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Black Entrepreneurship is Exploding!

Post-pandemic, Black entrepreneurship continues to rise. The number of new Black business owners in 2023 has risen 50%

More melenated people since reconstruction have decided they would rather take a risk and work for themselves than stick with traditional employment. This entrepreneurship boom is particularly evident within the Black community. The number of Black self-employed professionals jumped from 1.1 million in February 2020 to 1.2 million in February 2022 . Additionally, there are currently more than 2 million Black-owned small businesses in America. In 2023 There are an additional estimated 140,918 Black- or African American-owned businesses with $141.1 billion in annual receipts, and1.3 million employees!

The 2020 Census revealed that the U.S. population is much more multiracial and more diverse than what the Census Bureau has measured in the past. Nearly all minority race and ethnicity groups saw population gains. Conversely, the White-alone population declined by 9% since 2010. These population changes are also affecting youth culture in America with companies forced to represent and be sensitive to the diversity of its customers or go out of business. The minority race and ethnicity groups saw an increase in business ownership, when comparing to the previous year, while the number of White- non-Hispanic-owned firms show a marked decrease! The recent Supreme court decision to get rid of affirmative action is expected to cause another rise in Black and Brown entrepreneurship while simultaneously cause a drop in white women owned businesses and attendance in Ivy league schools as diversity federal dollars and access to diverse students of excellence is curtailed. Many of that brain pool will be captured by HBCU's.

New data show that declines in white youth population are countered by gains in other racial groups, by 2030 it is expected that only a third of US children under 15 will be white. The fact that white children under15 have already become a minority in their age group puts an exclamation point on the fact that the nation’s diversity is percolating from the “bottom up” as the white population ages. This phenomenon, which is projected to continue, emphasizes the

need for institutions that focus on children and young families to proactively accommodate the interests of more racially diverse populations, as the latter will be key players in the country’s demographic and economic future.

Not all parts of the country exhibit a racially diverse under age 15 population. But the pattern has spread significantly. The new census statistics reveal that fully 22 states plus the District of Columbia house a minority white under age 15 population, led by Hawaii, where only 12.6 percent of these children are white according to a Brookings institute 2022 study. The list includes the nation’s four largest states, California, Texas, Florida, and New York. In California, only about 23% of under15-year-olds are white, while over 55% are Hispanic. The Hispanic population share rises to 60% in New Mexico. While in Maryland, Georgia, Alabama, Texas and Mississippi blacks are the dominant nonwhite group Beyond these states, 11 more, including Illinois, Connecticut, Washington, and Colorado house under age 15 populations where racial/ethnic minorities comprise at least 50% of their residents.


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