My Visit to Washington DC: A Conversation with the Congressional Black Caucus on the State of Black Business and Entrepreneurship

Last week, I had the honor of being invited to Washington, D.C., to meet with the CONGRESSIONAL BLACK CAUCUS. The focus of our discussion was the state of Black business and entrepreneurship. I was part of a group of successful entrepreneurs who have navigated the corporate and government sectors, each of us bringing our unique stories of success and challenge. Jackie P. , thank you for the invite and for continuing advocacy with #Boost!

The Journey to Success

People often ask why I have been so successful, and there's no single answer. Is it my MBA? My time spent in corporate America, volunteering as much as possible to learn about the business world? The fact that I became a vice president and began developing new and innovative verticals?

Perhaps it’s because I lost my mother at a young age, burying myself in work and refusing to look up until I achieved success. Or maybe it's the bonus children I gained through my husband that made me realize the impact of raising a family and fearing failure. My father, an entrepreneur, struggled with his business, and I saw firsthand the ups and downs. My husband, a serial entrepreneur, stood by my side and encouraged me to do for my company what I had done for others.

It could be my network, mentors, and partners who guided me. More likely, it's a combination of all these factors. My success is atypical in the Black business community, only 1% of black-owned businesses ever surpass $10M.

The Disparity in Opportunities

It’s disheartening to hear individuals claim that Black people do not need special assistance while simultaneously discouraging us from helping one another. For instance, the controversy surrounding the Fearless Fund highlights this contradiction, where Black financiers are restricted from dedicating funds to Black companies.

Despite making up over 13% of the U.S. population, Black businesses receive less than 1.6% of all contracts in the country (Pew Research Center ) (Pew Research Center ) (World Population Review ). This disparity cannot be ignored, yet we are often asked to overlook these inequities. My success has been largely due to other Black business owners who showed me the way, assisted with contract pricing, and formed partnerships that evolved into long-term friendships.

Advocating for Change

During my visit to Washington DC, I expressed these views to the Congressional Black Caucus. We discussed actionable strategies to enhance entrepreneurship, government contracting, and create opportunities for success.

I am grateful to #EYAccessNetwork for this invitation. It allowed me to share what I believe are essential steps to promoting generational wealth through entrepreneurship. The discussions generated many great ideas, and I left feeling hopeful about the future of Black business in America.

The State of Business in America

The business landscape in America is evolving, with increasing emphasis on diversity and inclusion. According to a report by McKinsey & Company, companies with higher racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians. However, the journey is far from over. Black-owned businesses face systemic barriers, including limited access to capital, discriminatory practices, and a lack of mentorship opportunities.

Moving Forward

To truly foster an environment where Black businesses can thrive, we must address these disparities head-on. This involves policy changes, increased support for minority-owned businesses, and a collective effort to dismantle the barriers that hinder our progress.

My visit to Washington DC reinforced my belief that, through collective action and support, we can create a more equitable business landscape. By sharing our stories and advocating for change, we pave the way for future generations of Black entrepreneurs to achieve success and build generational wealth.