The Importance Of Supporting Black-Owned Business
The empowerment of black-owned businesses can be viewed as a way of cementing the stance of the black community in the economy. This is because most black-owned businesses offer the best products and tend to provide gainful employment for more than a million individuals.1 Approximately, there are over 2.6 million black-owned businesses in the United States and black women have been leading this charge.4 Most importantly, black people tend to spend more money on the latest gadgets and electronics, clothing, etc. when compared to any other race and this helps to further boost the capitalist society.2 So there is every reason why black-owned businesses should be supported because the more we are given, the more we give back to society, and outlined below are a few reasons why black-owned businesses should be supported.
Creation of Gainful Employment
According to black convention organizers in the United States, black people have the worst cases of unemployment and poverty.4 The black community needs jobs and this is a fact.2 We need to get our children off the streets and give them opportunities to create a bright future for themselves, therefore supporting black-owned businesses creates an avenue for entrepreneurship. As of May 2014, the rate of unemployment in the United States was 7.8% and most shockingly was that the rate of unemployment of black people was double that of the national rate making it 13.79%.2 Furthermore, a significant percentage of the college graduates within the age group 22-27 from the black community are unemployed.2 This goes to show how much black-owned businesses need to be supported because the more entrepreneurial opportunities are being provided, the lower the rate of unemployment in the country at large.
Boosts The Economy
As stated earlier, supporting black-owned businesses is also a way of promoting the economy of the black community. Black people tend to spend a lot of money purchasing items from businesses that are not owned by the black community and as such helps to further develop such businesses.3 According to James Clingman Jr. in an article written in the year 2010, $850 billion moves through the hands of black consumers yearly, and 90% of this amount go to businesses that are not black-owned.2 These businesses which could be owned by other communities become successful due to the support they get from the members of their community and this is a major issue with the black community.4 Due to various beliefs and experiences, we have been accustomed to not trusting one another and also are competitive towards each other. However if we can condition ourselves to see the gain in supporting one another by promoting each other’s businesses, we will not end up not only strengthening the economy of America but the world as well.
Creates Room For Expansion
It comes as no surprise that the black community is dominating some of the most appreciated industries in the world which are the music, sports, and art industries. This is because the black community when fully invested in something, we don't quit and we're quite relentless. However, it is time that we place more focus on other sectors that are taking the world by storm today which are the technology and engineering industries.2 This is where supporting the black community becomes paramount as various avenues would be created for black people to branch off into these sectors and further hone their skills, thereby creating room for the next generation to attain even greater heights.3
To Build A Stronger Community
Nothing unites a community more than a shared goal. The black community needs to take back the power that other races have over us and be our own support system. The opening of businesses tends to transform a community to a large extent as successful businesses often participate in charitable activities. When a black-owned business is supported in a black community, everyone tends to benefit from it. Children are sponsored through school, financial resources are made available and even faith-oriented organizations are not left out.
Despite the stigma associated with being black, the black community is and will always remain powerful. All we need to do is to just trust one another and be each other’s support system and a good place we can start is by supporting any and all black-owned businesses.