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player ready...When George E. Johnson Sr. passed away at age 99, Chicago lost one of its greatest architects of Black economic power. Johnson did not simply build a company; he built a pathway. With Afro Sheen and Ultra Sheen, he created products that defined a generation. With the Johnson Products Co., he made history as the first Black-owned business ever listed on a major American stock exchange — effectively the first Black company on Wall Street. And with his investments in “Soul Train,” Essence Magazine and Operation Breadbasket, he helped shape the cultural and economic identity of Black America.
His death comes on the heels of another monumental transition: the passing of the Rev. Jesse Jackson. Jackson’s work through Operation Breadbasket, Operation PUSH and the Rainbow PUSH Coalition forced open doors in industries that had long shut Black entrepreneurs out — Silicon Valley, Hollywood, the automotive sector, energy, telecommunications, Wall Street and corporate America. He didn’t ask for access; he demanded it. And because of that, thousands of Black businesses secured contracts, capital and opportunities that once seemed impossible.
Together, Johnson and Jackson changed the trajectory of Black enterprise. Their work created the conditions for today’s entrepreneurs. But the question now is urgent: Who will carry their legacy forward?
Across the country, Black entrepreneurship is surging. From 2017 to 2023, the number of Black-owned businesses with at least one employee increased by 62%, the Brookings Institution reported. Nationally, Black women in particular are the fastest-growing group of new business owners.
Illinois mirrors this trend. Chicago and Cook County are home to many Black entrepreneurs.
But starting a business is not the same as scaling one. Despite record growth in new business formation, few Black-owned firms ever reach $1 million in annual revenue. The majority remain sole proprietorships earning under $100,000 a year — too small to hire employees, too small to build wealth, too small to transform communities.
This is not a reflection of talent. It is a reflection of conditions.
When Johnson launched Johnson Products in 1954, Black businesses faced segregation and exclusion. But they also had something powerful: a unified consumer base, strong community loyalty and a growing Black middle class. Manufacturing was more accessible, and Black-owned brands filled gaps that mainstream companies ignored.
Today’s entrepreneurs face a different landscape. Technology, automation and global competition have raised the cost of entry. Supply chains have consolidated. And while opportunities exist, they often require capital that Black entrepreneurs struggle to access.
The Federal Reserve found that Black-owned businesses were much less likely to be approved for loans than white-owned firms. In the first year of business, just 1% of Black entrepreneurs secure bank financing. Black business owners are three times more likely not to apply for loans because they expect rejection.
Without capital, businesses cannot hire, expand or compete. They remain small — not by choice but by circumstance.
The consequences are stark. The median revenue for Black-owned businesses, as reported for 2022, was $40,000, compared with $75,000 for non-Black-owned firms. Nearly 45% of Black businesses earn less than $50,000 annually. And the majority of Black-owned businesses fail within the first 18 months.
Black businesses are being born — but too many are dying before they have a chance to grow.
Scaling is not simply a business milestone; it is an economic development strategy. A million-dollar business can hire employees, expand locations, invest in technology and stabilize a neighborhood. It can create generational wealth. It can transform a family’s future.
Johnson understood this. Jackson understood this. And at the Joseph Business School, we understand it too.
This is why my school, founded by entrepreneur Bill Winston, launched a campaign to help 100,000 Black and brown entrepreneurs scale their businesses to $1 million. The school combines biblical principles with business education to eradicate poverty and close the wealth gap.
We have seen a single mother from Cabrini-Green build a real estate enterprise. We have seen students raise capital for inventions. We have seen entrepreneurs secure major grants for mental health innovations. These stories are not anomalies — they are evidence of what is possible when entrepreneurs receive the right training, mentorship and spiritual grounding.
But to honor Johnson and Jackson, we must go further. No single institution can close the wealth gap. Banks must lend. Corporations must contract. Foundations must invest. Churches must support. Government agencies must partner. Universities must collaborate. Media must amplify. Communities must support Black entrepreneurs.
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Johnson built institutions. Jackson built coalitions. Today, we must build ecosystems.
They are the hairstylists ready to open chains of salons. The tech founders building artificial intelligence tools for underserved communities. The contractors capable of multimillion-dollar government work. The restaurateurs expanding into franchising. The inventors creating products for global markets. The real estate developers transforming abandoned blocks.
They are here. They are ready. They are capable. They simply need what Johnson and Jackson fought for: access, opportunity and belief.
Johnson opened doors. Jackson tore down walls. Now it is our turn to build the next generation of Black million-dollar enterprises.
Deloris Thomas, an alumnus of the Harvard School of Business, is president of the Joseph Business School in Forest Park.
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