The Power of Community: Why Black Entrepreneurs Day Matters Now More Than Ever
In an exclusive interview with Daymond John, CEO and founder of the iconic global lifestyle brand FUBU, we explored his remarkable journey, his status as a marketing pioneer, and his unwavering dedication to uplifting small businesses and entrepreneurs. With over $6 billion in product sales under his belt, Daymond John has built an empire that continues to inspire countless entrepreneurs, especially through his work on ABC’s Emmy Award-winning show, Shark Tank.
Today, Daymond John is focused on giving back through initiatives like the 5th Annual Black Entrepreneur Day, which has become a beacon of hope for Black business owners. Originally created during the height of the pandemic in 2020, this year the event is moving to the “Capital of Black Entrepreneurship,” Atlanta, Georgia. Here, John and his team will persist in their mission to provide vital resources, mentorship, and grants to Black-owned businesses.
Black Entrepreneur Day: A Beacon of Hope
The inspiration for launching Black Entrepreneur Day emerged from the frustration John observed during the pandemic. “I created this during 2020 when people were burning businesses instead of building them because they had no hope,” John shared. Drawing from his own experiences of disillusionment during the 1992 Rodney King riots, John recognized the transformative power of hope and community. He leveraged his resources and network to create something impactful.
Atlanta isn’t just a city; it’s the heartbeat of Black culture, entrepreneurship, and resilience. When we considered moving Black Entrepreneurs Day from the Apollo, there was no question in our minds—Atlanta is the ‘Black Mecca.’
“I reached out to people like Shaquille O’Neal, LL Cool J, Ice-T, Gabrielle Union, and many others to come forward and share their stories of overcoming challenges and finding success,” he recounted. From that moment, Black Entrepreneur Day began to flourish, attracting major sponsors such as JPMorgan Chase, T-Mobile, and Salesforce. This year’s event will take place at Atlanta’s historic Fox Theatre on November 22, 2024, and will feature notable personalities including Kelly Rowland, Charlamagne Tha God, Flavor Flav, Jordan Chiles, and a live performance from 2 Chainz, among others.
Supporting Black Businesses Through Grants
A standout feature of Black Entrepreneur Day is its grant program, which John spoke about with immense pride. “We’ve issued nearly a million dollars in grants to 40 companies,” he revealed. In partnership with the NAACP, the program provides “free money,” as John emphasized. “This is not a loan. No one is asking for a percentage of your company, and no royalties are involved. It’s money to help you grow your business.”
The grant program also includes mentorship opportunities from John and additional resources from major corporate partners. “Whether it’s T-Mobile for Business, Hilton, or Chase, we offer resources that are crucial to building a strong foundation for your business,” John explained.
Financial Literacy: A Key to Success
When discussing the root causes of business failure, John pointed to a lack of financial literacy as a significant challenge. “The lack of financial literacy is the biggest problem we face,” he stated. His New York Times bestseller, Little Daymond Learns to Earn, aims to tackle this issue by educating children about money management early on.
John believes that understanding financial principles is essential for everyone, not just business owners. “If you’re not taught how money works at six or seven, by the time you’re 18 and can borrow $700,000 in debt, how will you pay it off?” This vital message is conveyed through his books and the mentorship he offers to aspiring entrepreneurs.
Daymond John’s Top Tips for Black Entrepreneurs
In today’s dynamic economy, John shared three critical pieces of advice for Black entrepreneurs:
- Build a Solid Business Structure: “Understand your accounting, taxes, and legal frameworks. You need to know if your website URL is secured and if your social media handle is trademarked.”
- Obsess Over Your Customers: “This business is about service. Entrepreneurs should wake up every day thinking about how to provide value to their customers.”
- Leverage OPM (Other People’s Marketing): “Collaboration is key. Don’t just focus on other people’s money. Work with others to market, manufacture, and promote your business.”
Daymond John continues to be a driving force in empowering Black entrepreneurs, offering not only financial resources but also invaluable mentorship and business insights. His efforts through Black Entrepreneur Day have transformed countless lives, and with the upcoming event in Atlanta, the potential for even greater impact is undeniable.
As we wrapped up our conversation, John left us with an important reminder: “Applications for Black Entrepreneur Day grants open on the 24th and close on the 1st. You can apply at bedgrant.com for your chance at free money to elevate your business.” or visit https://blackentrepreneursday.com
Mark your calendars for November 22, 2024, and get ready to witness the power of community, entrepreneurship, and Black excellence in Atlanta. The NAACP Powershift Entrepreneur Grant submissions are now open, with the goal of distributing over $1 million in grants to support Black small businesses.
Join Us – FREE Tickets!
Don’t miss this landmark event celebrating Black excellence and entrepreneurship. Register for in-person tickets and apply for the NAACP PowerShift Grant at blackentrepreneursday.com.
Streaming and Access
Black Entrepreneurs Day will be live-streamed for free on the Black Entrepreneurs Day website and all of Daymond John’s social media platforms. Budding businesspersons and existing entrepreneurs around the globe can stream the event on BlackEntrepreneursDay.com and connect on social channels.
Key Partners
JPMorganChase, a proud supporter of Black Entrepreneurs Day since its inception five years ago, will return as a prominent sponsor of this year’s event. The firm offers financial tools and resources to help business owners start, run and grow their businesses while working towards their personal financial goals. This year, JPMorganChase and J.P. Morgan Wealth Management will take center stage, powering conversations led by Daymond John with Olympian Jordan Chiles and Lanän Clark, Regional Director at J.P. Morgan Wealth Management. To learn more about JPMorganChase’s offerings, visitblackentrepreneursday.com/jpmorganchase.
A returning partner and continuous supporter of entrepreneurs, Hilton will introduce a new discussion focused on the ways in which the company is dedicated to meeting entrepreneurs where they are, providing them with valuable networking opportunities, travel tools, as well as new business opportunities. As the home away from home for millions of entrepreneurs every day, Hilton takes seriously its commitment to be a powerful engine of opportunity. To learn more about Hilton’s support and travel tools, visitHilton for Business.
At Black Entrepreneurs Day, Constant Contact will showcase how it helps entrepreneurs succeed by providing them with the marketing tools and guidance they need to build communities, engage with their customers, and generate sales. Joining Daymond John on stage for a roundtable conversation will be Constant Contact brand ambassadors Tamika Catchings, a four-time Olympic Gold Medalist, WNBA Hall of Famer, and owner of Tea’s Me Cafe, and Scharrell Jackson, international keynote speaker, executive coach, author, and Founder of Leadership in Heels. In addition, Constant Contact will offer professional headshots at the Fox Theater, helping entrepreneurs elevate their personal branding. To learn more about Constant Contact, visitConstantContact.com.
As a proud returning partner of Black Entrepreneurs Day, T-Mobile for Business is excited to join Daymond John for the fifth year of inspiration, education, and celebration. This year’s partnership will spotlight the T-Mobile for Business community alongside Daymond, showcasing the journey of entrepreneurship while harnessing the intersection of mobile connectivity and emerging technology to grow and scale business. To learn more about how entrepreneurs can take their business further, visit:https://www.t-mobile.com/business/small-midsize-business
America’s Navy is a new, proud supporter of Black Entrepreneurs Day, showcasing the journeys of Sailors who have successfully transitioned into entrepreneurship. The Navy is the most highly skilled, technologically advanced military force in the world, and attendees will learn about the training and resources available in the Navy that help prepare service members to start and grow their own businesses. Through inspiring stories and interactive exhibits, the Navy aims to highlight the breadth and depth of skills and discipline Sailors bring to the entrepreneurial landscape.
As part of the festivities at Black Entrepreneurs Day, Raising Cane’s—a brand deeply committed to empowering entrepreneurial efforts across Communities—is proud to present a live performance by acclaimed rapper 2 Chainz. This partnership underscores Raising Cane’s dedication to fostering small business growth and entrepreneurship, recognizing their vital role in driving economic development and strengthening local Communities. Through initiatives like these, Raising Cane’s continues to champion opportunities that inspire and uplift future business leaders.
Lowe’s, a longtime supporter of entrepreneurship, workforce development, community partnerships, and Black Entrepreneurs Day, will host a conversation between Daymond John and Quonta “Que” Vance, Lowe’s Executive Vice President, Pro and Home Services.
Salesforce, the #1 AI CRM, is a proud sponsor of Black Entrepreneurs Day for the fourth year in a row, helping entrepreneurs and organizations of any size reimagine their business for the world of AI. This year, Daymond John will host AI for All, a conversation presented by Salesforce that will showcase how Historically Black Colleges and Universities (HBCU) students are gaining AI skills and certifications through Salesforce’s free learning platform, Trailhead. Check out their AI for All Announcement to learn more.