AUGUST IS NATIONAL BLACK BUSINESS APPRECIATION MONTH!
Black Business Month was initiated when "entrepreneur Frederick E. Jordan partnered with the president and executive editor of the scholarly publishing company eAccess Mr. John William Templeton August 2004." Their goal was to "drive the policy agenda affecting the 2.6 million African-American businesses" and highlight the crisis issues that Black businesses run into in the hope of empowering Black businesses. Who, by the way, is the target population subjected to discrimination & divestment actions both locally and abroad across the nation. Frederick E Jordan was empathetic to the plight of Black businesses because of his first-hand "experience of the struggle to gain financial backing and funding when he began his firm in San Francisco in 1969."
Fredrick E. Jordan & John William Templeton
Spearhead Initiators of Black Business Month!
Acknowledging and supporting Black businesses across the nation is a beautiful venture. National Black Business Month allows communities to focus on & support Black entrepreneurs who have endured despite the many obstacles they encounter as business people. A report from The Network Journal published July 9, 2021, shares that "Cash flow issues are a significant culprit in the failure of Black-owned businesses. Businesses with a positive cash flow have the operating funds to settle debts, pay employees, more over reinvesting in the business, etc."
According to The Network Journal, an online business magazine for Black professionals, another issue that may correlate to why North American Black businesses fail or are underutilized is "Bad team chemistry." "Lacking the correct team composition is another reason behind the failure of many Black-owned companies, and this blunder will result in a stalemate from the start," per The Network Journal report. "Creating a team of dedicated individuals with complementary traits and characteristics is vital. While finding the right talent for the job is challenging, resources like Facebook and LinkedIn have made it more accessible" to find the right people to be a part of your team.
An additional report by Kimberly Atkins-Stohr, of The Boston Globe article titled When Black-owned Businesses Fail It Hurts Everybody, published in April 2022, states that "when Black businesses fail, are unable to get off the ground, or underperform, it doesn't just add to the racial wealth gap — it costs all Americans money. A McKinsey study found that if existing privately held Black-owned businesses had the same revenue averages as White-owned firms, it would pump an additional $200 billion into the economy. The loss due to Black businesses never getting off the ground is incalculable."
So, in short, we as a community and nation of people need to do an about-face. Resist our post-traumatic-slave-syndrome symptoms to put down or overly criticize our people's initiatives or causes. Commit to Black Food Fridays. Encourage local business entrepreneurs to pursue their dreams. Moreover, make it a point to learn about Black entrepreneurs of the past and the institutions that your ancestors built. https://stacker.com/stories/3825/notable-companies-founded-black-entrepreneurs
Please remember not just to choose to spend your money on Black-owned businesses but strongly advocate for Black-owned businesses & startups. We have the ability to make our tax dollars work for us as long as we unashamedly advocate for one other together. This will ensure that Black companies receive an equal share of Small Business Administration Grants and Loans that White and other minorities quickly obtain. And above all, support the Echo, NJ's oldest Black-owned newspaper since 1904, by subscribing to the website: echonewstv.com and "liking" our Echopressnj Facebook Page.
Thank you for reading! Please support your local Black business today. If you lack money to purchase stuff, remember that utilizing your social media platform and "liking" a Black-owned business can move mountains for your local Black business establishments here in the states. Lastly, let us take Brother Fred Jordan's advice to don’t just survive but thrive.
Please enjoy War's "Why Can't We Be Friends?"