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Tag: black-owned

5 Actions You Should Take to Support Black Owned Businesses

In a society where dialogue is heavily immersed in social justice and the continuous rallying efforts of #BlackLivesMatter, the black race is receiving an impressive, impactful platform to voice our concerns and fight for equality and representation. As Jesse Williams reminded the nation at June’s BET Awards, “Just because we’re magic doesn’t mean we’re not real.” And with this realness comes a multitude of real struggles, even beyond the realm of social justice and political activism. The Black population needs a stronger push for economic stability and unity.
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The Importance of Practicing Group Economics in the African-American Community

One of the greatest strengths of any community is its ability to identify, support, and reward the talents and skills of its members. When I was a child, I remember observing my mother go out of her way to hire African-American professionals in the community. I now realize that she understood then, and understands today the importance of practicing group economics. That is, creating and exchanging resources (e.g., currency, talents, gifts, and skills) that a group deems valuable among another.
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11 realities faced by Black-owned businesses

“You know how your cousins are.” Sound familiar? You have either heard or said this about a janky product or poor customer service at a Black-owned business (BOB). All businesses encounter common issues, but the impact is greater for BOBs. Our history is filled with the reality of facing stereotypes, unfair biases, and unethical and illegal practices. Growth continues, but numbers and profits still lag behind businesses owned by other races. White-owned companies account for 81 percent of U.S. businesses, while Asian and Hispanic-owned are at 9.7 and 5.8 percent, respectively.
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Removing the Barriers to Black Business Success

The most recent data on minority-owned firms in the United States was collected in 2012 (and released at the end of 2015). It showed that the number of minority-owned firms rose from 5.8 million in 2007 to 8 million in 2012. Hispanic-owned firms grew the most rapidly – by 46 percent to 3.3 million.  African American-owned firms grew by 34.5 percent to 2.6 million. Asian-owned firms grew by 23.8 percent to 1.9 million. Women-owned firms grew by 26.8 percent compared to firms owned by men that grew by just 6.8 percent.   Since the total number of firms grew by just 2 percent, to 27.6 million, the growth in minority and women-owned firms could define the way that business is being done in our country.
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