Renowned individuals, especially adolescent entrepreneurs, have emerged in the realm of entrepreneurship. More than 40 million Black Americans are creating significant waves in many facets of the American economy, despite obstacles including limited capital availability brought on by decades of racial and economic discrimination.
These young businesspeople belong to the group of black businesspeople who are becoming well-known in a variety of industries.
These young business owners concentrated on amazing projects, such as creating beauty brands and offering financial literacy programs.
The most prosperous young businesspeople that attracted our notice in 2023 are listed below.
1. Eleora Ogundare
Eleora Ogundare is the creator of Eleora Beauty Inc., a company motivated by her personal health struggles. Eleora endured a grueling stem cell transplant after being diagnosed with sickle cell anemia at birth. She also received chemotherapy, which resulted in hair loss. For young Eleora, her illness was distressing and a blow to her self-esteem.
“My hair was my confidence because the kids I was around, they had like the long, nice long hair,” Eleora told CBC. Nonetheless, she decided to cut her hair in response to the treatment she was going through.
After a successful course of therapy, Eleora made the decision to use her situation to help others going through similar difficulties. This prompted her to launch the Eleora Beauty line with her mother’s assistance. According to the company’s website, Eleora Beauty focuses in creating hair and beauty products that encourage healthy hair development. “Our products are all-natural and are inspired by a driving desire for men and women alike to express beauty and confidence through strong and healthy hair.”
2. Lena Ford
This year, 13-year-old serial entrepreneur Lena Ford unveiled her most recent initiative, the “Embrace Their Roots Campaign” in Marietta, Georgia.
Through product and resource donations, the initiative seeks to facilitate hair care companies’ collaboration with foster families and homeless shelters. The group also aims to establish a friendly atmosphere that promotes the uptake of African-American hair culture.
“In 2021, there were 214,421 foster parents in the United States, fostering children of all ages, from toddlers to high school age to young adults,” according to Fosterva.
Even with this high amount, a lot more are still needed. More foster parents are expected to enter the system since demand for foster parents is higher than supply.
3. Andy Burton
Culinary prodigy Andy Burton started his entrepreneurial path in 2008 at the age of five, thanks to the support of his mother Doretea Burton. Andy started her first business, selling cookies, as a homeschool project when she was given the duty of starting a business.
Even when he started creating, perfecting, and customizing his mother’s mumbo sauce, he remained loyal to the Andy Factory brand and went on to create his own special sauce, which he dubbed Uncle Andy’s Mambo sauce. At his first fair, his sauce was a hit and sold out in a matter of hours, according to ShoutoutAtlanta.
His mother told him to give the sauce away when people kept asking for more. In order to help Andy overcome his anxiety about starting his own business, his older brother Nyles made the decision to jump on board and join the brand. Nyles currently oversees the brand’s administrative side.
From its commencement, Andy’s business—which began as a tiny project—has seen significant growth and yield, and some well-known cafés and restaurants, such as Ella Ray’s Café in Forestville, Dyvine BBQ in Dumfries, and Foxtrot in the District, have been regular customers. According to him, mambo sauce is one of the DC area’s pre-gentrified treasures, Essence wrote.
4. Rachel Holmes
Black Girls Mean Business is a professional development and networking platform for Black high school girls, founded by Rachel Holmes. When she was still in high school, she began it. The initiative aims to provide Black young girls, between the ages of 14 and 18, a foothold in the business world and the skills and confidence they will need to thrive in their future employment.
According to Metro Silicon Valley, Holmes received recognition as a Prudential Emerging Visionary in February 2022 for her work.