Black History Month at GGU: The Untold Story of Black Business in America

Black History is American History.

This was the resounding message of Robert Shoffner, Executive Director of Golden Gate University’s Ageno School of Business, during his thought-provoking lecture, An Incomplete History of Black Business in America, held at GGU during Black History Month.

Shoffner’s presentation shed light on the rich legacy of Black entrepreneurship, the systemic barriers that have shaped economic disparities, and the path forward for Black business success. The conversation captivated attendees, sparking dialogue about the past, present, and future of Black businesses in America.

The African Roots of Entrepreneurship 

Shoffner began by dismantling a common misconception: that enslaved Africans arrived in America as unskilled laborers. Africans brought with them a long history of sophisticated market economies, craftsmanship, and agricultural expertise. These skills laid the foundation for entrepreneurship in the Black community—even under the most oppressive conditions.

Economic Power & Oppression: The Legacy of Slavery 

Shoffner underscored the economic impact of slavery, noting that enslaved people were not only workers but were also considered the largest financial asset in the U.S. economy—worth more than all manufacturing and railroads combined. Despite this exploitation, many enslaved individuals generated capital through side businesses, eventually purchasing their freedom.

Building and Losing Black Wealth 

After the Civil War, Jim Crow laws, racial violence, and systemic barriers stifled Black economic advancement. The promise of “40 acres and a mule” was never fulfilled, and discriminatory policies like the Homestead Act disproportionately benefited white landowners. Yet, against all odds, Black businesses flourished.

The period from 1900 to 1930 is often considered the Golden Age of Black Business. Segregation, while unjust, led to the rise of self-sustaining Black economies, including thriving banks, insurance companies, and real estate firms. Communities like Tulsa’s “Black Wall Street” became symbols of what Black entrepreneurship could achieve—until systemic destruction, such as the 1921 Tulsa Race Massacre, erased much of that progress.

Integration’s Unexpected Consequence 

As racial integration expanded, many Black businesses struggled. With access to formerly white-only businesses, Black consumers took their spending power elsewhere, leading to the decline of once-vibrant business districts. Additionally, urban renewal projects and freeway construction displaced many Black communities, further weakening their economic infrastructure.

Modern Challenges & Opportunities 

While Black business ownership has grown, many Black-owned businesses remain small, and wealth doesn’t always circulate within Black communities. Shoffner emphasized the need to support and invest in Black businesses, ensuring that dollars stay within the community to build lasting economic strength.

Stories of Resilience & Success 

Throughout the lecture, Shoffner shared inspiring examples of Black entrepreneurs who overcame immense challenges to build thriving businesses:

• Free Frank McWorter – An enslaved entrepreneur who purchased freedom for himself and his family.
• Mary Ellen Pleasant – A formerly enslaved woman who became a successful entrepreneur and an abolitionist.
• Maggie Lena Walker – The first Black woman to start a bank, providing financial services to Black communities.
• Madam C.J. Walker – A pioneer of the Black hair care industry and one of America’s first self-made female millionaires.
• Reginald Lewis – The first Black billionaire and a trailblazer on Wall Street.

Audience Q&A: Looking to the Future 

Shoffner engaged in a lively discussion with the audience, tackling key questions about the future of Black entrepreneurship:

💡 What are the economic opportunities in Africa today?

Shoffner highlighted Africa’s growing economy, abundant resources, and young workforce, emphasizing the potential for business expansion and investment.

💡 How can we ensure more people have access to business opportunities?

Shoffner stressed the importance of financial literacy, business education, and reinvesting in Black communities. He noted that entrepreneurship isn’t just an option—it’s often a necessity.

A Call to Action 

Shoffner’s lecture wasn’t just a history lesson—it was an urgent call to action.

He urged attendees to:

✔ Support Black-owned businesses to strengthen local economies.

✔ Invest in financial and business education to empower future entrepreneurs.

✔ Recognize the contributions of Black entrepreneurs and ensure their stories are told.

As we celebrate Black History Month, Shoffner’s message remains clear: Black businesses are integral to the American economy, and their success benefits us all.

Want to learn more? 

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📺 Watch the entire lecture here with the password j8$E$!7L