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4 Comments

  1. 1

    Anonymous

    Some great data points here — thanks.

    Re: current African American ownership and management, let’s not fall into the same trap of Afri-pessimism you’re lambasting here. If African American equity ownership has lagged in recent decades, it is quickly reversing, with 3-times the number of African Americans launching start-ups since 2002 compared to the national average. If I put my money on it, I’d say this figure has probably increased since the start of the credit downturn. So please, let’s toss the Afri-pessimism, and leave it in the dustbin where it belongs — it is inaccurate, offensive, and, contrary to its advocates’ insistence, doesn’t motivate anyone to do anything.

  2. 2

    Emile

    …That sure doesn’t look like the Booker T. Washington I know, but I’ll digress…

    If you look back 100 years ago, you would notice the same or similar economic challenges within more dispersed communities across the country. One of the ways in which we could permanently decrease the number of our unemployed Brothers and Sisters is through articulated entrepreneurial efforts. If other ethnic groups are able to discover and exploit many business opportunities, mostly in communities populated by African-Americans, why can’t we do the same thing? By now, we should have enough information and know what forces are working against our efforts. How many of us are going to pursue these channels that could lead into newer and more prosperous lives? Repeatedly ad nauseam, we are told that the Black consumer market is on record with expenditures of greater than $900 billion, of which less than 3% of that total is reinvested into back into Black entrepreneurial ventures and personal savings. If we re-invested just 10% of those consumer dollars, we could have $900 million to fund start-ups across the country. There are many African-Americans who are educated, experienced and professionally-trained in virtually every industry sector. at some point, we have to look ourselves in the mirror, stop blaming external forces and rid ourselves of bad economic choices. It will take a serious and concerted effort of each of us who are sincere about changing the plight of our current economic condition.

  3. 3

    admin

    @Emile: good points and total agreement! Yes, the image was O.T. Jackson of Colorado who invested his own money to buy land for a Black colony located on Highway 34 (ninety miles north of Denver). Corrected now, thanks!

  4. 4

    admin

    @Anonymous — and you would lose your money.

    African Americans “launching start-ups” does NOT mean increases in equity ownership. Most business start-ups fail. In addition, over 90% of African American businesses are sole proprietorships according to the Census Bureau numbers. That means they need to grow in order to survive. So let’s not put on rose colored glasses, and ignore the realities of economics and business. That’s insulting.

    Since the Great Recession, some estimate African Americans have lost as much as 40% of their collective wealth. Why? A disproportionate share of African American wealth was tied to home-ownership. African Americans were the group most negatively impacted by the foreclosure and sub-prime lending crisis/scams. Dr. Bernard Anderson, Prof of Management and Practicing Economist at the Wharton School agrees. He says so in this video: http://youtu.be/neeiJuqRzjA

    So the only thing you’ll find us “tossing” is the information to advance — and our motivation comes from within. There’s no need for us to be “anonymous” about it either.

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