The Road Least Travelled: Entrepreneurship in African-American Communities
Recent reports claim that the African American community is on track to see their wealth reach zero in just over a generation. As someone with experience in the financial services industry, I cannot say that this comes as a surprise. The evidence of economic and financial inequality is overwhelming. African Americans are underemployed, under-housed, under-banked, and under-insured. Our communities currently have the lowest economic numbers and key financial metrics compared to most ethnic groups. We are being outpaced by Asian and Hispanic Americans in almost every economic category except spending. While we spend nearly $1.9 trillion dollars, we struggle to maintain savings accounts or emergency funds. We fall behind in investing or having retirement and insurance plans. Our credit scores are the lowest of any ethnic group. However, there is an encouraging conversation happening in the African American community. We are beginning to have honest dialogues, share collaborative ideations, showcase courageous mindsets, and take action.
Throughout the African American experience in America, community and faith have always been the foundation on which we stand. It is where we gather to break bread, to celebrate, to mourn, and to pray. It is where we hold each other accountable, and where we extend forgiveness and love. Our communities are epicenters built on ambitious dreams and aspirations. Unfortunately, in recent times, our community has been infiltrated with materialism, selfishness, and an emphasis on individualized identity. This has threatened to rip through the very essence of who we are and what we can achieve together. The journey ahead will be long, but we can make it together. We can no longer accept the statistics and indicators of our financial struggles. This calls for a community of individuals ready to roll up their sleeves and take action. We need to embrace the concept of lifting each other up. Instead of waiting, it is time for us to be the cavalry. The reality is, instead of embracing a woke mindset, we simply need to wake up and take action. This is not meant to disparage anyone, but to illuminate the challenges that lie ahead of us. We must come together as a community, embracing our collective strength and resilience to overcome the economic disparities we are facing. It is only then that we can truly achieve financial prosperity and success for all.
Entrepreneurship has proven to be a powerful tool in promoting economic growth, increasing job creation, fostering innovation, and addressing social and environmental issues in communities. By establishing our support systems, we can create mental health centers, banks, fitness centers, housing developments, education centers, and more. However, we must not challenge the competence of those who offer themselves for the cause, nor should we spread falsehoods in the name of greed. We must not mislead residents on health, financial, and credit matters. Instead, we need to build empowering business ecosystems that thrive and are sustainable for future generations. Entrepreneurship is our road least traveled, just by the sheer numbers, but we owe it to our forefathers and mothers to pave the way with strength, resilience, and a commitment to doing better.
As Martin Luther King, Jr. famously said, "life's most urgent and persistent question is, what are you doing for others." In our communities, there are many gifted individuals with great ideas and talents, but they lack the structure, strategy, and stamina to succeed. Building a business is not all glitz and glamour; it requires grit, purpose, perseverance, faith, grace, and God. There will be lonely days, days where everything seems to go wrong, but we must remember that deep inside of us lies everything we need to succeed in this movement. With God as our plus one, we can overcome any obstacle and make a positive impact on our communities. Let us uphold the legacy of those who came before us and continue to do better, one entrepreneurial endeavor at a time.
I am passionate about empowering entrepreneurs and creating a sustainable business ecosystem. I am not naive towards the notion that everyone can become an entrepreneur, however I firmly believe that we can all lend our support and encouragement to those who are willing to take the leap. As a community, we can offer our gifts and expertise to assist budding entrepreneurs and help them succeed. I encourage the present generation to impart the same hope, empowerment, and courage to future generations as the generations of the past have done for us. Let us work together, build unconventional alliances, and create accelerators and masterclasses to educate and inspire others. The most critical aspect of our mission, however, is to promote one another. Let us support each other's endeavors and celebrate our collective successes. To that end, I call upon all of us to find 25 up-and-coming entrepreneurs to support and promote.
If you're someone who aspires to become a success entrepreneur but unsure where to begin, don't hesitate to reach out to info@nujourneyfoundation.org for assistance. And, above all, do not allow fear to paralyze your dreams or contribution to this mission. Do it afraid because you have an entire community supporting you.
Remember, #therisingisnow!
-CD
Follow us: nujourneyfoundation.org