Teaching entrepreneurship could help solve inequalities

My experience wasn’t unique: More than 20 percent of businesses fail within the first year, according to the US Bureau of Labor Statistics. And the odds are steeper for Black businesses, of which only about 4 percent survive the startup stage, according to McKinsey and Co.

My struggles made me ponder what life would look like for people in the Black community if more had been exposed to entrepreneurship courses and mentoring early in life.

As a new generation comes of age, there is a growing interest in entrepreneurship as a pathway to economic empowerment. But the journey from great idea to sustainable business is fraught with challenges, especially for communities of color that have faced systemic barriers to success. Teaching entrepreneurship at schools could have a game-changing impact, and it should be included in curricula.

I’ve seen the benefits firsthand. As a program manager at BUILD, a nonprofit organization that empowers youth through entrepreneurship education, I’ve worked with educators to help young people in under-resourced areas develop their business ideas. Students learn skills such as self-management, problem-solving, and understanding consumer research and financial reports. Their ideas, which have ranged from multicultural cookbooks to apps for reporting bullying, often address problems they see in their communities.

The number of Black-owned businesses is on the rise, and nearly 60 percent of Black adults see supporting them as an effective way to achieve equality. The hashtag #supportblackbusinesses remains prominent, serving as a rallying cry to reinvest in a community that has been historically disenfranchised.

At the height of segregation, Black people were forced to open their own shops out of necessity — other stores would not sell products to them. This led to a boom in the early 1900s known as a golden age of Black businesses, during which our communities thrived because of entrepreneurship. But racism sought to stifle this progress, as evidenced by events such as the Tulsa race massacre, which saw the mobbing and destruction of Black Wall Street, then one of the richest Black communities in the country.

The massacre — which killed hundreds and burned more than 1,250 homes — underscores the historical systemic barriers to wealth faced by Black Americans. Following emancipation, formerly enslaved people faced significant challenges such as discrimination in education, the job and housing markets, and access to financial institutions and credit, to name a few.

Today, the average gap in household wealth between white and Black families has surpassed $1 million, according to an Urban Institute report published this year. Meanwhile, Black people own just 2.4 percent of the country’s companies that employ workers, despite comprising 14.2 percent of Americans, according to a Brookings study. At the current ownership growth rate of 4.73 percent, it would take 256 years for the number of Black businesses to reach parity with the number of Black Americans.

Addressing this gap requires systemic solutions that combat the root causes of inequality. Entrepreneurship education in secondary schools gives students the knowledge and skills to start and manage a business, and empowers them to make informed financial decisions. This opens doors to economic opportunities that may not have been otherwise accessible — and helps create a legacy of economic success for future generations.

Locally, organizations such as BUILD are leading the charge for entrepreneurship education in schools throughout Greater Boston. As students learn to write business plans and pitch potential funders, they are also receiving support with academics and planning for college. The Network for Teaching Entrepreneurship, an international nonprofit, has programs in three New England states and hosts a regional pitch challenge. However, these efforts are just beginning to address the need for broader change.

After the exhilarating, but rocky, launch of my company, I reached out to organizations such as the Black Economic Council of Massachusetts and Black Owned Bos., which work to support local Black-owned businesses. With their help, I found my footing as a business owner, and gained an important insight: Creativity fuels your business but education, connections, and support maintain it. It’s the kind of lesson I hope young people are taught early and often — our communities depend on it.

Toiell Washington is a founding member of Black Boston, a digital organizing platform, and owner of The Master’s Tools game company. Send comments to magazine@globe.com.