Friday, January 12, 2024

Get The Scoop On The War on African American Entrepreneurs By Gary L. Smith

Help Us To continue to inform and empower our community Please Donate. Get The Scoop Weekly On the Global Black Community and Southeast Queens, NY. Subscribe to Our Mailing List.

Receive the Latest Events, News, Jobs, and Top Community Economic Development Stories Like this one Click Here | Reach up to 1.3 million people Promote

The War On
African American Entrepreneurs

By Gary Smith

We've witnessed the War on Poverty and endured the War on Drugs, but the ongoing War on Black Entrepreneurship is a different battle altogether. The assault on black entrepreneurs, traces back to the late 1800s when black landowners, primarily farmers, were either cheated out of their land or forcibly expelled.

The Greenwood District in Tulsa, Oklahoma, a thriving hub of Black-owned businesses known as Black Wall Street, exemplified the prosperity of black entrepreneurs with over 35 city blocks of shops, hotels, and theaters in the early 20th century.

Similar vibrant black economies existed in various cities across the nation, like Black Bottom in Detroit, only to face destruction, such as the demolition, for a freeway. Despite the passage of time, the struggle persists into 2024, with systemic barriers disproportionately affecting Black entrepreneurs.

The aftermath of the Great Recession saw the top 20% wealthiest Americans gaining wealth, while 80% of black families fell behind, illustrating the deep-seated inequities.

Even before the COVID-19 pandemic, people of color, women, and rural Americans encountered barriers hindering entrepreneurship. Disparities in wealth, limited access to funding, and systemic biases in loan approval processes persist, intensifying the challenges faced by Black and Latino entrepreneurs.

The pandemic further exacerbated these inequities, revealing the racial, gender, and geographic disparities in access to government relief and the subsequent closure of businesses owned by entrepreneurs of color.

Article On Gary Smith's Disrupting and Insightful Article on The War on African American Entrepreneurs Continues After Sponsor's Messages Below...

Please Support Our Ad Sponsors Who Make This Community News Blog Possible. And Don't Forget To Tell Them You Saw Their Ad in The Scoop!

Get Gary Smith's New Book The
"5 Keys to Create Passive Income With
Commercial Real Estate."

Article On
Gary Smith's Disrupting and
Insightful Article
"The War On
African American Entrepreneurs"
Continues Below...

Entrepreneurship, a potential path to sustainable growth and prosperity, demands immediate attention to address structural inequities in education, jobs, housing, and healthcare. Access to entrepreneurship is not only hindered by financial constraints but also by broader issues impacting opportunity and upward mobility.

The time has come for comprehensive policies to dismantle historical and systemic barriers, enabling economic stability, mobility, and prosperity for all Americans.

Access to opportunity should not be hindered by race, gender, or geography. The current landscape is biased toward white, male, and wealthy entrepreneurs, necessitating a concerted effort to eliminate underlying issues.

Demanding access to capital, the right kind of capital, is crucial, considering that most black entrepreneurs lack access to bank loans or venture capital. Past discriminatory policies, like redlining, demand counteraction, and new investments to support entrepreneurs of color.

Access to knowledge is equally vital, with entrepreneurs needing networks and know-how to turn their ideas into reality. Strengthening support organizations, connecting entrepreneurs to mentors, and improving education are imperative steps. Policymakers must acknowledge that entrepreneurship requires a safety net, particularly for African Americans living paycheck to paycheck, making risk-taking more viable.

The COVID-19 pandemic has exposed and worsened these inequities, necessitating a proactive approach to ensure equitable opportunities for entrepreneurship. It's time for America to prioritize the needs of new and small businesses over established ones, dismantling barriers and leveling the playing field.

Access to funding remains a critical challenge, with biases against women and entrepreneurs of color evident in loan approvals and venture capital distribution. Government programs must prioritize closing gaps in access to capital for entrepreneurs everywhere.

Initiatives should counteract biased policies favoring established businesses over newer ones.  Entrepreneurs face practical challenges, including learning how to start, operate, and grow a business. Access to resources, networks, and mentors is essential, with established business owners having more connections than new entrepreneurs.

Developing a continuous pipeline of opportunities for African Americans to acquire entrepreneurial skills is crucial for the U.S. economy to thrive.

About Gary Smith
The impact of Gary Smith's contributions has even transcended the written word, as he was featured on the prominent Fox2 News segment, specifically Murray Feldman’s “Money Monday” news cast. This appearance underscored Gary's authority in the field and served as a testament to his standing as a trusted source of insight.

With an illustrious career defined by unwavering dedication, groundbreaking accomplishments, and a commitment to create and preserve wealth through passive investments, Gary continues to be a beacon of inspiration for aspiring professionals and seasoned experts alike. He is the founder and CEO of Business Consultants International, Inc. (d/b/a, Black Swan Capital).

A private money lender that provides financing to real estate investors and entrepreneurs in need of capital to secure and sustain profitability in their real estate and business acquisition endeavors.  To order "5 Keys to Create Passive Income with Commercial Real Estate," Click here

Watch To Learn How To Contact Gary Smith

Get Promotions Or Products To Enhance Your Business or Life Below

While there are brilliant persons on the Autism Spectrum celebrated today, very little media stories focus on people, especially women of color. Our co-publisher's new bio-pic "nZinga's Spectrum In 3D," is a moving and inspirational documentary on how a young Black woman RISES to overcome her challenges.

nZinga Austin is also the Co-publisher of Our Black News Scoop and Southeast Queens Scoop.  The documentary of about 1/2 hr long is getting rave reviews.

Checkout Nzinga's Spectrum in 3D now Click Here. Please share

Posted by community events coordinator, Nzinga Lonstein Austin, is a prolific blogger who writes on the entertainment industry and issues for people with developmental and physical challenges.

She is presently in high school looking to have a career in video, film, and media. You can see more of her entertainment writing on Lonstein Movies.

About the Black News Scoop - covers national and global news focused on reporting positive, insightful, and empowering news for the international Black Community.

No Spam Only The Scoop On Southeast Queens

Since you are here think about this please.  Do You Want The Southeast Queens Scoop and Black News Scoop To Continue To Promote Empowering News and Events largely ignored by the corporate owned mainstream media?

Since most Black businesses don't have large ad budgets then please consider donating to ensure we can continue our media efforts.  We appreciate all contributions ($5, $10, $15, $20, +) no amount is too small. Please donate now below or read more on donations.

No comments:

Post a Comment

Share your comments with us. No post SPAM please - it will be deleted. Only real comments please.