Recently, I’ve watched a 30 minute television segment on Comcast’s On Demand channel, called “Black America 2015”. In this episode, a group of panelists from the National Urban League discussed the state of Black owned businesses in America, and the level of influence black consumers have on white owned businesses. Since the United States was founded, black people have had a difficult time maintaining and financially supporting their businesses. Today, it is rare to find a ‘mom and pop’ business owned by black people that is successful. The saddest part is that more black people support U.S. commercial businesses also known as white owned businesses than any other race. According to Black Enterprise,” as of 2015, African Americans’ buying power is approximately $1.1 Trillion”, yet we make the least percentage of living wage in America (Black Enterprise, 2015). It is sad to say that more black people will support white owned businesses than black owned businesses, or even start their own businesses.
If black people cut down their spending at white businesses by 50%, and financed black businesses with the other 50% it would make a significant difference and change in our communities. It would really show white business owners that black people are very influential in how they make their money, and that we can unite and build our own dynasties. Most of their wealth and success is based off the money, the labor, and the expense of black people and black culture.
The National Urban League’s panelists also discussed how a successful business is supposed to be ran. They note that successful businesses shouldn’t be owned by one owner until they retire. Successful business owners (white business owners) usually only own their businesses for 4-5 years, and then they sell it and start a new business or venture. The objective is to circulate wealth by buying and selling businesses or product, while the business is at its prime. A lot of black owners aren’t knowledgeable on this subject, and think they will make more of a profit keeping their businesses for many more years than they have to. More black owners like to own their businesses until they retire, so they can pass down their business to their children or a family member. The downfall to this is that in many situations those family members aren’t interested in owning those businesses. Black business owners need to learn how to build and sale their businesses in a short period of time, so their businesses can create long-time wealth.
Overall, it is up to black people to learn more information on how to own a successful business. I love the idea of the National Urban League teaming up with Comcast’s Black America 2015 to inform people on this subject. In 2015, there is an increasing percentage of black people and young black people creating small businesses. I am excited and proud of my young people that are taking risks and acquiring their own money, by becoming young entrepreneurs. It is our time to create our own wealth in an inequitable society. I will keep you guys updated on these young black entrepreneurs on a later date!