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Power has its Price

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Many of today’s most influential business founders are of African American heritage. In observance of Black History Month, Entrepreneur is celebrating the drive, accomplishments and contributions of all trailblazing, record-breaking black entrepreneurs.

They’re men and women who have built empires across industries, inspired millions and supported the next generation of black founders striving to make it big.

Click through the slideshow to reflect on the work and achievements of some of the nation’s most successful and celebrated African American entrepreneurs.

Related video: Daymond John Shares How to Grow Personally and Professionally Through Business

Paul Drinkwater | NBCU | Getty Images

Oprah Winfrey

Winfrey was famously fired early in her career from a television news anchor job at Baltimore’s WJZ-TV. Her boss labeled her “unfit for television news.”

However, she persevered and proved this characterization wrong. She went on to host and produce her own talk show, The Oprah Winfrey Show, and become the chairman and CEO of Harpo, Inc. She later launched a magazine, O, and TV network, OWN.

Related: 10 Powerful Quotes From Oprah, 'The Queen of All Media'

Today, Winfrey splits time as a philanthropist, 60 Minutes contributor, actor (with a leading role in the upcoming film A Wrinkle in Time) and brand ambassador for Weight Watchers -- she owns a 10 percent stake in the weight loss company.

Her net worth as of Feb. 15, 2018, is $2.8 billion, according to Forbes, making her the richest black American.

Johnny Louis | Getty Images

Daymond John

Multi-millionaire marketing mogul and ABC Shark Tank investor can also teach up-and-coming entrepreneurs something about perseverance. He launched his clothing line, Fubu, in 1989, and over the next few years, he had to close the business three times as he learned the ropes of entrepreneurship. He also worked at Red Lobster during Fubu’s first six years.

Fubu reportedly was not John’s initial venture. He sold customized pencils to peers in his first grade class. It was in his late teens that he came up with the idea to start an apparel company, and his mom taught him how to sew and eventually mortgaged her home a second time to support the venture.

In addition to being a prominent investor and the CEO of Fubu, John is also the founder and CEO of Blueprint + Co., a coworking space in Midtown Manhattan, as well as The Shark Group, a brand management consultancy.

Various sources estimate that John has a net worth of $250 million.

 
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Michael Jordan

The legendary basketball player who formerly played for the Chicago Bulls is a brand in and of himself. As a teenager, coaches rejected Jordan from teams for being too short, despite his persistent interest in the sport. He went on to play 15 seasons in the NBA.

Today, Nike’s Air Jordan line, or Jordan brand, named after the star athlete, is a billion-dollar business known for its coveted sneakers. Jordan has also earned several brand partnership and endorsement deals throughout his career, serving as a spokesperson Coca-Cola, Chevrolet, Gatorade, McDonald’s and more. Additionally, he’s the majority owner of the Charlotte Hornets basketball team and a minority owner of the Miami Marlins baseball team.

Related: 30 Legendary Athletes Who Became Business All-Stars

In December 2017, the NBA Hall of Fame member became the world’s highest-paid athlete to date by Forbes. As of Feb. 15, 2018, Forbes reports that Jordan has a net worth of $1.65 billion.

Drew Angerer & Simon Bruty | Getty Images

Robert L. Johnson & Sheila Johnson

Johnson, the founder of Black Entertainment Television, or the BET network, shares the title of America’s first black billionaire with his ex-wife, Sheila. The former couple became billionaires when they sold BET to Viacom for $2.9 billion in 2001. Nine years earlier, BET went public and was the first African-American-owned company to be traded on the New York Stock Exchange.

Since then, Robert and Sheila have achieved various other entrepreneurial milestones. In 2003, Johnson became the first African-American to be the majority owner of a professional sports team, the Charlotte Bobcats NBA basketball team. Meanwhile, Sheila was the African-American woman to be a part owner of three professional sports teams -- the Mystics (WNBA), the Wizards (NBA) and the Capitals (NHL).

Related: 5 Things You Should Know About America's First African-American Billionaires

Robert has also founded an investment firm, a digital content distributor and an on-demand video streaming subscription service, and Sheila has launched and led a resort chain, a film festival and a venture capital firm.

Larry French | Getty Images

Janice Bryant Howroyd

The founder and CEO Act 1 Group, an employment agency and consultancy, is the first African-American woman to operate a company that brings in upwards of $1 billion in annual revenue.

She moved to Los Angeles from her hometown of Tarboro, N.C., in 1976 with just $900 to her name, according to The Los Angeles Times. Two years later, she founded Act 1 despite not even owning a fax machine -- just a phone. She grew the company through word of mouth, and by adding new types of services based on client needs.

In an interview with CNBC, Howroyd said, “being the first African American woman to achieve anything in 2016 is not an accomplishment. … While I accept that applause with all the gratitude I can muster, the best thing I can be applauded for is simply being a woman building a great business.”

 
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Sean ‘Diddy’ Combs

Diddy (also known as Puff Daddy or P. Diddy) is known for his Grammy-award-winning album No Way Out, but entrepreneurship preceded his recording fame.

After working his way up to an executive role at Uptown Records, he later launched his own record label, Bad Boy Entertainment, in 1993, and signed major acts such as Notorious B.I.G.

Combs founded apparel line Sean John in 1998, and in 2004, it won the Council of Fashion Designers of America award for Menswear Designer of the Year. In 2014, he launched Revolt, a cable music network. He’s also owned restaurants and appeared in films throughout his career, and he owns half of Ciroc vodka, for which DJ Khaled is a brand partner and spokesman.

Forbes labeled Diddy the richest person in hip-hop in 2017, with an estimated net worth of $820 million.

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Jay-Z and Beyonce

Rapper Jay-Z (Shawn Carter) has founded and run a number of companies, his first being (the now defunct) Roc-A-Fella Records in 1995. He also co-created the urban apparel line Rocawear, the 40/40 club chain of restaurants and later, after serving as the head of Def Jam Records, the Roc Nation label. He’s also the founder of Tidal, a music streaming service, which he co-owns with his wife, Beyoncé Knowles-Carter.

"I'm not a businessman / I'm a business, man," Jay-Z raps on Kanye West’s “Diamonds of Sierra Leone (Remix).” Just behind Diddy, Jay-Z has a net worth of approximately $810 million, according to Forbes.

Related: Want to Be More Like Elon Musk and Beyoncé? Here Is Who They Follow on Twitter.

Beyoncé, in addition to being a multi-platinum recording artist, performer and Tidal co-owner, has had a range of lucrative product endorsements throughout her career. In 2005, she founded a fashion line, House of Deréon, with her mother, Tina Knowles, and in 2014, she launched athleisure line Ivy Park. In 2016, she invested in a watermelon-water company, WTRMLN WTR, and in 2017, Forbes estimated her net worth at $290 million.

Jason LaVeris | Getty Images

Dr. Dre

Andre Young, a.k.a. Dr. Dre, partnered with Jimmy Iovine in 2008 to release Beats by Dre headphones. The brand scored collaborations and endorsement deals with various artists, athletes and designers, expanded its product line to include earbuds, speakers and a music streaming service and was acquired by Apple for $3 billion in 2014. It’s now known as Beats Electronics, and Beats Music morphed into Apple Music. At the time of the Apple deal, Dre reportedly surpassed Diddy to become the richest person in hip-hop.

Prior to that, Dre began his musical career as a member of N.W.A. and performed solo as well. He co-created Death Row Records, which put out albums including Snoop Dogg's Doggystyle and 2Pac's All Eyez On Me, then founded Aftermath and partnered with Iovine on Interscope Records, which signed Eminem. Interscope became part of Universal Music, and people dubbed Universal “the house that Dre built” because of the value and talent Interscope brought to the business.

 
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Madam C.J. Walker

Born Sarah Breedlove, Madam C.J. Walker (1867–1919) became one of the first American women to become a millionaire when she formed a business around a product she made for African-American hair care. The invention was based on a personal need: Walker suffered from hair loss due to a scalp condition.

With her husband, she traveled around the country promoting her products through a series of lectures and demos of what they called the “Walker Method” of hair care. (The couple later divorced.)

As the business grew, she expanded into cosmetics and cosmetology with the establishment of Madam C.J. Walker Laboratories. The beauticians trained there, called "Walker Agents," became well known throughout the black communities of the United States.

Toward the end of her life, Walker also traveled around the Caribbean and Latin America promoting her business and donated part of her wealth to charitable initiatives.

Martin Rose | Bongarts | Getty Images

George Foreman

Former professional boxer George Foreman earned the title of oldest heavyweight champion of the world in 1994 at age 45.

He went on to help train his son, George “Monk” Foreman III, as a boxer, and when Monk established a gym brand, Everybody Fights, Foreman Sr. invested. Later, he and his son co-founded a boxing promotion company, Foreman Boys. In March 2016, Foreman founded George Foreman’s Butcher Shop.

Then, of course, there’s the George Foreman grill. Foreman has said the idea came from a hallucination he had after Muhammad Ali knocked him out during a match.

The manufacturer of the Foreman Grill, Salton, Inc., paid Foreman $137.5 million in 1999 for the rights to Foreman’s name and image. Today, estimates put his net worth at $300 million.

President Donald Trump Indicted

New York

(BBR) -  On March 31, 2023, news broke that former United States President Donald Trump had been indicted by a Manhattan grand jury on more than 30 counts related to business fraud. This is a significant development in the ongoing legal battles that Trump has faced since leaving office, and it could have major implications for his political future.

The charges against Trump reportedly stem from his time as a real estate developer and businessman in New York City. According to sources close to the investigation, the grand jury has been examining Trump's financial dealings for several years, and they have gathered extensive evidence of wrongdoing.

Among the charges reportedly included in the indictment are fraud, tax evasion, money laundering, and racketeering. The exact details of the charges have not been made public yet, as the indictment is still under seal, but sources say that they are based on a variety of alleged criminal activities that Trump engaged in over the course of several decades.

For Trump, this indictment represents a serious threat to his political and personal legacy. He has long portrayed himself as a successful businessman and dealmaker, and his reputation in those areas has been a key part of his appeal to his supporters. But if he is found guilty of these charges, it could undermine that image and expose him as a fraudster who used his wealth and power to enrich himself at the expense of others.

Moreover, if Trump is convicted, he could face significant legal penalties, including fines, forfeiture of assets, and potentially even imprisonment. This would be a stunning fall from grace for a man who once held the most powerful office in the world, and it could have long-term consequences for the Republican Party, which has largely aligned itself with Trump and his policies in recent years.

Of course, it's important to note that Trump is innocent until proven guilty, and he has denied any wrongdoing in relation to these charges. His lawyers have said that they will fight the indictment vigorously and that they believe the charges are politically motivated.

But regardless of the outcome of the legal proceedings, this indictment is a reminder of the legal and ethical challenges that Trump has faced throughout his career. From the Trump University scandal to the ongoing investigations into his business dealings, Trump has consistently been accused of engaging in unethical and possibly illegal behavior.

Whether or not he is ultimately found guilty of these charges, it is clear that Donald Trump's legacy is now inextricably linked to his legal troubles. And as the legal process plays out, it will be interesting to see how this indictment affects Trump's political future and his standing in the eyes of the American public.

Eric Adams, the Mayor of New York City

New York

(BBR) New York - Eric Adams, the Mayor of New York City, is a leader with a compelling story. Born in Brooklyn and raised in Queens, Adams spent more than two decades as a police officer, rising through the ranks to become a captain before retiring in 2006. He then entered politics, serving in the New York State Senate for eight years before being elected Brooklyn Borough President in 2013. Now, as the city's mayor, Adams brings his unique perspective and experience to one of the most challenging jobs in America.

Adams' life has been shaped by both personal and professional struggles. As a child, he witnessed his mother being beaten by his father and later suffered from dyslexia, which made school difficult. Despite these obstacles, he found his calling in law enforcement, driven by a desire to help his community and protect the vulnerable. During his time on the force, he experienced racism and corruption firsthand, and he became a vocal advocate for reform.

As mayor, Adams has promised to tackle some of the city's most pressing issues, including crime, homelessness, and economic inequality. He has proposed a number of innovative solutions, such as using vacant hotels to house the homeless and creating a new police unit to address mental health crises. He has also pledged to focus on improving education, expanding affordable housing, and investing in infrastructure.

Adams' approach to leadership is both pragmatic and visionary. He is committed to data-driven decision making, but also understands the importance of empathy and community engagement. He has a clear vision for the future of New York City, one that is inclusive, sustainable, and equitable. He has called for a "people's budget" that prioritizes the needs of working-class New Yorkers, and he has pledged to create a more transparent and accountable government.

Throughout his career, Adams has been a champion for social justice and equality. He has spoken out against police brutality and racism, and he has been a vocal advocate for LGBTQ+ rights. He has also been a leader in the fight against food insecurity, launching a program to provide healthy meals to New Yorkers in need.

Adams' leadership is grounded in his deep connection to the people of New York City. He is a passionate advocate for the working-class families who make up the heart of the city, and he has a clear understanding of their needs and concerns. He is committed to building a more just and equitable society, and he has the experience, vision, and determination to make it happen.

In a time of great uncertainty and division, Eric Adams represents a beacon of hope for New York City. His leadership is bold, compassionate, and effective, and he has the ability to bring people together to solve even the most complex problems. As the city emerges from the challenges of the past year, there is no one better suited to lead it into a brighter future.

Lamar Jackson and the Ravens highest Paid NFL Quarterback

Baltimore

(BBR) The Baltimore Ravens agreed in principle with Lamar Jackson on a five-year deal Thursday, making their star quarterback the highest-paid player in NFL history.

The Ravens and Jackson agreed on a $260 million, five-year deal with $185 million in guaranteed money, a person familiar with the terms told The Associated Press on condition of anonymity because the contract hasn’t been signed.

The deal keeps the 2019 NFL MVP in Baltimore for the foreseeable future and ends a contract negotiation saga that was dominating the team’s offseason. Jackson’s contract tops the $255 million, five-year deal the Philadelphia Eagles gave Jalen Hurts earlier this month. Hurts got $179.3 million in guarantees.

  

Deshaun Watson still has the biggest guaranteed contract in NFL history. The Cleveland Browns gave Watson a five-year, fully-guaranteed $230 million extension last year to waive his no-trade clause and agree to join the team.

The Ravens announced the deal hours before the first round of the NFL draft, and it’s fair to say that in Baltimore at least, this news will overshadow whoever the team might take in the first round.

After playing out his rookie contract, Jackson’s future with the Ravens was in doubt. Baltimore put the franchise tag on Jackson last month, but the Ravens kept expressing confidence that they could reach a long-term agreement with him — even after Jackson made a trade request public.

The Ravens did not disclose contract terms, but their tweet announcing the deal did include a video of Jackson talking.

 

“For the last few months, there’s been a lot of he said, she said, a lot of nail biting, a lot of head scratching going on,” Jackson said. “But for the next five years, it’s a lot of flock going on.”

That was a reference to the term “Ravens Flock” used by the team’s fans.

“Let’s go baby. Let’s go, let’s go,” Jackson added. “Can’t wait to get there, can’t wait to be there. Can’t wait to light up M&T (Bank Stadium) for the next five years, man. Let’s get it.”

Jackson’s deal brings one of the NFL’s biggest offseason stories to a conclusion — right as one of the league’s biggest annual events was about to start. The Ravens can now expect Jackson in the lineup for the first game of the season, without drama about whether he’ll report to camp. They’ve already boosted his wide receiving group by signing Odell Beckham Jr. Baltimore also has a new offensive coordinator after hiring Georgia’s Todd Monken.

 
 

Drafted in 2018, Jackson is already one of six quarterbacks in NFL history with 10,000 yards passing and 4,000 rushing. He’s been hurt at the end of the past two seasons, however. At age 26, his best days could well be ahead of him, and now he’ll remain in a Baltimore uniform.

Jackson, who was negotiating without an agent, stood to make $32.4 million this season if he played on the franchise tag, but that path had potential pitfalls for both sides. Jackson would have risked losing a lot of money long term if he was injured, and even if he stayed healthy, the team might have had an unhappy quarterback on its hands. Jackson’s contract situation didn’t seem too disruptive last offseason, but it took a different turn when he announced in late March that he’d requested a trade a few weeks earlier.

Whether that was out of frustration with the process or an attempt to draw more interest from other teams, Jackson and the Ravens now appear to be very much on the same page.

It’s also an interesting coincidence Jackson’s new contract was announced on draft day. Five years ago, he wasn’t one of the top players taken. Baltimore landed him with the 32nd pick, and he was the fifth quarterback taken. Of the four who went ahead of him, only Buffalo’s Josh Allen has enjoyed success comparable to Jackson. Allen signed a long-term deal with the Bills two offseasons ago.

Harbor Bank of Maryland, Joseph Haskins Jr. has stepped down as CEO

Baltimore

(BBR)  After four decades of dedicated service to the Harbor Bank of Maryland, Joseph Haskins Jr. has stepped down as CEO. As one of the co-founders of the bank, Haskins has played a significant role in establishing the Harbor Bank as the only Black-owned and -managed commercial bank in the state.

While his departure marks the end of an era, the bank has found a capable successor in John Lewis. As the former President and CEO of the Baltimore Development Corporation, Lewis brings with him a wealth of experience and expertise in economic development and community empowerment. He has also served as a member of the Harbor Bank's board of directors for over a decade, making him well-versed in the bank's operations and mission.

(John Lewis is the New CEO of the Harbor Bank of Maryland)

As the new CEO of the Harbor Bank of Maryland, Lewis is committed to continuing the bank's legacy of serving the black business community and promoting economic empowerment. He plans to focus on expanding the bank's reach and impact, developing new products and services to better serve the needs of its customers, and leveraging technology to streamline operations and enhance customer experiences.

In addition, Lewis recognizes the importance of maintaining the bank's role as a leading voice for racial equity and social justice. He has pledged to continue supporting community initiatives and advocating for policies that promote inclusive economic growth and address systemic inequalities.

The Harbor Bank of Maryland has long been a cornerstone of the black business community, providing critical financial services and resources to black-owned businesses and individuals. With John Lewis now at the helm, the bank is poised to continue its important work and build on the strong foundation established by Haskins and his team.

We wish Joseph Haskins Jr. all the best in his future endeavors and thank him for his decades of service and leadership at the Harbor Bank of Maryland. We also congratulate John Lewis on his new role as CEO and look forward to seeing the bank continue to thrive under his capable leadership.

Troy Staton is the founder, director, and CEO of More Than A Shop

Baltimore

(BBR) Troy Staton is the founder, director, and CEO of More Than A Shop, a nonprofit organization that works to promote economic development and entrepreneurship in underserved communities. Troy's passion for community development and social impact has driven him to create innovative programs and initiatives that provide resources and support to individuals and businesses in need. More Than A Shop is a unique organization that operates on a model of collective entrepreneurship, bringing together individuals and businesses to work collaboratively and create shared economic opportunities. The organization provides a range of services, including business training, financial coaching, and access to capital.

  

More Than A Shop has helped hundreds of individuals and businesses to start and grow, providing them with the tools and resources they need to succeed. Troy's vision for More Than A Shop was inspired by his own experiences growing up in an underserved community. He recognized the barriers that many individuals face when trying to start a business or access capital, and he was determined to create a solution that could help bridge that gap. One of the most successful programs at More Than A Shop is their "Shop in a Box" initiative.

 This program provides individuals with all of the tools and resources they need to start their own business, including a physical storefront, inventory, and marketing support. The program has been incredibly successful, helping many individuals to achieve their dream of owning their own business and creating economic opportunities in their communities. Troy's work has not gone unnoticed.

 

He has received numerous awards and recognitions for his leadership and innovation, including the "40 Under 40" award from the Baltimore Business Journal and the "Social Innovator of the Year" award from The Daily Record. Troy's dedication to creating economic opportunities and promoting entrepreneurship in underserved communities has made a significant impact on many individuals and businesses. His work at More Than A Shop serves as an inspiration to others who are passionate about creating positive change and making a difference in their communities.

Dr. Nicole Odom Hardnett of Focus Point Behavioral Health

Houston

 (BBR) Houston - Dr. Nicole Odom Hardnett of Focus Point Behavioral Health announces the launch of her Franchise business opportunity from her Focus Point Behavioral Health headquarters located at 828 Gilford Ave in downtown Baltimore. Dr. Odom-Hardnett (*MBE*WBE*SBE*DBE*WOS) has been nationally and internationally recognized for her meteoric success and business savvy. Her first Focus Point Behavioral Health Center opened in 2017 and now, her successful Behavioral Health Business Model is being launched across America 

If you are a savvy entrepreneur or mental health professional that has a deep desire to own a successful mental health business, be sure to go to www.focuspointfranchising.com and learn more about this opportunity today. The first one hundred applicants on our Franchise Launch List will be invited to Dr. Odom-Hardnett’s “Focus On Success” V.I.P. Business Mixers this March and April. 

Our Franchising Prices are reasonable, and perks include a wraparound support team and help with staffing. If you’re ready to launch a successful business and make a positive impact in your community, go to our franchising website and leave your information today.

For more information, 

Press only: Lauren Thompson This email address is being protected from spambots. You need JavaScript enabled to view it.

Focus Point Behavioral Health franchising www.focuspointfranchising.com

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Eva and Michael have decided to end their marriage

Atlanta

(BBR)  Eva Marcille, the former America's Next Top Model winner and Real Housewives of Atlanta star, recently announced that she and her husband, Michael Sterling, are getting a divorce. The news has come as a shock to fans, who have followed the couple's relationship since they first met in 2017.

Marcille, who was previously known as Eva Pigford, rose to fame as the winner of the third season of America's Next Top Model. She went on to become a successful actress and television personality, appearing on shows such as The Young and the Restless and Real Housewives of Atlanta.

In 2017, Marcille met Michael Sterling, an attorney and former mayoral candidate in Atlanta. The two quickly hit it off and got engaged later that year. They tied the knot in October 2018 and welcomed their first child together, a son named Maverick, in 2019.

However, after just a few years of marriage, Marcille and Sterling have decided to go their separate ways. The news was announced in a statement released by Marcille's publicist, which read in part: "After much thought and consideration, Eva and Michael have decided to end their marriage. They are committed to co-parenting their children and ask for privacy at this time."

The announcement has sparked speculation among fans and media outlets, with many wondering what could have led to the couple's split. Some have pointed to the pressures of being in the public eye, while others have suggested that there may have been issues related to their differing career paths and goals.

Whatever the reason for their divorce, it is clear that Marcille and Sterling are committed to putting their children first and working together as co-parents. In a recent Instagram post, Marcille shared a photo of herself with her children and wrote, "My children are my life and being a mother is the best thing I've ever done."

As for Marcille's future plans, it is unclear what her next steps will be. She has not yet commented on whether she will continue to appear on Real Housewives of Atlanta or pursue other television opportunities. However, her fans are sure to be eagerly watching to see what the future holds for this talented and charismatic star.

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