She Left Her PhD To Launch A Finance Startup That’s Now Worth 7 Figures: Meet The Black Women Entrepreneurs Killing It
The face of female entrepreneurship overall is becoming less white. Black women represent 42% of new women-owned businesses—three times their share of the female population—and 36% of all Black-owned employer businesses.
Majority Black women-owned firms grew 67% from 2007 to 2012, compared to 27% for all women, and 50% from 2014 to 2019, representing the highest growth rate of any female demographic during that time frame.
But there are deep inequities in access to the financial resources needed to create businesses that become sustainable, which is widely recognized as past the five-year mark which is why when we look at the unicorns, or the ventures getting the big funding we don’t see many Black women.
We’re not going to bore you with the stats you already know. Instead, we’re going to offer a sense of inspiration to remind you – it’s possible.
Meet 3 Black Women Entrepreneurs Who Raised Millions In Their 20s
Sevetri Wilson
When previously describing her younger self Sevetri Wilson told Forbes she was a “triple threat, and not in a good way.” She’s referring to being a young, Black, female entrepreneur—especially one in the field of tech—and the many challenges that have come with the intersection of those identities.
But despite the hurdles, she prevailed. At 22, she built a 7-figure company with zero capital. She even wrote a book about it called “Solid Ground: How I Built a 7-Figure Company at 22 with Zero Capital”, which outlines her journey and lessons learned.
When previously asked about her challenges, she said: “One of the biggest obstacles I’ve had to overcome on my founder journey has been accessing the right resources at the right time. We often talk about raising capital which is one of the resources that I needed for my startup and I could talk days on how challenging raising $11M was for what is now Resilia, but it’s also about accessing the right people and resources that can help you grow your company.
“This can be hiring, this can be getting an introduction to a key customer, whatever it is accessing the right resources has always been an obstacle as I’m sure it is for many. Thus, I’m always strategizing about ways to break through barriers and to overcome any obstacle that is holding me back or preventing the company from growth.”
Sheneya Wilson
After a client complimented her skill at making complex financial topics easy to understand, Wilson branded herself “The People’s CPA.” She left her large accounting firm in New York City to found her own accounting firm, Fola Financial, in 2017 to aid local small businesses and entrepreneurs. She says the financial services she provides have saved her more than 500 clients an average of $30,000 per year.
Her business is now earning seven figures.
“Sometimes I randomly think…wow I really left a whole Ph.D. program halfway through just to focus on growing my business,” Sheneya wrote on LinkedIn.
She adds, “Please never let a job title, a degree, or a person be the factor that stands in the at between you and pursuing your dream. Those things will always be there. But your time and opportunities are not so secure. You never know what is waiting for you on the other side. Be a risk-taker and do it with confidence.”
Ellie Diop
Ellie Diop, a single mom of four, was laid off from her job in 2019. After applying to over 50 jobs, she decided to take matters into her own hands.
Ellie used her $1,200 stimulus check to invest in her coaching business. Since launching her business, she’s earned over $2 million in revenue, according to Business Insider.
“I leveraged my experience in the corporate world to get started,” Diop told Business Insider. “I spent 45 days scrolling through Instagram every day, researching, following hashtags, before making my first post. It is important to look at who is having success in the field, analyze what they are doing that is working, and identify which needs they are not meeting.”
