Tag: Fortune Magazine

Black Women Represent Fastest-Growing Group Of Entrepreneurs In U.S.

Black businesswoman in conference room with co-workers
(Source: Getty Images)

A new report shows that the number of businesses owned by African-American women has grown 332 percent since 1997, according to Fortune magazine.

The recently published study, 2015 State of Women-Owned Businesses Report (pdf), commissioned by American Express Open, shows that the overall number of female-owned businesses grew by 74 percent between 1997 and 2015, which is 1.5 times the national average.

From Fortune:

Women now own 30% of all businesses in the U.S., accounting for some 9.4 million firms. And African American women control 14% of these companies, or an estimated 1.3 million businesses. That figure is larger than the total number of firms owned by all minority women in 1997, the report found.

“The only bright spot in recent years with respect to privately-held company job growth has been among women-owned firms,” according to the report. These businesses have added an estimated 340,000 jobs to the economy since 2007, while employment at companies owned by men (or with equally shared ownership) has declined…

The highest concentrations of black woman-owned businesses are in Georgia, Maryland, and Illinois, but African American women are launching companies in growing numbers across the country. In Detroit, where city leaders, foundations, and even President Obama have promoted entrepreneurship as an economic development tool, a tiny nonprofit is making outsize efforts at helping black women become business owners. Since it was formed in 2012, the Build Institute has graduated nearly 600 students from its eight-week courses, which teach the basics of starting and running a business, including such topics as money management and how to determine your break-even point. Nearly 70% of those students are women, and 60% of them identify as a member of a minority group.

This is a bit of good news that comes at a time when America is awakening from the slumber that has long tried to subjugate women of color in the workplace, and as progress in the so-called post-recession era appears to elude Black women. Congrats, sistas!

article by Lynette Holloway via newsone.com

Xerox’s Ursula Burns, Shonda Rhimes Among ‘Fortune’s 50 Most Powerful Women In Business

Sam's Club CEO Rosalind Brewer
Sam’s Club CEO Rosalind Brewer

Fortune‘s list of the 50 most powerful women in business includes a few women of color, among them Ursula Burns, CEO of Xerox at number 13; Rosalind Brewer, the CEO and president of Sam’s Club, a Wal-Mart company, at number 15; and Shonda Rhimes “Scandal” and Grey’s Anatomy” executive producer at number 50.

The list notes that Burns’ Xerox makes more than half of its $22 billion in revenue from business services other than copying. Madame Noire spoke with Burns, the first African-American woman to lead a Fortune 500 company, this summer before she received the Prism Award for Graphic Communications Management and Technology. “At all levels of leadership, we’re starting to see more and more women and African-American males. We’re just at the start. It’s evolutionary, not revolutionary,” she told us.

Brewer is head of a $56.4 billion company, one of three companies in the Wal-Mart behemoth. Not only is she driving up the numbers for Sam’s Club, which would be a Fortune 500 company on its own, she’s also a board member for Lockheed Martin, a company that also appears on this list of powerful women a couple of times. (Marillyn Hewson, the defense contractor’s CEO and president, is number four on the list.)

TV Powerhouse Shonda Rhimes
TV Powerhouse Shonda Rhimes

And of course we know who Shonda Rhimes is. One of the few women in the entertainment business to appear on the list, Rhimes is also among the youngest at 43 years old. (Marissa Mayer, 38, Yahoo’s CEO at number eight and Marianne Lake, JPMorgan’s 44-year-old CFO at number 49, are a couple of the others.) Not only are Rhimes’ shows – Scandal and Grey’s Anatomy — generating dollars for Disney’s ABC network, Fortune cites her impact on pop culture. In a related story, Rhimes says that the secret sauce for a show like Scandal is hard work. “You’re forced to innovate. There’s no resting on laurels,” she says.

Total aside, but when a fan asked whether Mellie will be given a love interest so that Fitz can see how he would react “to the table being turned,” Rhimes says, “Fitz is Mellie’s love interest.” Gah!

Number one on the list is IBM’s chairman, president and CEO Ginny Rometty who’s been leading the century-old computer company for two years.

article by Tonya Garcia via madamenoire.com