BUSINESS EXCHANGE: How Blacks’ Dollars Can Achieve Black Power

What is your view of black economic development? Most blacks say they are tired of being slighted and disrespected; yet the majority of us ignore tried and true capitalistic practices that would improve the race’s poor economics. It’s too bad there’s no accumulation of blacks oriented toward race-based economic empowerment and wealth building.

Black people collectively pooling economic resources isn’t the “wishful thinking” that many suggest. The thing we need to realize is that we have to “do for self.”

It is generally accepted that there’s been progress for black Americans over the last 60 years, yet our overall status is bleak. Too many blacks are focused to rid the country of “white supremacy.” Black politicians and civil rights “leaders” boast that they’ve gotten blacks to 72 percent parity with whites. Truth is, whites have “superior” understandings and adaptations of capitalistic procedures. Blacks must stay “woke” to more than partisan politics. Even as our poverty and unemployment rates continue to be higher than whites’, it’s a challenge to get most blacks to see benefits that can accrue if we come together and do more financially for betterment of our communities.

Black buying power is currently $1.3 trillion, according to a Nielsen and National Newspaper Publishers Association report. With such money and buying power, blacks should be utilizing methods and practices that circulate those dollars to black-owned initiatives. Each of us should look at our own actions and practices that keep us from spending substantial portions of money we get with black-owned businesses. Why do we not deposit in black-owned banks, when doing this enables black financial institutions to fund our projects, goods and services?

To “be equal” in American society, blacks must learn how to build business/investments, hold onto it and pass it on. Some skeptical blacks must see the value in spending their money with our businesses. More blacks must do more for self to bring about black economic power. The prevailing black “leadership” has its focus on partisan politics and elusive “racial harmony.” When will blacks learn that it’s imperative for concerned individuals, groups, organizations, churches and businesses push vital black financial and entrepreneurial cooperation to turn around disproportionate negative conditions that continue in black communities?

Opportunities exist across the nation for black individuals, their organizations, churches, lodges, frats and entrepreneurs to provide educational programs, workshops and business conferences that teach and show people how and why to do for self. America needs local black leadership demonstrating the power of the black dollar and increase community awareness to recycle dollars within our community, by banking with black-owned banks and buying from black businesses. The solution to the high unemployment and income inequality black communities must come from us. It includes development of black businesses. Local or national groups, be them small or large: the thing is to do for self. If we are serious about tackling unemployment in our community, the quickest fix is to start financially supporting black-owned businesses. Too many blacks rely on getting whites to remedy their financial problems. Data suggests that if African-Americans invested more money in black-owned businesses, these businesses would be sources of employment for more of us.

The stance we suggest all blacks adopt is empowering the black community by taking control of and redirecting its wealth and investments. Blacks need more education on consuming and capitalism. More blacks must establish locations where people come and learn economic and financial principles on how to create and sustain black businesses where they live. Let’s more of us hold power networking conferences for training and networking to bolster and educate blacks. We all have to engage what we know and have toward operational unity. Enterprising individuals and organizations can sponsor regular business networking socials and gatherings. Do them at black-owned establishments. Be sure to invite blacks in banking. Those provide opportunities for entrepreneurial blacks to meet one another, exchange ideas and partner.

William Reed is publisher of “Who’s Who in Black Corporate America” and available for projects via Busxchng@his.com.

About William Reed 108 Articles
William Reed is President and Chief Executive Officer of Black Press International. He has been a Media Entrepreneur for over two decades. A well-trained marketing and communications professional, Reed has a national reputation for his expert writing, speaking, organizational, research, management and motivation abilities, along with strong managerial, presentation and sales skills.