Business Strategies of Successful Female African American Entrepreneurs

Successful Female African American Entrepreneurs

Black female entrepreneurs have faced a unique set of challenges in the traditional endeavor of finding success in business. They have experienced more difficulties in crowdsourcing and fundraising than any other demographic, and they are still less likely to receive venture capital funding.

Despite facing tough obstacles, successful female African American entrepreneurs are on the rise and know how to utilize tax and bookkeeping strategies for their benefit. The 2012 US Census Bureau survey of businesses showed that 1.5 million companies were owned by female African American entrepreneurs, which accounted for 60% of all businesses owned by African Americans.

Here are a few examples of exemplary African American women who are shattering stereotypes and making a difference in the landscape of business and in the world.

Asmau Ahmed, the Founder of Plum Perfect

Asmau Ahmed is a former chemical engineer who obtained her degree from Columbia University. Recognizing that women, especially women of color, often found it difficult to find the right beauty products for their skin tone, she developed an app called Plum Perfect, which allows users to upload a picture of themselves and be digitally matched with the best products for their skin.

To date, she has raised more than 10 million in capital and is one of only 12 African American women to raise more than a million dollars in business funding. She has been featured in publications such as Self, ABC News and InStyle.

Kimberly Bryant, the Founder of Black Girls Code

As a young girl learning computer coding, Kimberly Bryant often noticed that she was one of only a few people in her class that looked like her. Recognizing that environment has a tremendous impact on learning, she used her past experiences and skills as a computer engineer to form Black Girls Code, which teaches young black girls computer coding and other software programs. So far, her organization has been able to serve over 3000 children.

Shontay Lundy, the Founder of Black Girl Sunscreen

Pinpointing an underserved population, Shontay Lundy saw the need for products that helped to protect darker skin types. Consequently, she was motivated to create a sunscreen line specifically for African Americans. Her sunscreens are paraben-free and have no harmful chemicals.

Unlike most sunscreens on the market, these lotions moisturize and protect while leaving no white residue. Her products have made it easier for African Americans to avoid sunburn while looking fabulous.

Successful African American Entrepreneurs

Jasmine Crowe, CEO and Founder of Goodr

Headquartered in Atlanta, Georgia, Goodr is a food recovery platform that allows businesses to earn a tax deduction by donating food to charitable organizations. Thus also addressing the problem of mass food waste in the US.

Jasmine Crowe developed technology that would facilitate donations by helping businesses track surplus food and measure the financial impact of their donation. Her business has been featured by Forbes, CNBS and Inc. Magazine.

Jessica Matthews, CEO and Founder of Uncharted Power

At 19, Jessica invented the SOCCKET ball, which generates power the more it is played with. By the time she was 26, she became the executive director of a hydropower dam in Nigeria. She has been featured in Forbes' 30 under 30, and Fortune magazine named her one of the 10 most powerful entrepreneurs in 2011.

Successful female African American entrepreneurs have played a large role in strengthening our country and placing emphasis on social justice issues. Here at Fusion CPA, we are proud to support female African American entrepreneurs. We guide business owners through our proven three-phase process to stabilize, analyze and grow their businesses. We look forward to what the future will bring for younger generations.

_________________________

This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.