4 Ways to Improve the State of the Black Economy

This article focuses on four ways to improve the black economy. It inspires black people to look inward to change our predicament.

(PRWEB) July 17, 2006 -- It has been 140 years since slavery was legally abolished; 40 years since the Civil Rights movement began, yet our economic state has changed very little, if at all. Once we get past the façades of movements and causes, we must realize that we are and have always been in an economic war. Remember, blacks were allowed to ride at the front of the bus in Birmingham, Alabama due to the economic effect of the Rosa Parks-inspired bus boycott – not the newfound sympathy for people of color. Don’t get it twisted.

While the Black community has many important causes to fight for, the state of the black economy is the most important because everything revolves around it. Here are four ways we can improve the state of our economy.

1) Buy Black.

What motivated me to start my own business was the notion that “We never have anything.” I felt at some point that needed to change. I think most of us feel that way. But the way to start building our community is to support each other. In 2004, people of African descent spent over $679 billion. (Source: Target Market News) However, historically less than five percent of money made in our community is spent in our community. This must change if we are to build anything for our people.

2) Own Black.

When I started my business I focused solely on buying Black and the importance of buying Black. Soon after I realized that it only starts there. We must own distribution points, manufacturing plants and buy from Black-owned suppliers. This is where the power of recycling really comes in. You see this especially in communities, like Chinatown. You see Chinese-owned stores receiving their merchandise from Chinese distributors who get their supplies from Chinese-owned warehouses, etc. This is how strong communities are built.

3) Sell Yourself.

Many of us don’t buy from each other because we take for granted that the product and/or service will be of inferior quality. That is why we must realize that people buy you before they buy your product, especially when you’re just starting your business. Everything about us from our attire to our products and services must be excellent if we are to compete. Also, we must stop running our businesses as if we are working for someone else. We are so used to representing others that we don’t know how to represent ourselves. We must also learn to sell products and services to ourselves for ourselves.

4) Save For The Next Generation.

Many of our businesses sell at the first hint of prosperity. We may cash out early but the long-range result is we leave little to nothing behind for our children. While I can’t criticize every sale involving a Black-owned company and a non-Black buyer, there is a disturbing trend of our icons not being black-owned anymore. I respect the Earl Graves and the John Johnsons who have held onto their thriving enterprises and passed them on to their children.

When a Black athlete gets caught in adultery or a pop star gets caught for allegedly sleeping with little boys, it becomes national news. But when a Black-owned company gets sold it doesn’t get the same coverage. Why? Here’s a theory. Usually when a Black-owned company gets sold, the former Black owner receives a ceremonial high-profile position and continues to be the face of the company. This advances the myth that the company is still Black-owned. And as a people everyone knows we buy the images of Black rappers, Black athletes, Black entertainers, etc. As a result, we get hoodwinked into believing we are still buying from a Black-owned company when we really aren’t. And none of this benefits us.

So when you take the first letter of each point you spell BOSS. The way to revolutionize the Black economy is to become your own boss. Take control of your economic future before someone else does.

About the Author

Anthony Quiñones is the Founder, President and CEO of Unity Card (www.theunitycard.com), a black-owned and operated marketing company based in New York City. The company’s mission is to connect, promote and empower Black entrepreneurs and consumers through education, networking and advocacy.

###