Black people continue to own well-to-do businesses across the world despite the unfair political attacks they tend to face in many jurisdictions.
In the U.S., the more than 40 million black population is doing the same and in effect, generating revenue and creating jobs. This is in spite of challenges such as access to capital due to years of racial and economic discrimination.
It is now even more amazing that black children are learning from their parents and setting up their own businesses. At such young ages, they realize the value of entrepreneurship and have created successful businesses that have earned them a fortune.
The following young entrepreneurs made millions from their businesses before they were adults:
Now 17, Moziah Bridges started his Memphis-based tie company, Mo’s Bows, when he was nine after not finding any cool bowties at a young age to match his clothing. His grandmother, a retired seamstress, would teach him how to cut and sew fabric and soon, with the help of his mother, he built a business with products that aim at making people feel good and dapper. In May 2017, the Mo’s Bows CEO inked a seven-figure, one-year licensing deal with the NBA in May to produce bow ties for all 30 professional basketball teams. His estimated net worth is $1 million, as of March 2019.
The 14-year-old founder and CEO of Me & the Bees Lemonade based in Austin, Texas, U.S. started her company as a lemonade stand at the age of four. She was inspired to start this business after making a product for the Acton’s Children’s Business Fair and was stung by a bee. After her great-grandmother sent her family a recipe book that had a recipe for Flaxseed Lemonade, she became obsessed with bees and their effect on the environment. In 2009, at the age of 4, she started a simple lemonade stand which has since developed into a full-blown family business sold in several food stores in Arkansas, Louisiana, Oklahoma, and Texas. In 2015, Ulmer started supplying Whole Foods with Me & The Bees Lemonade in an $11 million deal.
Ulmer, who was named one of TIME magazine’s most influential teens of 2017 has visited the White House and met former President Barack Obama on several occasions. In 2017, she mentioned that she was writing a children’s book on how to start and grow a business.
Growing up in inner-city Chicago in the 1980s, Gray beat the odds to become history’s youngest self-made millionaire, beyond the field of entertainment, at the age of 14. This was largely made possible by his business ventures that included KIDZTEL pre-paid phone cards, the One Stop Mail Boxes & More franchise, and his radio teen talk show “Youth AM/FM” which discussed issues related to youth entrepreneurship.
In his teens, Gray, who became the youngest person to have an office on Wall Street, was also Executive Producer of a comedy show on the Las Vegas Strip and owner of Farr-Out Foods which generated orders exceeding $1.5 million. Now, at 33, Gray is an inspiration to millions and an international bestselling author.
The founder and CEO of Leanna’s Essentials, a 100% all-natural hair and skincare product line started her business while still in high school, earning her first million by the age of 16 years old. Featured on various publications, including Forbes Magazine and Ebony Magazine, Archer has since become a speaker and philanthropist and has received several honors.
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