Mind Your Black Business

Where’s The Money? There was an article on Black Entrepreneur and it stated that by 2017 the buying power of Black America should reach a whopping 1.3 Trillion dollars. If you compared those figures to World Bank’s list of each country’s Gross Domestic Product (GDP). Took that amount and divided by the number of Black people in America (estimated […]

The post Mind Your Black Business appeared first on Real Lyfe University.

Where’s The Money?

There was an article on Black
Entrepreneur and
it stated that by 2017 the buying power of Black America should reach a
whopping 1.3 Trillion dollars.

If you compared those figures to World Bank’s list of each country’s Gross
Domestic Product (GDP). Took that amount and divided by the number of Black
people in America (estimated at about 44 Million). The amount spent would land
us 46th in the world in GDP

Now I
gave you those figures, to get to the actual point of this article.

With the kind of spending power and affluence, we have on the economy. Why is it we don’t spend more money in our own communities?

Unaware?

Is it
unawareness? If I am being totally honest, until it was brought to my attention
as a problem, I never thought about demographic spending. I did take notice at
a young age, the lack of people that looked like me running establishments my
Grandmother would do business with. It left me more curious than upset.

I’d
hear her make comments addressing how black people don’t own any businesses in
the neighborhood, I had no idea then, how national this issue was.

I read an article on Atlanta Black Star that states, according to an annual census survey done in
2014. Black-owned businesses made up only 2.1  percent of the nation’s
companies with at least one employee, a majority of these jobs being created
after the 2008 recession. This figure clearly doesn’t address African-Americans
that are self-employed but is an important number nonetheless.

“Would you ask Gucci for a discount if they were selling a hat for $30 or even $300?”

It’s Not Ralph Though.

So is
it lack of Black business that keeps us from being more supportive, or is it
something different?

I had
a conversation with a friend of mine one time. Another friend of ours sells
concept apparel, he was selling a hat for $30 dollars. My friend thought it was
too much and was going to ask for a discount. I asked him.

“Would
you ask Gucci for a discount if they were selling a hat for $30 or even $300?”

“No,
but it’s Gucci!”

That
quick without him even realizing it, he not only de-valued our friend’s
product. He pointed out the struggles Black businesses have staying
competitive.

“Do
you think the hat is worth $30?” I continued just curious to what his answer
would be.

“Hell
yea, but that’s my N**ga I’m gonna see if he’ll throw it to me for at least
$20”

Again, he didn’t realize the bigger issue with his approach, especially when it comes to black business. It’s not that he didn’t think the product wasn’t worth the amount. It was that it didn’t hold the allure that a “Gucci” product would.

Right On Time.

I
watched an Instagram video, a woman comic (I can’t think of her name) was
addressing black businesses and why she believes Black people don’t support
more.

She
gave an anecdotal story about her going to a black-owned restaurant for a
certain fish. They didn’t have that fish and a couple of other things she’d
requested and said a phrase I have heard many times before.

“This is why I don’t go to black (Fill in Blank)” in this case restaurants. Somehow this one experience discredited every other black business.

The Bigger Picture

That
shit needs to stop, yesterday. Now is a time of taking action, not pointing
fingers. I wrote this to give some insight on a highly discussed problem within
black communities. I don’t have all the answers. However, I do lend some
suggestions.

1.
Stop blaming every black business for your one bad experience.

2.
Take the time to locate black businesses in your neighborhood.

3.
Tell your friends about these businesses for them to pick up traction.

4.
Build relationships/Rapport with businesses (honestly any business) before you
request for discounts. It’s kind of insulting when you de-value someone’s shit.

5. For
Black businesses, be able to take constructive criticism as your venture
continues to manifest.

Lastly,
let’s continue to grow and create more opportunity. Our only direction should
be up and we need each other every step of the way. There’s nothing wrong with
constructive criticism, just make sure the criticism stays constructive.

The post Mind Your Black Business appeared first on Real Lyfe University.