The purpose of this dissertation is to analyze the state of Black-owned businesses in the U.S. Specifically, the goal of this project is to describe and explain variation in business success in Blackowned firms located in 274 metropolitan areas. To accomplish this objective, I first compiled a national profile of minority-owned businesses in 274 metropolitan statistical areas from U.S. Census Bureau data. The next step was to describe and then test the major theoretical perspectives accounting for Black-owned businesses. The perspectives used in the analysis assessed the effects of regional differences, ethnic enclaves, social capital, economic conduciveness, and ethnic competition. Analyzing these perspectives allowed a determination of how well each of them accounts for the prevalence and success of Black-owned firms. Furthermore, by analyzing these perspectives suggested avenues for a revising and testing theories of Black entrepreneurship in the U.S.