We need to make the black economy matter – here’s how

More than 150 years have passed since the legal abolition of slavery and 55 years since the passage of the Civil Rights Act, and yet our economic situation has modified little or no, if in any respect. Once we get past the facades of movements and causes, we must realize that we’re and all the time have been in a state of economic war. Slavery was an economic war; The Civil Rights Movement was an economic war; and today we’re in a state of economic war. Remember that we were allowed to ride in the front of the bus in Birmingham, Alabama due to the economic impact of the Rosa Parks-inspired bus boycott, not due to any newfound sympathy for black people.

While the Black community has many necessary causes to fight for, the state of the Black economy is paramount. All the issues affecting our community, from health care to police brutality to voter suppression and more, revolve around economics. To help take care of these problems, we must prioritize our economy. Here are 4 ways the Black economy can matter.

Buy black

According to CNBC, people of African descent “spent more than $1.4 trillion in 2019, and that number is projected to grow to $1.8 trillion by 2024.” That’s greater than Mexico’s gross national product. However, historically speaking, we spend lower than 5% of that cash in our community. This they need to change if we’re to construct something for our people.

“For the Black economy to matter, we must strengthen our relationships in our community and rebuild our trade zone and, where possible, practice Buy Black,” says Phil Andrews, president Long Island African American Chamber of Commerce.

Own Black

Buying black and why we should purchase black is just the starting. The variety of dollars recycled in our community increases with the ownership of companies in our community. According to Black men in America, the dollar circulates for 30 days in the Asian community, 20 days in the Jewish community, and 17 days in the white community, but just for six hours in the black community. To change this, we need to do greater than just buy from Black-owned businesses. We need to have distribution points, manufacturing plants and provide chains. This is how you construct strong communities.

Sell ​​yourself

We are so used to working for others that we do not know how to promote ourselves. “If you do not advance, why should anyone else? In my experience, a few of the most talented people of color I do know are afraid to promote themselves. No one will recognize our worth if we do not show it to them,” says Daron K. Roberts, founding director, Center for Leadership and Innovation in Sports, University of Texas at Austin. People buy into you before they buy your services or products, especially whenever you’re just starting out. We also need to stop running our business as if we were working for another person. We need to know our worth to ourselves.

Save for the next generation

We have to reinvent the wheel every generation because we aren’t constructing for the next generation. As a result, we now have difficulty constructing wealth, which hinders our ability to repay it in the future. “The real test for all new advocates of Black economic awareness will be their ability to maintain consistency and discipline. We must find a way to maintain commitment to investing, upskilling, supporting and maintaining the intention to build Black wealth together both online and in-store,” says Daniella Bien-aime, lead online content developer at Bien-Aime Post.

Making the Black economy matter can’t be a fad. This have to be a mission. While money is not every part, it’s a vital a part of the fabric of a community. We need to invest together in our communities so we are able to construct wealth and pay it forward. I respect people like Earl Graves who built and maintained successful businesses after which passed them on to their children. We need more of them.

When you’re taking the first letter of every point, you’ll write BOSS. Whether we work full-time or part-time, we need to take control of our economic future before another person does. Yes, Black lives should matter. But if we’re to truly rebuild our communities, we must make sure the Black economy matters.

BLACK ENTERPRISES.