When the playing field is already uneven, such seismic disasters take a far greater toll on Black-owned brands.
The first thing that happened is we sold out of months of inventory within a matter of weeks.
And that is a recession of capital.
That is a recession of the flood of support.
And that is also a recession of just visibility.
Research also supports Youngs theory regarding investors disingenuous, performative support of Black businesses.
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But as widespread attention to BLM dwindled, so did the capital.
The number is the lowest its been since raising $582 million in 2016.
I have friends who have had investors who have ghosted [them].
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The majority of them are eager to receive advice and educational resources to help them run their businesses.
They advised her to scale back and focus on her top-selling merchandise.
In May of this year, the founder sold Body Complete Rxs remaining inventory and decided to close shop.
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Shes taking the time to scale back and focus on her mental health before relaunching.
Challenges arose for the self-funded brand at the height of the pandemic.
In August 2020, nearly 30% of small businessesreporteddomestic supplier delays and 10% experienced foreign supplier delays.
AfroVeda, which launched in 2007, was one of those companies and had to cease production.
Or they just had no inventory at all.
Additionally, At the time that I closed, it wasnt just business-to-customer.
There were beauty supply stores all over the world that were carrying the product.
AfroVeda was able to relaunch last July, resuming production with its hair products.
Its also expanded, adding an education arm to the business that came about during the pandemic.
Rhodes says the ability to pivot has been vital in her journey as an entrepreneur.
Im never allowed to panic because being able to pivot means that you have other options.
And thats one thing I venture to teach my students.
Being an entrepreneur is not a skip through the tulips kind of thing, she tells us.
She also remembers being extra emotional after having her children.
Is she going to talk back?
Is she going to bring out the ghetto?
I hear youre from Brooklyn.
My poor grandmother turned in her grave.
and experienced overwhelming stress amid her business challenges.
I had to learn to disconnect [myself and my business] and give myself grace.
It gives me the courage and confidence to walk into any room and sit at any table.
Its been the year of the woman for a few years now, and it hasnt stopped.
So how do we support Black beauty bosses?
