August is National Black Business Month, a time to recognize, support, and celebrate the contributions of Black entrepreneurs across the United States. While the accomplishments of Black-owned businesses deserve year-round attention, this month offers a dedicated moment to highlight their lasting impact. It also recognizes the challenges they continue to face.
A Legacy of Resilience
Black entrepreneurship in America traces back to the post-slavery era. After 1865, many African Americans launched businesses that served their communities, including barbershops, beauty salons, tailors, grocers, and newspapers. They did this despite widespread racial discrimination. By the early 20th century, districts like Greenwood in Tulsa, Oklahoma, were known as “Black Wall Street” and became symbols of Black economic success. Unfortunately, they were destroyed in the 1921 Tulsa Race Massacre.
Despite segregation and systemic barriers, Black-owned businesses continued to grow. During the civil rights movement, entrepreneurs like Madam C.J. Walker demonstrated the power of economic independence. Walker is recognized as the first self-made, Black woman millionaire. Though integration led to the decline of some Black-owned establishments, this era helped spark a renewed focus on ownership and community investment.
A Modern Movement
Today, Black-owned businesses are thriving across various sectors, including beauty, technology, food, fashion, and media. Digital platforms and social media have enabled entrepreneurs to reach a broader audience. At the same time, consumers have become more intentional about supporting Black-owned brands. This is especially true in the wake of the 2020 Black Lives Matter protests.
Among notable success stories:
- SheaMoisture, founded by Richelieu Dennis, is a global beauty company that reinvests in Black communities.
- Slutty Vegan, led by Pinky Cole, is an Atlanta-based plant-based fast-food chain known for its bold branding and cultural influence.
- Pat McGrath Labs, founded by renowned makeup artist Pat McGrath, has become a globally celebrated beauty brand. It is known for its bold, high-performance cosmetics.
- Blavity Inc., founded by Morgan DeBaun, is a media company focused on Black millennials and Gen Z. It operates platforms such as AfroTech and 21Ninety.
These companies represent just a few of the entrepreneurs leading a new wave of Black business innovation.
Why It Matters
National Black Business Month is more than a celebration—it’s a poignant reminder of the ongoing work needed to achieve equity. Black-owned businesses play a vital role in building generational wealth. They create employment opportunities and provide products and services that reflect the communities they serve. Yet, they often face disproportionate barriers in accessing capital, loans, and business support.
Supporting Black-owned businesses—through purchasing, investing, and advocacy—helps reduce the racial wealth gap and fosters stronger, more inclusive economies. As the nation observes Black Business Month, it’s a time to honor the past, uplift the present, and invest in the future of Black entrepreneurship.
What's Your Reaction?
