by Cameron W.

Some people might say that business the black way is not business at all but more of a black hole that sucks all the resources of the Black man into the obis. Sadly, in many ways those people are correct. Black Americans spend a higher percentage of their income on depreciable items than any other ethnic group. What that means in laymen’s terms is that homie over there would rather spend his hard earned McDonalds pay check on gold teeth than to invest that money in a savings or money market account. The Ariel Mutual Funds/Charles Schwab 2003 Black Investor Survey found that when comparing households where blacks and whites had approximately the same household incomes, whites saved approximately 20% more per month for retirement. It also found that 30% of Black Americans earning $100,000 a year had less than $5,000 in retirement savings. While 79% of whites invest in the stock market, only 61% of Blacks do. Furthermore the Black community is still grossly underrepresented in the business community. According to the U.S Department of Commerce out of all businesses in the United States 4% are owned by Blacks. Out of minority owned businesses 27.1% are owned by Blacks with the lion’s share of businesses going to Hispanic/Latinos at 39% followed by Asians at 30%.

Now statistics like the aforementioned are fairly common knowledge amongst Black intellectuals but what may not be so common is that many Blacks are in fact are starting their own businesses and most importantly being successful at it. Black Enterprise magazine, a popular magazine that caters to the Black business community, publishes an article every week called “Entrepreneur of the Week” this week, July 8^th-14^th 2007, this lucky person was Jeff Clanagan who owns “Urban Words Entertainment” which is a company that distributes independent urban films. Their merchandise is available at such large retailers as Target, Walmart, and other stores. Furthermore, according to Black Enterprise Black businesses grossed approximately 27 billion dollars last year. This is proof that we as a race are NOT down and out for the count. But and this is big ‘but’ our community can not and will not reach the reach the Promised Land if you, yes you!, just sit there with a false sense of entitlement that certain people owe you something and therefore are obligated to make you successful. You must go out and do the hard work and have the drive to become a success. Now not every Black person reading this can or even should own a business. Perhaps your destiny is to be one of the top wage earners at your company or to start a non-profit firm. Whatever the occupation is be the best you can be. In the mean time there are things you can do right now to not only help your community but yourself as well. First off save at least 10%, if possible, of your income in a savings account, preferably a money market account. Keep non-essential spending low. Maybe you don’t need that dress just yet or those $80 jeans. Keep informed of what is happening in the business world today. Read the CNN Money section at least once a week. This will help you to gain a more expansive knowledge of the business world which affects you.

In short we will not reach the Promised Land by being angry but not doing anything. Anger is the nectar of the fool it will only lead us to make rash uneducated choices. We must methodically come up with a financial plan for ourselves and a plan to educate our brothers and sisters if we are to ever reach the Promised Land.