The Rise Of Black Women Entrepreneurs: Redefining The Business Landscape
The 21Ninety Awards have become a prestigious recognition of Black women entrepreneurs who are redefining the business landscape. This year's Entrepreneur of the Year award was given to three remarkable women who have built businesses that not only cater to the Black community but also set a new standard for excellence.
One of the honorees is Tawana Morris, the founder of Hair So Chic LA, a luxury beauty brand that offers high-quality hair extensions and an exceptional customer experience [1]. Morris launched Hair So Chic LA in 2020, and her business has experienced significant growth, with revenues reaching six figures. Her success can be attributed to her intentional approach to scaling her company, which included learning from her previous business, House of Chic, a clothing boutique.
Morris applied the discipline she gained from managing inventory and finances to her second venture, enabling her to make informed decisions and drive growth. For instance, she initially planned to open a brick-and-mortar salon space but later pivoted to create a private content studio that supports e-commerce growth. This strategic decision allowed her to better serve her customers and expand her business [1]. As Hair So Chic LA continues to evolve, Morris is exploring new product development, including shampoos, conditioners, and hair oils, as well ← →
The rise of Black women in business is a testament to their resilience, determination, and innovative spirit. Despite facing numerous challenges, including limited access to capital, networks, and resources, Black women entrepreneurs have consistently demonstrated their ability to thrive in various industries. According to a report by the National Association of Women Business Owners, Black women are starting businesses at a rate six times faster than the national average [1]. This trend is not only a reflection of their entrepreneurial drive but also a response to the need for greater representation and diversity in the business world.
The growth of Black women-led businesses has significant implications for the economy and society as a whole.
A study by the McKinsey Global Institute found that if Black women-owned businesses were to reach parity with white women-owned businesses in terms of revenue, it could add $280 billion to the US GDP [2]. Black women entrepreneurs are creating jobs, driving innovation, and contributing to the development of their communities.
For example, businesses like CROWN Affair, founded by Courtney Blagrove, offer products and services that cater to the needs of Black women, while also promoting self-love and self-care [3]. The success of Black women in business is also having a ripple effect, inspiring future generations of entrepreneurs and leaders.
Find other details related to this topic: Check hereThe 21Ninety Awards celebrate women who build, lead, and reimagine what is possible. Those making waves in the world of business know ...◌◌◌ ◌ ◌◌◌
