater participation in non-employer companies and their greater likelihood of being located in communities with business environments that are more likely to produce bad trading results. In one study, 73 percent of black loan applicants were asked to provide financial statements of their businesses compared to 50 percent of white applicants with comparable profiles. Black entrepreneurs are also more likely to rely on personal credit cards to finance their businesses. To overcome market barriers, black-owned SMEs need support to build capacity and share greater knowledge. More importantly, by having social and economic institutions support a wider range of people, stakeholders can rectify the mistrust that has developed between entrepreneurs and black institutions. A 50- or 60-year-old black business owner grew up in a world where educational opportunities were unavailable or unaffordable in a way enjoyed by their white counterparts.
This has translated into structural bias which has resulted in lower access to capital, lower income, and darker business growth prospects. The role of the dominant financial system in these barriers has helped to maintain African-Americans' mistrust of the financial sector as well as fear of debt. According to the SBCS (Small Business Credit Survey), approximately 79% of Asian-American owned businesses and 77% of black-owned companies reported poor or fair financial standing while only 54% of white-owned companies reported similar conditions. Increasing the participation of black fund managers in this program and at the same time investing in black managers and portfolios of black leaders in the private sector could have aggravating effects. Meanwhile, although wholesale businesses account for 24 percent of corporate revenues only 1 percent of black women and 2 percent of black men who are entrepreneurs are in this sector. Braxton Co-founder and Co-CEO of 2050 Wealth Partners says aspiring young black entrepreneurs need to step out of their comfort zone expand their network enter launch contests to win funding hire people who understand numbers and most importantly always be passionate about their business.