If the African American community is going to improve its economic standing people will have to pursue entrepreneurship and starting their own businesses. Historically business owners mainly hire people that look like them.
According to the US Census Bureau there are 5.4 million U.S. firms with paid employees.
In the inaugural Annual Survey of Entrepreneurs only 108,473 of those firms were reported as Black or African-American-owned.
This translates to about 2 of every 100 businesses.
The 2014 Census study surveyed around 5.2 million businesses. It revealed that white-owned firms raked in twice the average number of sales as minority-owned and female-owned businesses.
White-owned firms account for 81 percent of U.S. businesses, with Asian and Hispanic-owned firms coming in at 9.7 and 5.8 percent, respectively.
For Black people this is a great time to improve our business knowledge and push entrepreneurship. The global economy, digital tools and social media have removed many of the boundaries that hindered economic development.
By focusing on solving problems, meeting demand and creating new collaborations the Black community can compete more effectively.
There may not be many alternatives.
What say you? Have you launched a business or started the process of improving your knowledge?
Let me know in the comments.