Jennifer Walton had two “big resignations”.
After being promoted to associate vice president of marketing at the Nationwide Retirement Institute, she stepped down in 2021, making a huge impact on her work.
She moved into the public sector and worked as the marketing director for the Central Ohio Department of Transportation. But she said she felt “handcuffed” by her ability to make a difference in the lives of her clients.
After some soul searching, she decided to “bet on herself” and start a company called SKY Nile Consulting, which provides guidance on marketing and brand strategy, as well as diversity, equity and inclusion. Did.
“I wanted flexibility in my life,” said Walton, 38, of Olde Towne East.
“I wanted to maximize my earning potential. I wanted to maximize my talents. I wanted my values to align with my work. , I knew that if I had to check those four boxes, I could only get one for myself.”
Black women starting their own businesses want greater freedom and fulfillment
Walton’s experience reflects the greater propensity of black women to leave corporate America, accelerated by the pandemic. They say they want fulfillment and stability. They also escape discrimination and other barriers in the workplace.
According to American Express’ State of Women-Owned Business Report, between 2014 and 2019, the total number of women-owned businesses increased by 21%.
Women-owned businesses of color grew even faster at 43%.
But black women-owned businesses outperformed all at 50%.
Black women make up 14% of the female population, but account for 42% of women-owned net new businesses.
Additionally, a Harvard Business Review report found that 17% of black women have started or are running a new business compared to 10% of white women and 15% of white men.
Deonna Barnett said her company, Aventi Enterprises, which helps small businesses grow, has seen an increase in black female clients.
“They are away[from their jobs]because they can make more money doing their own work,” said Barnett, the company’s CEO and management consultant. .
“Could do better”
Research shows that more women have been pushed into entrepreneurship after the pandemic pushed many out of the workforce.
After two years of uncertainty, they aren’t afraid to quit a job that doesn’t meet their needs. In fact, according to LeanIn.org and her McKinsey & Company “Women in the Workplace” report, female leaders are leaving their employers at an unprecedented rate. For every director-level woman promoted, two female directors leave.
They cite lack of progress. For example, 1 in 4 of her executive executives are women and 1 in 20 are women of color. And for every 100 men promoted to manager, 58 black women are promoted.
Additionally, the latest census data shows that full-time and part-time black female workers will earn 64 cents for every dollar earned by white men in 2021.
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For Tenesha Hartgrove, the decision to quit her full-time job at her accounting firm in January wasn’t about getting a promotion or making more money, but more about using her skills.
As a senior tax accountant, she was limited to dealing with taxes, but wanted to help people, especially entrepreneurs, with financial statements and other services.
“I felt like I could offer more than I could really offer in my previous job,” said Hartgrove, 43, of Grandview, who now runs Ncrease Financial Services from home. “I felt more capable.”
Despite having a number of certifications, Hartgrove initially felt he didn’t know enough to start his own business.
But then she saw people giving wrong tax advice online during the pandemic.
“I know I can do better than some of the ones I’ve seen,” she said. I definitely felt I could do it.”
Research shows that black women deal with imposter syndrome. This is often triggered by the experience of microaggressions at work. A study by LeanIn.org found that black women are more likely to be tested for judgment and competence in the workplace.
Walton said, “I can’t see anything when an idea is said, and I feel for years and years when I see someone else saying the same thing and everyone applauds.” said.
Black Woman-Owned Businesses: Fast-Growing, Slow-Evolving
Despite the rapid growth rates of black women-owned businesses, research shows that they have relatively low returns due to lack of access to capital. Harvard Her Business Her review found that 61% of black women self-finance their startups, despite having lower household incomes than white women.
Entrepreneur Vangela Burns said she has struggled to apply for funding since starting her own electric company, Wireman Electric, during the pandemic.
Burns, 58, of Canal Winchester, who left his job as project manager at The Ohio State University Wexner Medical Center, said: “It’s really frustrating. Now I took time away from my business to apply for this. I feel like I’m in the rat race.”
Barnes said she’s been offered more business than she can take on.
“My family has no property,” she said. “I don’t have an aunt or uncle I can call[to get a loan]. It’s a constant battle. I spent a lot of retirement money to get things started. ) She needs two trucks.”
Barnett said he has clients who face similar obstacles.
“Racism runs deep in everything,” she said. I’ve gone through it with a few clients who had high credit scores, cash in the bank, and contracts, and the bankers were still telling them no. ”
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Still, she said there are other financial resources available. It’s about knowing where to look.
“Many clients come to us and say, ‘I’ve never heard of that,’ or, ‘I didn’t know you could do that.’ Our goal is to show you what’s possible. Please find a way to verify that you have access.”
She also expects more black women to leave their employers.
“There will be quite a few Black women trying to start businesses that inspire others,” she said.Own something and go back. ”
@miss_ethompson