Call to Action from the Publisher: Support Black-Owned Businesses
A recent study from Nielsen showed that African-Americans’ buying power reached $946.6 billion in 2010 and is projected to climb to $1.4 trillion in 2019. The average Black-owned business grosses only about $72,000 per year, according to the U.S. Census and the national average for other minority businesses is $179,000 per year and a whopping $490,000 per year for non-minority businesses. Over the next few weeks, we will finish compiling our 100 Black Owned Business Listing. The list will be comprised of Black-owned businesses from around the Metropolitan Detroit area. The reasons I wanted to compile the list is tri-fold.
First I wanted to show that there is strength in numbers. I’m sure you have heard the saying ‘out of site out of mind’. If you don’t see Black owned businesses with a store front, you might assume that there are not many black businesses in your community….but there are.
The second reason is to show youth some HOPE. Being an Entrepreneur is an option that isn’t taught in most schools. The school curriculum includes a college preparatory plan and maybe a trade school plan, but not an ‘Own your own business plan’. In that case, we, the business owners can be the curriculum that the students can come to for instructions. Many students graduate from high school not realizing that they have a gift that can result in a business that will help sustain their family.
The third reason I decided to compile this list of 100 Black Owned Businesses is to help create wealth for the business owners. Yes, I said wealth. Webster defines wealth as ‘the value of all the property, possessions, and money that someone or something has.’ Our ability to help others attain wealth will directly affect the amount of wealth that we ourselves will accumulate. My challenge to the readers of the Telegram is to support the businesses listed in the 100 Black Business Listing throughout the year. If we go the extra mile to help each other, we all will be successful.