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Supporting Black Businesses Is NO longer An Option - It is ECONOMIC Survival!
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| Photo Credit: | Unsplash |
By Kamau Austin, Publisher Black News Scoop
Today I was on a popular Black group on a mainstream social media site and saw the question: Why should Blacks support Black business? I must admit was a bit annoyed by one of the responders giving some push back on supporting black business.
It has been our work, as a media company, to advocate economic and business development to help enhance Black wealth. Our company AMS Digital has profiled and showcased over 3,600 feature stories on Black businesses, cultural institutions, and community organizations in the last few years. This is an essential topic to our economic survival so I am sharing the following thoughts on subject.
It has been our work, as a media company, to advocate economic and business development to help enhance Black wealth. Our company AMS Digital has profiled and showcased over 3,600 feature stories on Black businesses, cultural institutions, and community organizations in the last few years. This is an essential topic to our economic survival so I am sharing the following thoughts on subject.
It is economic survival. Do you know Blacks in the US only have 1/10th of the wealth of whites? Do you know Black college grads make less average income than white high school graduates?
Do you know Blacks get less than 3% of venture capital and fed contracts for business? Do you realize if present things don't change Blacks will have a average median wealth of zero (0) by 2053? This is reported on by Black Enterprise
One of the responders commented that other ethnic groups stay in their communities and shop because it is convenient. They seem to feel that other ethnic groups have little planning to purposefully avoid supporting Black businesses.
However, I wonder why is it other ethnic groups tend to stay in their communities and support their businesses out of convenience and economic development however these same ethnic groups rarely come to even upscale Black communities to support our businesses?
Other ethnic groups may live in their communities but come to our community to often start their businesses to get our dollars? So it seems they can stay in their communities except when it comes to making money - then they come to our communities?
Our society is obviously structured so Blacks are marginalized in terms of business ownership and primarily put in positions of consumerism and investment of other racial groups and mainstream corporations. In the US whites have almost I've seen any where from $96 trillion to $100 trillion dollars in wealth while Blacks collectively only have a few trillion.
So given our social and economic conditions it begs the question: why don't we support and invest more in our own businesses? Because what we're doing now definitely isn't working.
Do you know Blacks get less than 3% of venture capital and fed contracts for business? Do you realize if present things don't change Blacks will have a average median wealth of zero (0) by 2053? This is reported on by Black Enterprise
One of the responders commented that other ethnic groups stay in their communities and shop because it is convenient. They seem to feel that other ethnic groups have little planning to purposefully avoid supporting Black businesses.
However, I wonder why is it other ethnic groups tend to stay in their communities and support their businesses out of convenience and economic development however these same ethnic groups rarely come to even upscale Black communities to support our businesses?
Other ethnic groups may live in their communities but come to our community to often start their businesses to get our dollars? So it seems they can stay in their communities except when it comes to making money - then they come to our communities?
Our society is obviously structured so Blacks are marginalized in terms of business ownership and primarily put in positions of consumerism and investment of other racial groups and mainstream corporations. In the US whites have almost I've seen any where from $96 trillion to $100 trillion dollars in wealth while Blacks collectively only have a few trillion.
So given our social and economic conditions it begs the question: why don't we support and invest more in our own businesses? Because what we're doing now definitely isn't working.
