Successful Black Entrepreneurs

Learn about the successes of Black entrepreneurs through a collection of unique case studies

Successful Black Entrepreneurs is an insightful collection of Harvard Business School case studies about Black entrepreneurs succeeding in a variety of industries and through different routes, including start-ups, franchising, and acquisitions. The book also recognizes and celebrates Black entrepreneurial excellence, as it takes the reader through the stages of entrepreneurship, including ideation, raising capital, growing the company, and taking it public. In addition to identifying the positive aspects of Black entrepreneurship, the book also uses data, research, and anecdotes to highlight the challenges faced by Black entrepreneurs, including:

• An inability to access capital from traditional financial institutions like banks and private equity firms
• The requirement to practice “racial concealment” in the company of White customers in order to achieve success

Perfect for students, aspiring entrepreneurs, and established business leaders, Successful Black Entrepreneurs provides practical perspectives from Black entrepreneurs about what it takes to succeed in business.

Preface vii

Introduction xi

Chapter 1 History of Black Entrepreneurship 1

Chapter 2 Importance of Black Entrepreneurs 37

Chapter 3 Black Start-Up Entrepreneurs 43

Chapter 4 Entrepreneurship Through Acquisitions 75

Chapter 5 Entrepreneurship Through Franchising 125

Chapter 6 Access to Capital for Black Entrepreneurs 157

Chapter 7 Black Turnaround Entrepreneurs 203

Chapter 8 Entrepreneurial Exits: Selling the Company 235

Chapter 9 Black Intrapreneurs 285

Epilogue 311

Appendix 313

Acknowledgments 317

About the Author 321

Index 323

STEVEN S. ROGERS retired from Harvard Business School in 2019 where he was the “MBA Class of 1957 Senior Lecturer” in General Management. He taught Entrepreneurial Finance and his own course, “Black Business Leaders and Entrepreneurship.” He is the author of A Letter to My White Friends and Colleagues.

The road to success for Black entrepreneurs includes unique challenges and obstacles not faced by others. Many of these challenges have a negative impact on Black businesspeople and the broader economy. Despite this, the singular experience of Black entrepreneurs has largely gone unexamined. This book seeks to “right that wrong.” It proudly identifies, recognizes, and celebrates the brilliance of Black entrepreneurs.

In Successful Black Entrepreneurs, celebrated academic and business leader Steven S. Rogers addresses critical topics in Black entrepreneurship, including the difficulty that Black business leaders have in accessing capital from traditional financial institutions like banks and private equity firms. It also explores the concept of racial concealment, in which Black entrepreneurs who sell to white customers hide or minimize aspects of their racial identity. The author discusses the virtual invisibility of successful Black entrepreneurs compared to entertainers and athletes, even as they act as the most prolific private employers for Black people in the United States.

This book, with the use of case studies written by Steven S. Rogers, celebrates Black entrepreneurial excellence, walking the reader through different stages of entrepreneurship, from ideation to raising capital, company growth, and going public. The author also uses data, research, and anecdotes to shed light on the challenges and successes experienced by Black entrepreneurs as they achieved entrepreneurial success through franchising, start-ups, and acquisitions.

An indispensable resource for students, aspiring entrepreneurs, and established business leaders, Successful Black Entrepreneurs offers practical perspectives from Black entrepreneurs on success in business and in life. The book is also a must-read for students and scholars of the Black experience in business.

PRAISE FOR SUCCESSFUL BLACK ENTREPRENEURS

“Successful Black Entrepreneurs provides fundamental insights into how founders can start and grow successful enterprises. The stories of individual entrepreneurs are compelling, well chosen, and illustrate the choices and challenges of Black founders. The lessons and frameworks that Rogers highlights are both profound and nuanced. This book should be on every entrepreneur’s reading list, not just entrepreneurs of color.”

—Paul A. Gompers, Eugene Holman Professor of Business Administration, Harvard Business School

Successful Black Entrepreneurs is an incisive and essential work highlighting the reality of business for Black professionals and outlining effective strategies for success. Comprised largely of an exceptional collection of case studies from Harvard Business School, this book is a unique contribution to the literature on Black entrepreneurship.