Supporting African American Owned Businesses Through Higher Education: New Directions for The Pennsylvania State University's Farrell Center for Corporate Innovation and Entrepreneurship
Open Access
- Author:
- Moss, Zara
- Area of Honors:
- Corporate Innovation and Entrepreneurship
- Degree:
- Bachelor of Science
- Document Type:
- Thesis
- Thesis Supervisors:
- Shawn Mitchell Clark, Thesis Supervisor
Denny Gioia, Thesis Honors Advisor - Keywords:
- Corporate Innovation and Entrepreneurship
Innovation
Entrepreneurship
Farrell Center
Black Owned Business
African American Owned Business
Minority Owned Business
Black Entrepreneur
Rebuildtheblock
Propel Business - Abstract:
- Historically, minority-owned business enterprises (MBEs) in the United States have had to overcome more challenges than their non-minority counterparts to achieve success. This holds especially true for Black or African American business owners who face a unique set of challenges as compared to other MBEs. The purpose of this thesis is to identify the most significant challenges faced by Black or African American business owners, and then form recommendations on how the Farrell Center for Corporate Innovation and Entrepreneurship at the Pennsylvania State University can most effectively support Black or African American business owners in overcoming those challenges. Research for this thesis was conducted in the form of a literature review, as well as independent research via interviews. All research led to the same findings: that Black or African American owned businesses are challenged by lack of capital, markets, and education and networks. Although efforts have been made in the United States to overcome the disparities between Black or African American owned businesses and non-minority owned businesses, glaring gaps still exist with regards to access to funding, government contracting and mentorship. The Farrell Center for Corporate Innovation and Entrepreneurship - a program within the Smeal College of Business that is dedicated to serving entrepreneurs through education, outreach and research - can most effectively support Black or African American business owners by creating a multifaceted educational program, expanding its existing Propel Business New Venture & Innovation Program to include initiatives specifically targeted to Black or African American entrepreneurs and partnering with existing non-profit organizations. The implementation of these recommendations will not only inspire Black or African American students at the Pennsylvania State University to pursue entrepreneurship, it will also benefit Black or African American business owners nationwide.