According to Fortune magazine, black women entrepreneurs in the United States are the fastest growing demographic.
Black women report lower average revenues than White, Latina, and Asian American women, however. In fact, Black women business owners earn $24,000 per company on average, according to an American Express report.
Even if those income numbers are true, not every Black woman-owned business fails. Many Black women are accumulating riches and teaching others how to do it, too.
Here are three Black 20-somethings who are developing profitable enterprises and normalizing Black wealth.
"Ellie Talks Money" Diop
Ellie Diop lost her job in 2019. After submitting 50 job applications, she resolved to take action. Ellie made investments in her coaching firm with the $1,200 stimulus check. She's made almost $2 million since beginning her company, per Business Insider.
Diop said she "used my corporate experience to start." Before posting her first blog, she says she spent 45 days researching Instagram and applying hashtags. “Examine the area's successful businesses to learn what they're doing properly and what needs they're not meeting,” she advises.
Ellie has almost 260,000 Instagram followers for "Ellie Talks Money." Diop teaches people to start enterprises, build credit, and produce revenue.
She bemoaned that most business coaches were men or women without children. “I made the decision to take on that role since I could not find somebody who could express my viewpoint., she says.
“Seven-Figure” Sevetri Wilson
Serial entrepreneur Sevetri Wilson found early success. She started a 7-figure business at 22 with no capital. Solid Ground: How I Built a 7-Figure Company at 22 with Zero Capital, the title of her book about the experience, details her journey and the lessons she learnt.
"It's easy to attract customers, offer services, and sell products on social media, but our firm would still be operating if it all disappeared tomorrow," Wilson writes in Solid Ground. "My company's basis won't crumble. I'll work.
She continues: “Social media-proof your business. This involves offline, non-social media connections. Treat your network as social capital."
Sevetri is a digital pioneer and entrepreneur who helps start-ups flourish. She started a communications and management firm. She founded New Orleans tech company Resilia. She raised over $3 million as the first Black woman in New Orleans to do so.
Millionaires take chances. "Scared money doesn't make money," says Sevetri. “You'll make poor investments, but you must persevere.”
The People's CPA, Sheneya Wilson
Sheneya Wilson had a Ph.D. in Accounting and Information Systems and was on schedule to graduate. When Sheneya's accounting and tax business grew faster than expected, she had to choose between school and work. Fola Financial is now worth seven figures since she chose the latter.
Sheneya said on LinkedIn, "Sometimes I think...wow I abandoned a complete Ph.D. school to build my business.
"Never allow a job title, degree, or person stop you from following your aspirations," she says. [While those are] constant elements, your future and time are less certain. You never know what's beyond, so confidently take chances.”
Sheneya created T.E.L.P. to help people build profitable businesses and improve their tax understanding. Fola Financial has educated many tax professionals.
As a businesswoman and investor, Sheneya also vows to buy a rental every tax season.