Building a Legacy: The 8 Ultimate Reading List for Black Entrepreneurs

Black people represented 14.2% of all Americans but only 2.4%

Building a legacy as a Black entrepreneur requires knowledge, inspiration, and a strong foundation.

Here’s a reading list with 13 books that can help you on your entrepreneurial journey:

“The Black Entrepreneur’s Guide to Success” by Dr. Dante Lee
- This book offers practical advice and strategies for aspiring Black entrepreneurs to overcome challenges and achieve success.
“The Lean Startup” by Eric Ries
- Learn about the principles of lean entrepreneurship and how to build a business with limited resources, which can be especially valuable for minority entrepreneurs.
“Black Titan: A.G. Gaston and the Making of a Black American Millionaire” by Carol Jenkins and Elizabeth Gardner Hines
- Discover the inspiring story of A.G. Gaston, who rose from humble beginnings to become a successful Black entrepreneur.
“The E-Myth Revisited” by Michael E. Gerber
- Learn about the myths and realities of entrepreneurship and how to create a successful, scalable business.
“The Memo: What Women of Color Need to Know to Secure a Seat at the Table” by Minda Harts
- Minda Harts provides insights and strategies for women of color to navigate the corporate world and achieve success.
“Black Fortunes: The Story of the First Six African Americans Who Escaped Slavery and Became Millionaires” by Shomari Wills
- Shomari Wills chronicles the stories of six Black individuals who achieved wealth and success in the post-Civil War era.
“On Her Own Ground: The Life and Times of Madam C.J. Walker” by A’Lelia Bundles
- This biography delves into the life and achievements of Madam C.J. Walker, the first self-made female millionaire in the United States.
“The Wealth Choice: Success Secrets of Black Millionaires” by Dennis Kimbro
- Dennis Kimbro explores the wealth-building strategies and success stories of Black millionaires.
- Explore the traits and behaviors of original thinkers and how they can apply to entrepreneurship.

These books cover a wide range of topics, from entrepreneurship and personal development to the stories of successful Black entrepreneurs.

They can provide valuable insights, motivation, and guidance on your path to building a lasting legacy as a Black entrepreneur.

How to Become an Entrepreneur

Becoming an entrepreneur is an exciting and challenging journey that involves several steps and considerations.

Here’s a guide on how to become an entrepreneur:

Identify Your Passion and Interests: Start by identifying your passions and interests. What do you love to do? What problems are you passionate about solving? Entrepreneurship often begins with a deep interest in a particular area.
Generate Business Ideas: Once you’ve identified your passions, brainstorm business ideas that align with them. Consider the problems you want to solve, the needs you want to address, or the products and services you’d like to create.
Research and Validate Your Idea: Research the market and target audience for your business idea. Is there a demand for your product or service? Who are your competitors? Validate your idea by seeking feedback from potential customers and conducting market research.
Create a Business Plan: Develop a comprehensive business plan that outlines your business goals, target market, marketing strategy, financial projections, and operational plan. A well-thought-out business plan serves as a roadmap for your entrepreneurial journey.
Secure Funding: Determine how you will fund your business. You can use personal savings, seek investments from venture capitalists or angel investors, or explore crowdfunding options. Consider what works best for your business model.
Choose a Business Structure: Decide on the legal structure of your business, such as a sole proprietorship, LLC, corporation, or partnership. Each structure has different implications for taxation, liability, and management.
Register Your Business: Register your business with the appropriate government authorities, obtain any necessary permits or licenses, and comply with local regulations.
Build a Strong Network: Building a network of mentors, advisors, and fellow entrepreneurs can provide valuable insights and support. Attend networking events, join entrepreneurial organizations, and seek guidance from experienced individuals.
Develop Your Product or Service: If you’re creating a product, develop a prototype or minimum viable product (MVP). For service-based businesses, outline your service offerings and pricing structures.
Build a Brand: Create a brand identity, including a business name, logo, and website. Establish a strong online presence and use social media to promote your business.
Launch Your Business: When you’re ready, launch your business and begin offering your product or service to customers. Start marketing and building your customer base.
Manage Finances: Implement sound financial practices to manage your business’s finances effectively. Keep accurate records, create budgets, and manage cash flow.
Adapt and Grow: Stay open to feedback and be willing to adapt. Entrepreneurship involves continuous learning and evolution. Monitor your business’s performance and make adjustments as needed.
Scale Your Business: As your business grows, explore opportunities to scale. This could involve expanding your product line, entering new markets, or increasing your customer base.
Stay Committed and Resilient: Entrepreneurship can be challenging, and there will be obstacles along the way. Maintain a strong commitment to your vision, stay resilient, and be prepared to overcome setbacks.