Why Black Women Need To Mind Their Own Business
The day I discovered my purpose, I envisioned myself leading a mass exodus of people from their corporate jobs to running their own business; kind of like how Moses lead the Jews out of Egypt. And it seems my purpose may not be so far off from what needs to happen, especially for Black women in America.
I recently read a report by the Center for American Progress on The State of Women of Color in the United States which highlights the barriers women of color face, despite being a very important player in the fate of our economy. According to the report, by 2050, women of color will make up 53 percent of the nation’s female population, thus making them a key demographic in the United States.
However, It seems African-American women are at the bottom of the barrel in economic security, poverty, health, educational attainment and political leadership, but the one place where African-American women do shine is in entrepreneurship.
The report concludes that African-American women:
- Earn less money;
- Face decreasing job opportunities;
- Are overrepresented in low-wage sectors with few benefits;
- Are underrepresented in professional and managerial positions;
- Have little to no wealth, especially if they are single or have children;
- Make-up more than double the working poor than that of white women;
- Fall short of white women who earn BA’s, MA’s or PhD’s; and
- They are greatly underrepresented in positions of power in all levels of government.
Although it looks like we fall behind in all areas, there is hope for us in entrepreneurship. Businesses owned by African-American women are the fastest growing among majority women-owned firms and are the fastest growing segment of the women-owned business market and are starting up at six times the national average.
This just goes to show, that maybe Black women are better off putting their time and energy into starting a business, instead of trying to climb the corporate ladder, get into politics or even earning degrees.
You can read all the details of the report here and then let me know; do you agree? Would you leave your corporate job or even forgo a degree to start a business?