The Windrush Generation have have left a great legacy for entrepreneurs to build on, writes Asari St Hill
However these business owners have been able to scale while too many of us have not. Examples include ‘Afro’ hairdressers; Black barber shops; Caribbean takeaways; Black nightclubs; sound systems; Black bookshops; and record shops . We know while customers bought from us, they didn’t do so in large enough numbers.
However, in recent years frustration at the lack of opportunities in the workplace has led to increasing numbers moving into self-employment and running their own companies. the first qualitative report about UK black startup founders, working with 60 black founders at the pre-seed stageThey were roughly 50:50 male and female. 88% were self-funded averaging an initial £14,000 and then accessing additional investments averaging £166,000, with 38% from ‘People of Colour’.
There are many other fields you’ll find Black entrepreneurs in such as florists, cake makers, photographers, videographers, drivers, tailors and dressmakers. Plus, Dentists, GPs, Solicitors, Barristers, IT Engineers, Bookkeepers and Accountants. This is great news as these Black-owned businesses have income from a much broader base, leading to more stable cash flow and therefore, longer term viability.