WHM - Celebrating Black Women in Business

March is Women’s History Month, a time to honor the women who have broken barriers and opened doors for future generations. This year, we shine a spotlight on Black women in business – past and present – whose innovation and community impact have shaped industries. From the earliest trailblazers who defied the odds of Jim Crow segregation, to contemporary entrepreneurs and CEOs leading global companies, Black women have continually transformed business and uplifted their communities. Their stories are a powerful reminder that today’s successes stand on the shoulders of yesterday’s pioneers (The State of Black Women Entrepreneurship – 2023 Annual Report Annual Report). In this celebratory newsletter, we highlight a few of these remarkable women, pairing historical figures with modern leaders to show how each generation paved the way for the next.

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Madam C. J. Walker (1867–1919) rose from poverty to become one of the wealthiest American women of her time. The daughter of formerly enslaved parents, Walker developed a homemade hair-grower formula that led to a thriving cosmetics business catering to Black women ( Madam CJ Walker - 1st American Female Millionaire - Columbia University Club of New Jersey). Marketing her “Madam Walker’s Wonderful Hair Grower” through trained sales agents, she built a nationwide brand at a time when opportunities for Black female entrepreneurs were virtually nonexistent. Walker used her success to uplift others – she devoted herself to philanthropy, donating generously to Black schools, the YMCA, the NAACP, and scholarship funds at Tuskegee Institute ( Madam CJ Walker - 1st American Female Millionaire - Columbia University Club of New Jersey). An activist as well as an entrepreneur, she spoke out against lynching and advocated for civil rights. Walker’s business acumen and community spirit laid a foundation for Black women to pursue ambitious goals in business while giving back.

Maggie Lena Walker (1864–1934) was another turn-of-the-century trailblazer who transformed Black business and community life. In 1903, Walker became the first African American woman to charter a bank in the United States (Five Women to Know for American Business Women's Day | Smithsonian Voices | Smithsonian American Women's History Museum Smithsonian Magazine) when she founded the St. Luke Penny Savings Bank in Richmond, Virginia. As the bank’s president – the first Black woman to hold such a role – she focused on empowering her community economically. Walker’s bank offered Black customers mortgages, business loans, and savings accounts at a time when white-owned banks refused their deposits (1903: Maggie Walker - Partnership for Progress) (Who Was Maggie Lena Walker?). She staffed the institution largely with Black women, providing rare career opportunities (Five Women to Know for American Business Women's Day | Smithsonian Voices | Smithsonian American Women's History Museum Smithsonian Magazine). Under her leadership, the bank thrived and later merged into the Consolidated Bank and Trust Company, which became the longest-running Black-owned bank in the country (Five Women to Know for American Business Women's Day | Smithsonian Voices | Smithsonian American Women's History Museum Smithsonian Magazine). Beyond banking, Walker established a newspaper and was active in civic groups, all aimed at uplifting African Americans. Her legacy of financial literacy and community investment would inspire future generations of Black businesswomen in finance.

Oprah Winfrey (born 1954) epitomizes how the groundwork laid by pioneers like Walker and Walker has translated into modern success. Born into poverty in Mississippi, Winfrey broke into television as a news anchor and eventually launched The Oprah Winfrey Show, which became the highest-rated talk show in history. Riding on her show’s popularity, she built a media empire – founding her own production company (Harpo Studios) and later a TV network (OWN). In 2003, Oprah became the first Black woman billionaire (Oprah Winfrey: All the Ways the First Black Female Billionaire Has Made History), a milestone made possible by the trail blazed by women before her. Like Madam C. J. Walker, Winfrey has used her wealth and influence to uplift others: she opened a leadership academy for girls in South Africa and has donated millions to education and disaster relief. Oprah’s career has redefined the possibilities for women of color in media, and she often acknowledges that her success stands on the shoulders of those who came before. A century after Madam C. J. Walker’s era, Oprah’s achievements demonstrate the enduring impact of those early pioneers’ courage and vision.

Mellody Hobson (born 1969) is a contemporary leader in finance whose path reflects Maggie Lena Walker’s legacy of economic empowerment. Hobson rose from modest beginnings – she was raised by a single mother in Chicago – to become president and co-CEO of Ariel Investments, a major investment firm. In 2021 she made history as the first Black woman to chair the board of an S&P 500 company (Starbucks). Much like Maggie Walker, Hobson has long championed financial literacy and inclusion. She is known for speaking about being “color brave” in hiring and investment, and she advocates for teaching personal finance to empower underserved communities. Hobson’s rise as an investing powerhouse and philanthropist (Mellody Hobson, new chair of Starbucks board, touts financial literacy) shows how the door opened by pioneers in banking a century ago has led to greater representation in the highest levels of corporate America. Her leadership, along with that of other Black female executives (such as Ursula Burns, who became the first Black woman CEO of a Fortune 500 company at Xerox in 2009 (Xerox Chairman and CEO Ursula Burns Discusses Leadership and Pushing Past the Status Quo - Wake Forest University School of Business)), underscores the continuing progress from the groundwork laid by women like Maggie Walker.

From the boardrooms to the start-up world, Black women in business today are thriving because of the foundations built by these historical figures. Entrepreneurs like Lisa Price, who founded the beauty brand Carol’s Daughter from her kitchen, or Rihanna, whose Fenty Beauty line became a global success, echo Madam C. J. Walker’s innovative spirit in the beauty industry. Leaders in philanthropy and investing carry forward Maggie Walker’s mission of community uplift – for instance, Mellody Hobson’s colleague Carla Harris at Morgan Stanley has led initiatives to mentor minority-owned businesses, much as Walker mentored women through her bank. Across industries, Black women continue to turn ambition into impact. It’s no surprise that Black women-owned businesses are the fastest-growing segment of entrepreneurs in the United States (The State of Black Women Entrepreneurship – 2023 Annual Report Annual Report), with growth far outpacing the national average. This trend reflects a new generation building on the legacy of those before them, innovating not only to achieve personal success but also to strengthen their communities.

As we celebrate Women’s History Month, the stories of Black women in business – past and present – remind us of the power of perseverance, innovation, and sisterhood. Each pioneer's achievements made it a bit easier for the next woman to dream even bigger. From Madam C. J. Walker’s turn-of-the-century empire to Oprah Winfrey’s multimedia dynasty, from Maggie Walker’s community bank to Mellody Hobson’s boardroom leadership, these women illustrate a rich continuum of excellence. Their journeys inspire today’s entrepreneurs and leaders, and their community-minded values ensure that progress is a rising tide lifting others along the way. This month, we honor their history and look forward to the future trailblazers they are inspiring right now.

Best regards,

Gio