As we continue to celebrate Black History Month, we want to shine the light on entrepreneurs who have defied the odds and given hope to millions of Americans with their innovation, ingenuity, perseverance, and humility.
Notably, over the last few decades, we have seen the visibility in the number of Black Entrepreneurs increase in the areas of business, science, medicine, technology, healthcare, entertainment, and manufacturing. To continue in that vein, we are highlighting those who have paved the way:
Fact # 1: There are black American billionaires
Oprah is one of the most coveted black billionaires. But, did you know that there are actually two other black Billionaires?
According to Forbes, Robert Smith is the second- richest African American with a net worth of $2.5 billion. Robert Smith is the founder and CEO of Vista Equity Partners, a multibillion-dollar venture capitalist and wealth management firm.
David Steward is the third richest black American according to Bloomberg. His company, the World Wide Technology is valued at $9.4 billion as of 2016.
Fact # 2: Black millionaires make majority of their fortune in real estate
Outside of the entertainment and sports industry, black Americans are thriving in the real estate market. According to Harvard Business Review, most of the notable millionaires hold up to 41% of their asset in real estate.
This explains why most black entrepreneurs like Quintin Primo III with a net worth of $300M, ran successful real estate firms both overseas and America. Don Peebles, the founder, and CEO of Peebles Corp, has one of the largest black-owned real estate development company in the country.
Other notable people who have invested their portfolio in real estate include Ulysses Bridgeman Jr, Herman J Russell, Janice Bryant, Victor MacFarlane.
Fact # 3: There are 350,000 black millionaires in America
According to Dennis Kimbro, author of the Wealth Choice: Success Secrets of Black Millionaires, there are 350,000 black millionaires. And that number has steadily increased year after year. In his book, he states that the number of black millionaires will only continue to increase since black entrepreneur develops an entrepreneurial mindset.
Fact # 4: Noteworthy books on entrepreneurship written by black millionaires
Amazon should be on your “hit list”, as there are several books written by black millionaires that focus on entrepreneurship and wealth management. Here are a few we thought you may want to consider as you continue to build your empire.
The Brand Within by Daymond John.
Success Never Smelled So Sweet: How I Followed My Nose and Found Passion by Lisa Rise.
Why Should White Guys Have All the Fun: How Reginald Lewis Created A Billion-Dollar Business Empires by Reginald Lewis
How To Succeed in Business Without Being White: Straight Talk On Making It American by Earl G. Graves
The Man From Essence: Creating A Magazine for Black Woman by Edward Lewis
Doing Business by the Good Book: Fifty-Two Lessons on Success Straight from the Bible by David Steward
The Art of Work: How to Make Work, Work for You! By Janice Bryant Howroyd
Fact # 5: Black-Owned magazines specifically geared towards entrepreneurship and professional development
Are you the continuous improvement type? Here are 3 magazines created to inspire and offer you tools for success. But most importantly, they also give guidance on how to spearhead any business and thrive in any complex business environment.
Black Enterprise- this magazine offers premier business advice, investing, and wealth-building resource for black Americans.”
The Network Journal- the magazine’s pride itself in offering information for black professionals and business owners.
Black Business News – It is published by the Black Business Association (BBA), in California. The main goal of this magazine is to support black business in the country.
Fact # 6: Black Entrepreneurs Rock
We need to be celebrating our businesses EVERY day by sharing our talent, knowledge, resources, and wisdom. We go the extra mile so that our families can eat and we can pursue our dreams. We are finding our voice and steadily rising against all odds. We are visionaries, movers, shakers, innovators, creators, makers, and believers. Simply put — We Rock!
Do You Feel Inspired?
Entrepreneurship may look like a long journey, paved with difficulties and uncertainties, but counter that with a collaborative community that believes in your vision and dreams. Look in your community for inspiration, support, and talent.