By: Lauren Spencer
There has been a recent push to support Black owned businesses, but not a push to start a Black owned businesses. The $1.1 trillion African American buying power does not match the amount of money put towards African American owned businesses. African Americans only spend 2 cents of every dollar towards African American owned businesses.
Currently a dollar circulates in a Asian community in 30 days. A dollar circulates in a Jewish community in 20 days. A dollar circulates in a White community in 17 day, and unfortunately a dollar circulates in a Black community in only 6 hours. A community having buying power essentially means nothing if it is not supporting the people that are a part of that community.
Only 7 percent of all small businesses are owned by African Americans. This gives the Black community a very limited amount of resources to spend the black dollar on, and for most African Americans this means spending money without any thought behind the ownership of the business. Two African American high school students said that they shop wherever that want to and hardly ever consider the race of who owns the business.
Other ethnicities take advantage of the overall unawareness of the Black community in regards to Black owned businesses. According to atlnightspots.com, when asked about the African American community in terms of economics, one Jewish businessman said that “We call you liquid money. The same way that water falls out of a man’s hands, money typically seeps out of a Black person’s hands the same way. Your community gets money and immediately gives it all away to people who aren’t black. We see that as a huge business opportunity.”
At the end of the day there needs to be a push for more black owned businesses, and this push needs to start with knowledge on the subject. The African American community must learn their worth as a whole to succeed as individuals.