Black entrepreneurship is so challenging to achieve that Black people ought to be taught about the concept early in life, or at least that is what former “Real Housewives of Atlanta” cast member Cynthia Bailey thinks.
On the latest episode of “The Chris Cuomo Project” podcast, the businesswoman and reality star with a net worth of $2.5 million said Black women face unique situations pursuing a business, NewsNation reported.
“I think it’s important for us to talk about entrepreneurship more in school, like even at an early age. Everyone doesn’t want to be an entrepreneur, everyone can’t be an entrepreneur … but for the people that actually want to, I think that information and that skill set and knowledge should be available to them at a very early age to just start even thinking as an entrepreneur because there’s a lot of responsibility that comes with owning a business,” Bailey told the former CNN anchor on Sept. 27.
Chris Cuomo: Black Women Need Entrepreneurial Help
Agreeing with Bailey’s message, Cuomo said that education plays a role in the equation, adding that the lack of schooling about entrepreneurialism “masks the need for entrepreneurial existence within minority communities.”
“So if it’s hard for Black men, it’s even harder for Black women. And we talk education, but we don’t talk entrepreneurial activity enough. And we see the disparities,” Cuomo said.
Black Business Stats
According to US News, the rate of Black people opening businesses, 30.8 percent, is greater than white people, 10.6 percent, Latinos, 17.1 percent, and Asian people, 17.5 percent.
More than 1.2 million Black businesses were classified as self-employed in February 2022, a subtly increase compared to the 1.1 million Black businesses in February 2020.
Despite the growth in Black businesses, only 2.3 percent of Black-owned businesses employ people, suggesting most of these Black businesses operating are small and might have family and close ones pitching in, according to a 2019 report by the think tank Brookings Institution.
What Inspires Cynthia Bailey
Bailey is a serial entrepreneur. She is the founder of several businesses, including The Bailey Room event space in Atlanta, The Bailey Agency School of Fashion, The Bailey Wine Cellar and the luxury leather accessory collection CB VIOR.
Bailey, who reportedly made $300,000 per season on “RHOA,” said she pursued business to help her family and was inspired by her hard-working mother and grandmother.
“I know that me having the house by platform, my modeling platform, those platforms definitely helped me a little bit more than just any other normal Black woman that’s trying to start a business. That was why it was important for me to make sure I leveraged those platforms … Normally, a regular Black woman would have to pay for marketing and promotion. They would never have that type of worldwide exposure. And I could understand how they would easily get overwhelmed and give up,” Bailey told Cuomo.