Each Auguts, Black Business Month is celebrated but few if anyone understands its core value. Let's dig in and get the insight required of leaders and influencers like yourself. In 2020, Black business owners employed 1.321 million people, and created 48,549 new jobs—adding an additional $1.7 billion in aggregate payroll to the U.S. economy.
Recent census data shows that there are 3.12 million Black-owned businesses in the U. S., generating $206 billion in annual revenue and supporting 3.56 million U.S. jobs. That's millions of people filling the needs of our local communities and creating jobs for workers of all backgrounds. Black entrepreneurship can fuel the black community's economic prosperity and serve as a bridge where low-income families can move up to middle-class status.
Black Business Month is an important observance that should matter to people of all races and ethnic groups, including White, Black, and Hispanic Americans. Celebrating and supporting Black-owned businesses can have a positive impact on society and the economy as a whole.
Just to keep the record straight, here are 5 reasons why Black Business Month should matter to everyone and ways we can celebrate (part 1)
1. Investing in Black businesses promotes economic equity
Celebrating Black-owned businesses helps address historical disparities in wealth and economic opportunities, contributing to a more equitable society. A more equitable society often leads to greater innovation and broader opportunities for wealth. That wealth building contributes to the overall upkeep of society.
When you support Black-owned businesses, you contribute to a thriving ecosystem that encourages innovative ideas and approaches. This can lead to the creation of unique products and services that blend cultural influences in novel ways, enriching the cultural landscape.
2. Supporting Black-owned businesses Boosts Local Economies:
Supporting Black-owned businesses helps stimulate local economies by creating jobs and increasing community wealth. Local economies are super critical in that it is an ecosystem that feeds on itself. When black owned businesses are strong, it removes a potential economic hurdle and instead turns that went into an economic engine.
3. Supporting Black-owned businesses Fosters Innovation:
Diversity in business ownership leads to a wider range of perspectives, ideas, and innovations that can benefit all industries..
It's no secret the diversity fosters innovation, it's also an important to understand the value of small business and its ability to innovate. It's part of their success strategy.
4. Supporting Black-owned businesses Strengthens Social Fabric
Celebrating diversity in entrepreneurship enhances social cohesion, breaks down stereotypes, and promotes cultural understanding.
Fostering a social fabric means having a business class of entrepreneurs into woven into the culture, the community, and the economic revenue streams that allow it to grow and sustain itself.
5. Supporting Black-owned businesses Drives Cultural Appreciation:
Exploring and supporting Black-owned businesses can foster a greater appreciation for Black culture, art, fashion, and cuisine. Successful black owned businesses can facilitate greater opportunities for investment in Black communities, as well as it's educational, artistic and cultural liability.
Many Black-owned businesses draw inspiration from their cultural traditions and history. By supporting these businesses, you contribute to the preservation of cultural practices, art forms, and craftsmanship that might otherwise be lost or overlooked. This helps to maintain a rich tapestry of cultural diversity.
When a business community strives and succeeds, it's cultural and social communities are often beneficiaries.
A MESSAGE FROM THE CHILDREN'S TRUST
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A MESSAGE FROM BAPTIST HEALTH
Black women founders seemed to drive overall growth.
One key finding pertains to Black women, who are one of the nation's most underserved groups, with the lowest proportional democratic representation and the largest median income gap for full-time workers. However, amid a rise in Black-owned businesses, increases in Black women founders seemed to drive overall growth. 35% of Black business owners are women. Businesses owned by Black women earn significantly less than businesses run by other women. 34% of Black business owners start their businesses because they want to be their own bosses. 44% of Black business owners use their own cash to start their venture.
Today, Black small business owners remain confident despite great economic uncertainty. Black entrepreneurs are more optimistic than other groups about their business outlook, with the majority expecting revenue to increase and planning to expand their businesses this year, according to a recent Bank of America survey of small business owners.
That optimism translates into real economic impact, job growth, and progress in closing the racial wealth gap. Recent census data shows that there are 3.12 million Black-owned businesses in the U. S., generating $206 billion in annual revenue and supporting 3.56 million U.S. jobs. That’s millions of people filling the needs of our local communities and creating jobs for workers of all backgrounds.
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