National Black Business Month
By Yarden Carroll
August is National Black Business Month and was founded by historian John William Templeton and engineer Frederick E Jordan Sr in 2004; both men encountered many challenges in corporate America and primarily as black business owners/entrepreneurs. Challenges black business owners may experience are limited funding, diminished resources, lacking formal training, and oppression. The purpose of recognizing black businesses is to captivate and cultivate black wealth, success, and existence as normalcy. To do this, we must normalize the growth of black businesses by supporting existing black-owned businesses and mentoring others to create their avenues to success.
Black businesses should primarily focus on rebuilding our communities, restoring faith in each other, and uprooting the history of black wealth. It is known and embedded in the systems, the laws, and the mindset of many of our people. Does this mean we don’t have a chance? Or do we all need a history lesson? As a race, black people, we have to know, feel, and decide whether pooling our resources and uplifting each other is the ultimate goal or if competing in the hunger games is the best way to survive. The latter should not be an option. Every day should be a call to action supporting black businesses, not just a designated month. Many statistics disproportionately impact black America, but we can start with the economic state of black America. To make a change, we must make a well-informed decision to
commit to the cause.
Here are a few statistics to guide you to informed consent:
8 out of 10 black businesses fail within the first 18 months
As of 2020, black companies only make up 10 % of U.S businesses
The black dollar circulates 6 hours within its community, compared to 28 days in the Asian community, 19 days in the Jewish community, and 17 days in the white community.
The pandemic has disproportionately caused a 40% decline in small black-owned businesses, and job losses were more significant amongst people of color. In context, those who already had limited access to resources such as wealth, transportation, and healthcare were the hardest hit.
What do these stats mean in summary to the increasingly growing wealth gap within Black America?
Short answer: It will continue to grow.
Long Answer: This is generational!!!!! We can build and establish our communities from within, but we still have to dismantle the very systems and laws keeping the wealth gap from closing. Reparations will not solve the problem but can help. Eradicating the disparities in healthcare, education, policy, criminal justice, and employment will start. These changes will take time, but in the meantime, we can make some shifts in our mindset, lifestyle, and within the communities if we want to see a change in the paradigm. We have to be the change we wish to see in others.
We can start by educating ourselves on financial literacy: It is essential to know the value of a dollar and its use as a renewable resource when re-invested back into the community.
Invest in building generational wealth:
Life insurance protects your family and preserves wealth
transfer in the event of a loss.
Support black-owned businesses:
The value of a dollar is as significant as the black vote. Supporting
black businesses is complicated but achievable. Buying black will circulate the black dollar in the
community longer. There are several apps available to help locate black-owned businesses in your area.
Invest some time and money back into your community.
MAKE IT YOUR BUSINESS TO SUPPORT BLACK BUSINESS!!!
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