Black Business Month: History, Facts & Insights

This is an in-depth look at all the must-know facts about Black Business Month (2024) 🗓️ that no one tells you about. Black Business Month is celebrated on August 1st.

Among the information you’ll find below: the history of Black Business Month, activities to do on and how to observe this holiday, as well as fun facts you ought to know about Black Business Month.

📅 What day is Black Business Month 2024?

In 2024, Black Business Month is on Tuesday, August 1st. It is the 1st Tuesday in August; in 2024, it is Thursday. There are until the next observance. You also can see all the exciting details and facts about August 1, 2023, that you might not be aware of.

August is a special month called Black Business Month, which aims to acknowledge and appreciate black-owned businesses across the United States. It is an important time to recognize the significance of these companies in promoting diversity and equality in our country. Denise Moore, the CEO of the Black Business Alliance in Peoria, Illinois, shares her excitement about this month, highlighting the need to address the limited access to resources and opportunities that black entrepreneurs often face.

📜 Black Business Month History

Currently, he is the successful owner of F. E. Jordan Associates Inc., a globally recognized corporation. However, through his own experiences, he has come to realize that black entrepreneurs still face significant challenges. Black Business Month is a month-long celebration dedicated to recognizing and honoring those who defy the odds and strive for fairness in the business world, as well as those who have achieved success despite the obstacles they’ve encountered.

Since the late 1700s, both free and enslaved Black individuals have been establishing their own small businesses, ranging from barbershops to tobacco stores to shoemaking. As freedom gradually expanded, so did the number of black-owned enterprises. This growth led to the period between 1900 and 1930 being known as the “golden age” of black-owned businesses. Segregation further concentrated black-owned areas, such as the renowned Black Wall Street in Tulsa, Oklahoma.

In 1915, the National Negro Business League was formed, providing widespread support for African-American entrepreneurship. The league expanded its reach to over 34 states, fostering a favorable environment for black-owned enterprises. Fast forward to 2002, and black individuals controlled 1.2 million of the 23 million businesses in the United States, generating an impressive $150 billion in sales. These numbers indicate a thriving and prosperous business community.

✅ Black Business Month Facts

🔖 Unemployment
Throughout history, the rate of unemployment among black individuals has been twice as high compared to that of white individuals.

🔖 Wage disparity affects generations
Black children have a higher probability of experiencing poverty in comparison to white children.

🔖 Ratios matter
Based on a survey, white households have ten times more median wealth compared to black families.

👍 Why Is Black Business Month Important

Black Business Month guarantees that black-owned companies receive the respect and patronage they so greatly deserve, particularly if any are struggling to stay alive. Celebrating black-owned companies encourages more African-Americans to dream big and embark on their own entrepreneurial paths, and we adore the empowerment that gets us one step closer to attaining parity.

Because African-Americans are a minority community, their businesses are more likely to suffer than those owned by whites, maybe because institutional racism is still pervasive in the country, whether latent or overt. Supporting these companies is a way to acknowledge and celebrate the struggle while also supporting black-owned businesses to thrive.

Inclusion and diversity are two words that describe our present generation’s whole zeitgeist. The best thing is that these will never go out of style as we work tirelessly to ensure that institutional racism and prejudice are permanently eradicated. Because black-owned businesses bring in more diversity, it is our responsibility to support them so that all minority communities can be inspired to join the fray and contribute to the nation’s economic and sociological well-being.

🙂 How To Observe Black Business Month

⚡ Try ‘Black Food Fridays’

⚡ Show your support
You can utilize online directories specifically designed for black-owned businesses to easily find and support companies owned by black individuals. Whether you need everyday products or services like automobile maintenance, these directories can connect you with local black-owned businesses. Additionally, you can also explore social media hashtags to discover and follow black-owned companies, contributing to their growth and expanding their reach to a wider audience.

⚡ Read about black entrepreneurship
Look no farther than #BlackFoodFridays on Instagram to join the super-cool trend created by K. J. Kearney, a writer, activist, and innovator from Charleston, South Carolina. The movement’s goal is straightforward: to draw attention to black-owned eateries around the country. The concept is currently being developed into a business, with applications such as “EatOkra” following suit.

📅 When is Black Business Month?

Discover all 🔗 August holidays, including 🔗 Special Interest and other 🔗 Careers holidays.

We will continue to update this page with new information and must-know facts about Black Business Month. So be sure to check back soon.