EAST ORANGE, N.J., June 17, 2008
Black Women Business Owners Gain Market
They're Diving Into Entrepreneurship, And Increasingly Finding Success
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Play CBS Video Video Entrepreneurs Break Barriers The number of African-American women going into business on their own is steadily increasing. But as Byron Pitts reports, they do so for different reasons than their counterparts.
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A college-educated graphic designer, Dawn Fitch felt like she hit a glass ceiling. But now, after starting her own business, she's all smiles. (CBS)
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Fitch, her sister and two friends started Pooka seven years ago out of her kitchen. They sell natural bath and body products made by hand. (CBS)
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Photo Essay Women Of Power They're monarchs, heads of state, business tycoons and philanthropists and they all wield extraordinary power.
"There is another choice beside corporate America," said Fitch, president of
Between 2002 and 2008, the number of firms owned by African American women increased by 19 percent - twice as fast as all other firms, according to the Center for Women's Business Research. And they generated $29 billion in sales nationwide.
What's driving these women into entrepreneurship?
"There's this disillusion in the corporate world," said Beverly Holmes of the Center for Women's Business Research. "It's the fact that this glass ceiling is still there."
A college-educated graphic designer, Dawn Fitch hit that ceiling.
Fitch, her sister and two friends started Pooka seven years ago out of her kitchen. They sell natural bath and body products made by hand.
"We've done all the marketing, we've done all the selling, the sales, the Web," Fitch said.
How much money we talking about?
"First year, maybe $20,000. Maybe the whole year," she said. "Um, this past year, in '07, we went over half a million dollars in sales. So, yeah, we're very happy."
But when it comes to income, Dawn is an exception.
The average annual revenue for black women business-owners is $37,787, far behind their male counterparts, who earn $107,720 a year - and white women, at $155,000.
Black women in business have shown interest in a dual bottom line: gaining market share - and giving back. Dawn takes time to train students, community and church groups how to become entrepreneurs.
In a competitive world, why give away trade secrets?
"It's definitely important to us," Fitch said. "Because people did help us along the way and what we always say is there's enough for everybody."
Dawn Fitch wouldn't trade the choices she's made.
"Did you smile this much in Corporate America?" Pitts asked.
"No!" she said. "Only on Friday."
Now as the boss she says every day feels like Friday.
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Add a Comment See all 11 Comments
- What do black women need black men for?
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- Meet the one who''''s right for you right now Whether you''''re looking for your soul mate or just a great date ((((+ S e e k m u s l i m . c o m )))))))
will help you find exactly what, and who, you''''re looking for. - Reply to this comment
- Please don''t mention Sharpton ever again.
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- Good to see the gals doing well. There is allot of young talent out there and we will see more and more good things!
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- I HOPE THEY KEEP UP THE GOOD WORK!
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- Good for them. Its always nice to see someone live the American dream. But what about these white women? They blew away the men. Here in California we have preferential treatment toward women and minority owned companies when state contracts are awarded. Obviously white women have been very successful and should be removed from that list.
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- To each his own. I''d never start my own business. Not in a zillion years. If you don''t have the passion & drive, I don''t think you''re going to succeed.
Black women are trying to move up & succeed. A lot of them are going to university these days. Too bad more young black men aren''t doing the same thing. We''d have a lot less problems. - Reply to this comment
- This was a nice story...but I bet the negative posters will be crawling out from under their rocks soon.
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- Good for them. To ''walk away'' from a steady paycheck to follow their passions and desires and stick with it is an admirable characteristic.
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- Bravo! I''d like to see more of these stories with in-depth coverage! As a small business owner who once worked for a Fortune 100 company, I am satisfied financially and personally with the decision I made to build my consulting practice 10 years ago.
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- libsluv2spit - where do you get off? Really, are you human or just a snake who has learned to write. How in your sick mind does Al Sharpton fit into this story. Your racism, obviously, knows now bound.
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The road ahead in Afghanistan, and the crucial decision Obama faces.
