In recent years, entrepreneurship has been a powerful tool for Black women to counter systemic challenges, especially during and after the COVID-19 pandemic. For many, entrepreneurship is not just a business venture but a form of economic self-reliance and community empowerment. Black women, who have historically been underrepresented in traditional corporate spaces, are finding new ways to create their own lanes, turning adversity into opportunity.
Dr. Lakeysha Hallmon, founder of The Village Market, is a prime example. Her business incubator has supported hundreds of Black-owned businesses, particularly during the pandemic, when many faced closures and setbacks. Dr. Hallmon’s initiative has driven over $6 million in revenue for Black entrepreneurs in just a few years. She emphasizes that Black women can create sustainable businesses that not only survive but thrive, even in tough economic conditions.
The pandemic served as both a challenge and an opportunity for many. As people were laid off or furloughed, Black women used the time to launch businesses that aligned with their passions. In 2021, Black women accounted for 42% of all new women-owned businesses in the U.S., according to a report from the State of Women-Owned Businesses.
In an economy where systemic barriers persist, entrepreneurship has become a way for Black women to gain independence and create generational wealth. Many have entered industries like beauty, wellness, and tech, with platforms such as Shoppe Black promoting their ventures and helping to build a robust ecosystem of Black business ownership.
As more Black women build successful businesses, they also inspire the next generation of entrepreneurs, creating a ripple effect that can reshape entire industries.
Sources: