7 Reasons Why Being an Entrepreneur of Color is Important

By: Whitney Grinnage-Cassidy

Lebron James is not just a basketball player. If you look past the slam dunks and championship rings, you will see that at the root of Lebron’s work is entrepreneurship.

The Laker star has countless business ventures: from his Nike sneaker line, to starring in Space Jam 2, to — what is arguably most inspiring — his founding of the I Promise School in his hometown of Akron, Ohio. The school, for at-risk youth, sets a foundation for students’ bright futures. Lebron’s Hall of Fame basketball career has inspired players on the court, but entrepreneurship has taken his influence to the next level.

A large part of Lebron’s influence stems from the tremendous difference he is making as a leader in the black community, a model example of the 7 Reasons Why Being an Entrepreneur of Color (EOC) is Important:

1. Closing educational gaps in communities of color

It is no secret that youth of color have limited access to high quality education. EOCs like Lebron understand this lived experience and have the power to close this gap by investing in improving schools.

*Education is not just teaching to the test. Youth of color flourish by learning about life skills in business. Stay tuned for updates from Strategic Solutions founder Nancy Aragbaye about her LeadHERship business education retreat for young women in Nigeria!

2. Closing socioeconomic gaps in communities of color

Similar to educational gaps, the median household income in America is inequitable. Entrepreneurs of color show their communities that it is possible to make a living in their own business ventures if jobs in the broader workforce cannot support them.

3. Job Creation

EOCs don’t just generate income for themselves. Once they build their business and create space for delegating tasks, they can give great jobs to other people of color.

4. Normalized Representation

EOCs inspire the next generation of leaders to change the world. They normalize success for EOCs’ business so that representation becomes much less scarce.

5. Creation by POC for POC (people of color)

There are many products, services, and programs that are specific to the well-being of people of color. When these are produced by EOCs, the quality and integrity of these goods are preserved.

6. Developing trust in businesses

Economic discrimination has caused distrust between big corporations and people of color. EOCs build a relationship of trust with people of similar backgrounds who know that EOCs have their best interest in mind.

7. Rewriting unjust historical narrative

Historically, people of color have faced countless threats to their success. Entrepreneurship is an opportunity for people of color to change lives for themselves and their communities. Building a business as an EOC develops social mobility that people of color have fought to gain for centuries.