Five Keys To The Success Of Black-Owned Businesses

America’s 3.12 million Black-owned businesses generate $206 billion in annual revenue and support 3.56 million U.S. jobs, according to a new Brookings Institute report entitled Black-Owned Businesses in U.S. Cities: The Challenges, Solutions, and Opportunities for Prosperity. Many successful Black entrepreneurs are household names. Jay-Z, built upon his success as a hip-hop artist by launching commercial ventures, including Rocawear, a hip hop clothing brand founded in 1999 with Damon Dash, his co-founder in Roc-A-Fella Records, and Roc Nation, a multi-disciplinary entertainment agency in 2008. Based on his business success, Jay-Z has achieved billionaire status. BIRMINGHAM, ENGLAND — Jay Z performs at NIA Arena on October 8, 2013 in Birmingham, England. (Photo … [+] by Ollie Millington/WireImage) WireImage Other moguls have parlayed their entertainment success into highly profitable business ventures. Oprah Winfrey (OWN Network) is worth an estimated $2.5 billion. Sean “P. Diddy” Combs runs Combs Enterprises, which oversees brands involved with spirits, entertainment, fashion, fragrance, marketing, and music. By 2019, he had an estimated net worth of $740 million. Grammy winner Rihanna founded Fenty Beauty, which raked in $570 million in profit in only 15 months after its launch. The company creates products for different skin types and tones. Cathy...