Research on African American-owned gazelles is virtually nonexistent. This paper attempts to fill this void by examining differences in growth rates among African American-owned businesses that have achieved high rates of growth and those that are stagnant or declining. The findings are based on a national survey of 350 African American CEOs who were randomly selected for phone interviews. Each firm had between 10 to 100 employees and the survey was conducted in November of 2007. Firms were classified as: Gazelles (20% or greater annual employment gain), moderate growth (1% to 19% annual employment growth) and no-growth companies (NGCs); less than 1% or negative employment growth.