Learn how these 5 black solopreneurs got their start and successfully created work on their terms.
I wanted to highlight several of the amazing black solopreneurs I’ve interviewed on our podcast to inspire even more black Americans to consider working for themselves.
According to a recent survey by Guidant Financial, the desire to “be my own boss” was the top motivation for African-Americans to decide to work for themselves.
Starting any business is challenging, but black Americans suffer an embarrassing unfair share of disadvantages including:
- According to a 2016 report by the Center for Global Policy Solutions, America is losing out on 1.1 million businesses owned by people of color, representing a loss of $300 billion to our economy because of persistent systematic racism.
- The average annual sales for a business owned by black women was $27,752 in 2012 according to a Federal Reserve report versus $170,587 for white women.
- Minority-owned businesses with sales of under $500,000 are 3 times more likely to be denied a loan compared to those owned by whites.
- Less than 4% of black-owned businesses have paid employees compared to 20% of white small business owners.
Despite those overwhelming challenges, do you know who is starting businesses faster than anyone else?
Since 2007 the number of businesses started by black women has grown by 164%!
35% of African-American businesses are owned by women, representing the highest ratio of women to men of any demographic.
The stories below share some of the many different ways black Americans are becoming solopreneurs despite the obstacles that stand in their way.
Course Creator Coach
Maya Gaddie helps women design, launch and sell online courses or what she calls their “signature program”.
When she was employed, she was creating online courses and programs for universities. When she started working on her own, she was a tech consultant, helping business owners manage their marketing and sales funnels.
She rolled both of those work experiences together to create her latest business helping others design online courses. Listen to Full Interview
Naval Officer Turned Serial Entrepreneur
Not only is Paul McNeal a serial entrepreneur, he’s a serial super connector!
After retiring from the Defense Threat Reduction Agency, he co-founded a media monitoring service, which eventually generated $2 million in annual sales.
He’s interests lead him to IT consulting, real estate investment and currently, he’s a cryptocurrency advisor. Listen to Full Interview
Personal Branding Coach
Kevin Stimpson says you are going to find your success in what makes you different, not by trying to copy the success of others.
He’s the co-founder of Strive & Grind along with his wife Devona.
They help entrepreneurs and businesses zero on what makes them different as the foundation of their brand. Listen to Full Interview
Mac Conwell is loaded with ideas about how to scratch your entrepreneurial itch! His journey from startup entrepreneur to startup investor is littered with loads of insights about how you can get started on your business idea.
Currently, he’s a fund manager with the Maryland Technology Development Corporation, Mac helps to source, evaluate, and make investments in early-stage startup companies in the state of Maryland. Listen to Full Interview
Personal Finance Coach
Ericka Young is a money coach and founder of Tailor-Made Budgets.
She and her husband were once deeply stuck in debt and then found their way out of it.
Learn how she turned her story about getting unstuck financially too into a thriving coaching business! Listen to Full Interview
As you read and listen to the stories of how these 5 black solopreneurs got their start, take some notes about recurring actions they took as inspiration for actions you can take to create work that works for you!
This article was written with the help of writer and inner peace coach Jordin James.