The Need For More Black Businesses

Our first 200 years in America were spent working for freedom from slavery. The next 100 years, from 1864 to 1964, were spent working for civil and voting rights. Our next hundred years will be spent securing our economic freedom. We cannot and we must not fail!" eloquently states George C. Fraser, president of Success Source Unlimited.

The keys to economic freedom for Blacks in America are business ownership and economic development within our own community. No one can do this for us; we have to do it for ourselves.

Claud Anderson, in his book, "Powernomics: The National Plan to Empower Black America," explains that, "Powernomics is the ability of Blacks to pool resources and power to produce, distribute and consume in a way that creates goods and wealth that Black people control." His book lays out a plan for industrializing neighborhoods, controlling the governance of neighborhood schools, political control and leadership by Black religious organizations.

What does this mean to you?
From a broad perspective, there is no question that empowerment and independence are key economic goals for the Black community. However, on a personal level, there are some compelling reasons that you should seriously consider developing your own business.

Pursuing your passion = happiness
When you pursue your passion as an entrepreneur, you are motivated and enthusiastic. If a 9 to 5 job is a drain and does not allow you to pursue your own passion, consider entrepreneurial options.

Job security = stability
The current economic downturn has seen the downfall of some corporate icons. Good hard working people lost their jobs, through no fault of their own. With mergers, downsizing and globalization, no job in corporate America is "safe." Becoming an entrepreneur allows you to take charge of your own destiny. Your success is not dependent on the decisions of management who might decide, for example, that an executive’s golden parachute is more important than keeping 20 staff members employed.

Wealth creation = legacy
Employees, by definition, are used to create wealth for their employers. However, if you look at some of the most financially successful individuals, you will see that they are business owners. They have created wealth by effectively deploying their resources and winning in the marketplace. Additionally, their business and financial legacy can be passed on to future generations.

Tax advantages = savings
There is no doubt that government tax policies have long favored business ownership, while at the same time it has punished wage earners. Employees typically pay a much higher percentage of their income in taxes, while business owners, through depreciation, credits, and other tax incentives can legally manage their tax liability. If you have a viable business, you can save substantial funds from taxation and create jobs.

How to get started
Begin by conducting research on how to start a business. There are several good books that provide a blueprint for starting a business. "Make the Leap: Shift from Corporate Worker to Entrepreneur" by Genevia Gee Fulbright and Armando G. Roman is a "how to book" that contains the "Top 50" things you need to do to start your business, as well as tips on how to purchase a business or a franchise. "The Black Enterprise Guide to Starting your own Business" by Wendy Beach is another resource that tells how to launch and run a business. 

According to the American Institute of Small Business, eight out of ten small businesses are the outgrowth of hobbies or long-term interests. Most start-ups begin as a part-time arrangement, until the business is able to sustain a full-time employee. Start today to pursue your dream of a business of your own and creating your own economic freedom.