Women, Books and Business Issue No. 3:

Juneteenth

Today is Juneteenth, the day we commemorate the end of slavery in America. June 19, 1865, is when the last of the slaves were told they were free. Juneteenth has been celebrated for years by African Americans, primarily in the South. On January 1, 1980, Juneteenth was recognized as an official state holiday Texas and became a federal holiday on June 17^th, 2021.

 This month’s issue of Women, Books and Business is honoring Juneteenth with articles that focus on Black Women, Black Women-Owned businesses and reviewing a book written by a Black author. We hope you find this issue to be inspiring, informative, and impactful.

Inspiration

“No man knows what he can do until he tries”

- Carter G Woodson

Black Women, Money and Success

Currently Black Women earn the least in wages, according to the 2020 report “The “Double Gap” and the Bottom Line: African American Women’s Wage Gap and Corporate Profits”. Also, approximately two-thirds of the outstanding $1.7 trillion student loan debt are held by Black Women. Given these facts it should come as no surprise that studies show the net worth of a Single Black Woman is $5 and a married or cohabitating Black Woman is $31,500.

Black Women face bias in the workplace on a regular basis, which also comes from another “Double”, the combination of both gender and racial bias. According to the 2021 Leanin.Org and McKinsey & Company Study, Black Women are promoted at a significantly lower rates to manager, are more likely to speak out against bias and discrimination and experience retaliation for doing so. In my opinion, these are the reasons why Black Women spend time doing DEI work in addition to their regular job responsibilities and are more willing to act as mentors and sponsors to other women of color, than any other group.

Even with the deck stacked against Black Women, personal, professional and financial success can still be achieved. The mountain we have to climb may be a little rockier, but the top is still within reach. Here are seven things that can help on the journey to success:

1. Develop unshakeable belief in yourself

2. Decide what success looks like to you

3. Commit to achieving your definition of success

4. Create a short-term and long-term plan to use as a roadmap to success

5. Learn and implement good financial practices to achieve financial security

6. Develop a supportive network of family, friends, mentors and sponsors

7. Master your craft, by committing to continuous learning, as well as personal and professional development

 Remember, the reward of achieving your goals and dreams is well worth the climb.  

Inspiration

“Question yourself, yes, but don’t doubt yourself.

There is a difference”

- Charmaine Wilkerson

_{LEADERSHIP & BUSINESS}

Black Women are the fastest growing group of business owners, and account for 42% of new women-owned business. Approximately 75% of Black Women entrepreneurs have a college degree. However, only 3% of these businesses last more than five years.

 Some of the top reasons Black Women start businesses are because of financial necessity, the under appreciation and utilization of skills at work, and freedom. Many Black Women entrepreneurs work their business part-time in addition to their full-time job, according to a report from the Federal Reserve Bank of Kansas City. Most Black Women-Owned businesses are funded by personal savings, up to 95% based on some studies. Many of these businesses stay small or micro due to lack of funding, and funding is a challenge all business owners face.  

Some of the top challenges Black Women business owners say they face are:

1. Lack of access effective networks (tools and resources)

2. Lack of funding and access to capital

3. Lack of mentorship (guidance and resources)

4. The “Double” bias of race and gender

Here are 7 tips to help you navigate these top challenges:

1. Utilize free and low-cost resources from the SBDC, WBC, SBSD, MBDA, SCORE and the Economic Development Department in your local area

2. Register for one-to-one meetings and mentorship programs offered through the previously mentioned organizations

3. Attend in-person and virtual networking events

4. Open a local business bank account and create a relationship with your banker

5. Attend industry events and join your industry’s association

6. Learn communication, sales, marketing and promotions skills

7. Be committed to creating a successful business so you’re not deterred by challenges

As business owners, Black Women are not looking for handouts. What Black Women business owners want is a hand up to a level playing field. We are highly educated, creative, talented and believe in breaking barriers for our community, as well as others. With access to effective networks, tools and resources we can achieve success. Which is why networks, good mentors and sponsors are an important part of leveling the playing field in business because “we don’t know, what we don’t know”.  

Inspiration

“To soar toward what’s possible, you must leave behind what’s comfortable”

- Cicely Tyson

BOOK OF THE MONTH

“Act Like a Success, Think Like a Success” 

Anyone that knows, or follows, me knows that I believe people should start a business using what they already know. I even have people create lists of their skills, gifts and talents to help them choose a profitable MVB (minimum viable business). In chapter 5 “Not What You’re Paid for, but What You’re Made For” and chapter 6 “Knowing Your Gift and Putting It into the Right Vehicle” Steve Harvey takes you through a deep dive with a series of questions and Success Actions that will definitely help you find your gifts and put you on the path to start using them the right way.

We are reminded, in chapter 11 “There’s No Self-Made Man”, that we will not have to work twice as hard to achieve success if we realize that there are actually people out there that want to help us succeed, and by communicating our wants and collaborating with others we can build something great.  

 As we all know, “No” is a powerful word in any language and can even be a complete sentence. Steve does a great job of showing you just how important it is to say “No” so you can empower yourself, as well as others, and prioritize your focus to achieve your goals and dreams. If you have a problem with saying “No” or are unsure of what you should say “No” to then you’ll want to use “The No Test” on page 187, in chapter 14 “The Power of No”.

I enjoyed reading “Act Like a Success, Think Like a Success” by Steve Harvey, and think you will too. If are ready to discover your gifts and start on the path to achieving your goals and dreams then through reading this book, answering the questions and completing the Success Actions Steve Harvey will help you reignite your passion to achieve success.