The entrepreneurial path is familiar to many African Americans. In fact, the first self-made woman millionaire in the United States, Madam C. J. Walker, was African American. Globally, business leaders of African descent have achieved some of the highest levels of customer and financial success, amongst them being Aliko Dangote, President of the Dangote Group; Dr. Mike Adenuga, CEO of Globacom Limited; Michael Lee-Chin, Founder of Portland Holdings and Mohammed Al Amoudi, Chairman of Corral Petroleum Holdings. Each of these men has earned billionaire status; none of them live or operate their businesses in the United States.
Oprah Winfrey Alone as 2011 African American Billionaire
Oprah Winfrey, Chairwoman and CEO of OWN and Chairwoman of Harpo, was the only African American billionaire in the United States in 2011. Although he was the United States¡¯ first African American billionaire, former BET co-founder and current founder of The RLJ Company, Robert L. Johnson, didn¡¯t make Forbes 2011 billionaire list. But let¡¯s be clear. Oprah Winfrey and Robert Johnson are far from the norm.
Notwithstanding, across industries African and African American business leaders are achieving business success. In fact, from 2002 through 2007, the numbers of African American businesses grew by 60.5 percent according to the United States Department of Commerce. This growth proved healthy for the entire American economy as these firms increased their individual job hiring by as much as 22 percent.
African American Entrepreneurs Cannot Achieve Success in a Vacuum
Like other small business owners, African American entrepreneurs cannot achieve success in a vacuum. Akin to other business executives, to thrive African American entrepreneurs need the support of government (e.g. tax laws, government policies), support that encourages hiring at their firms, a trend that can reduce the 16 percent unemployment rate for Black Americans (only teenagers have a higher unemployment rate).
Peer support is also invaluable. Fortunately, regardless of the economic climate, African American business organizations like the National Black Business Council, National Black Chamber of Commerce and Black Business Association offer ongoing support to African American small business owners. Types of support African American entrepreneurs can receive from these and similar African American business association groups include:
¡öGrant information ¨C some of the grants are sponsored by leading Fortune 100 firms
¡öVendor access portals ¨C after gaining access to the portals, African American business leaders can search for other companies to enter into contractual business agreements with
¡öYouth conferences ¨C a plus for young African American entrepreneurs
¡öTechnical workshops
¡öInformation on federal and local business laws
¡öTrade bill updates
¡öJob postings
Some of the organizations charge an annual membership fee. Joining an African American business association can give entrepreneurs access to as many as 64,000 business leaders. It¡¯s also a way to meet other visionaries and business leaders, people who are passionate about their business objectives to the point that they are willing to stick it out through economic downturns.
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Posted By: Denise Turney
Tuesday, October 25th 2011 at 11:18AM
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