Black Business in America

In the current age of information, access to a wider range of consumer options help propel black creators to thrive in the business world. Throughout America’s history, black people have always been the power house of the Global economy. With pioneer inventions, craftsmanship, fashion, technology and other business ventures, the influence black people have in the business world is substantial.

In the post-slavery era in America, liberated slaves were talented in carpentry, textile, farming, cooking, sewing and all other useful tools to operate successful business. Unfortunately, Jim Crow stifled the economic prosperity for people of color by enforcing laws that limited access to the resources white people easily were able to obtain. By the time black people were free from slavery, there had already been established companies and wealth hoarding millionaires like John D. Rockefeller who wouldn’t even give a small business loan let alone even hire a black person to put in a position of power. The hypocrisy of these companies not giving equal opportunity to people of color was almost identical to the immorality of slavery. Black people were still doing the brunt of the skillful labor in America for a low wage, or even none at all because the beginning of mass incarceration.

The Jim Crow separate but equal was a policy used to keep people of color segregated so they would not be able to get access to fair opportunities. White people were able to get a networking advantage by not worrying about competition with black people because sharing the same spaces as them was illegal. HBCU (Historically Black Colleges/ University) were used by people of color and to this day serves as a great foundation for those who choose to venture into business. Lincoln University was the first HBCU to grant Degrees and some notable alumni included Langston Hughes, Gil Scitt Heron and Thurgood Marshall. HBCUs span all across America and other successful alumni that attended other large schools like Howard,, Fisk and Hampton are Toni Morrison, Alice Walker, Spike Lee, Phylicia Rashad, Diddy and Oprah. But the first real step in economic prosperity for people of color in America was Black Wall Street.

Black Wall Street was established in 1921 in Tulsa, Oklahoma. Tulsa was in the midst of an oil boom and African Americans took this as an opportunity to capitalize on the influx of resources. The reason why residents were able to take advantage of the oil boom was ironically because of segregation. African Americans settled to Tulsa to seek refuge from racial tension within’ the south creating a huge community of successful black people from all over the country supporting each other’s businesses; coining the phrase “Black Wall Street”. This could not sustain safely in America due to the threat of black people losing their reliance on white businesses which were obviously taking a hit. The Tulsa Race Riot was organized by white supremacists to not only disrupt business, but salvage and kill families in the community. On May 30th, white men rioted and killed men, women, and children with World War I weapons dropping bombs on the entire Black Wall Street.

What happened to Black Wall Street is not taught and remembered in American history like other terror attacks we’ve faced, so we must always remember to connect it with how we support black business today. The wealth gap was what influenced people to form a community to generate wealth amongst oppressed people and the most formidable way to attack corporate Americas wealth gap is through invoking not only financial literacy but societal history as well.

The importance of societal history has a couple different meanings when building a business. As people of color if we can’t identify patterns that cause economic regression, we will not be able to maintain generational wealth. Education, whether being self-education or institutional education, we learn methods our ancestors used to propel interest in their skill or business. Black people are very innovative and a lot of the culture shared globally begins in a very small exclusive network. Our pride helps us stay firm with our vision and we are generally not driven by competition as much as driven by success or drive for financial stability. The oppression we faced forces us through hardships other business ventures do not have to worry about, which makes for “thick skin”. These characteristics are perfect for business because rejection and patience are usually big bumps in the road for economic success. In 2014, a study showed Hispanic and black entrepreneurs tend to start their companies with less money than white entrepreneurs, and they rely more heavily on their personal wealth than on outside lenders or investors. But even when approved for a business loan, it’s on average 32 percent higher rate than white people. These are the exact issues black people faced over 100s of years ago and are still very prevalent today. So how can we overcome the oppression we face in the American Capitalist economy rigged for white supremacy? With the knowledge we obtain from our ancestral history, we must tie that into the current state of the economy to study financial literacy. Financial literacy is as elementary as responsibly saving and budgeting, to as complex as stocks and marketing. A common stereotype directed at the black community is that we’re not good with money because we over indulge on material things. I find this stereotype to be a misconception. You cannot be subjected to the label of irresponsible with money, if you do not have a 300 year structured economic advantage to those we are being compare to. Thus, the perpetuation of this stereotypes is being pushed to cause self-hate and allude to the bigger issues we face. Money obtained quickly and spent quickly “fast money” is a symbol used to weaponized black people and make them think they have power. We tend to romanticize the idea of hustling to obtain money, instead of recognizing that saving money can do more for you than quickly spending it. But fast money is not wealth. Material things are not wealth. Wealth is investments in property, things under signatures, and things that build value over time. Real wealth is security in the future. People with access to wealth have the flexibility to invest, people without access to wealth do not share that same benefit.

People of color have the advantage of being connected to more avenues of social prosperity, their creativity that sets them apart from entrepreneurs who are only surrounded by a less accepting pool of consumers. It’s extremely hard to find out what the consumer wants if the company does not have a vast optic of life outside their comfortable environments. Due to all the obstacles faced by black business owners, this makes adaptation second nature. If everything is handed to you, how are you going to know how to hustle to get it? If you got your product’s idea from someone else, how can you know what strides are needed to improve it? Black spaces are beautiful because they’re exclusive but at the same time embracive. What sells consumers is convenience and creativity. If we’re not buying something that doesn’t help us with our daily endeavors we then look towards whether or not it satisfies our desires.

Through social media and other platforms black business has taken a new shape in 2020. Corporations are becoming less trustworthy to many people referencing back to harsh working conditions, lack of representation and low pay. To combat economic oppression, black people are revolutionizing the entire business model of American consumerism. According to yelp, “from May 25 to July 10, there has been more than 2,500,000 searches for Black-owned businesses on their platform, compared to 35,000 over the same time period last year which was a 7,043 percent increase. While searches for Black-owned restaurants have remained popular, up 2,508%, the company noticed that people have been searching for more specific Black-owned businesses. Searches for Black-owned boutiques have increased by 331% compared to the same time last year; searches for Black-owned bakeries and ice cream shops has increased by 56%; searches for Black doctors has increased by 183%; and searches for Black-owned coffee shops has increased by 161%. Most notably, searches for Black-owned bookstores increased by 1,437% year-over-year, a trend that coincided with anti-Racism books soaring to the top of best-seller lists.”

People of color are investing responsibly in stocks and markets that fluctuates based on the success of the economy. We are able to buy bitcoin, buy shares instantly and use our phones to manage different sources of residual income. In recent months many people have looked to market exchange as a source of income and found success. One investor taking advantage of this market right now is as Fred Marc who is an advocator for financial literacy:

“We are living in a time where acquiring an additional source of income is no longer a luxury, it’s a necessity. Living your life check to check to make ends meet by going to a job you’re not passionate about and trading in your valuable time for money is the old conventional way.

A 9-5 job takes up 8 hours of a day, add on the average amount of sleep time which is just about 8 hours a day, which leaves round 8 hours a day for leisure and to spend time with their loved ones. There’s 24 hours in a day meaning, whoever is in that category is only living 1/3 of their life. I don’t believe we were put on this planet to only live out a fraction of our day and there’s a way for you gain your time and freedom back with the ability to earn money anytime, anywhere with no income cap. Being at home with the people you cherish and still making money, being on vacation living life to the fullest and still making money or even going to sleep and waking up to money. It’s a new decade, so we must advance with the times and increase our knowledge in being financially literate.

If you have interest in being financially free my solution is the Foreign Exchange Market. It’s the largest most liquid financial market in the world; meaning it moves the most money per day compared to all other financial markets. One example that you may know of is the stock exchange. The Foreign Exchange moves an astounding 7.3 trillion dollars a day, yes trillions. Banks are actually major participants in this market and they are capitalizing off of this without you even knowing. Only 3% of the population knows of this gold mine and you can take advantage of this by using your phone to make money... How innovative is that?

I want to make people aware of the fact that we have compact computers in the palm of our hands and with the proper knowledge we can make money at the push of a button. Money in your savings/checking account is theoretically there, but it’s not physically there meaning it’s a digital representation of the money that you have. If it’s not really there then where is it? Banks like Chase, JP Morgan, Bank of America etc.. Are using money in accounts as capital to make billions upon billions every single day without the general public knowing about it. Also, the interest rate you earn on your savings account takes over 80 years to only double. Instead of letting your money sit in your bank account collecting dust, learn this lifetime skill and apply it.

Now that you know this information, take responsibility of your finances and make your money work for you. Think how the rich and wealthy think and see how much of an impact it has on your life plus others around you. Wake up, it’s time to take control. You are now informed about a skill that 97% of the population doesn’t know about. What are you going to do with it?”

We must use this time the market is showing its lack of accountability in making sure people of color are represented in business, by creating and supporting people of color. A lot of ideas started in small places by people who never got the deserving credit for it so I urge all creators to take a chance on your passion and make it work for you. Martians’ Retreat always has and always will be a platform for black business to express their vision and advertise their business. Please also use your platform to give people of color exposure for their business as it’s very evident that throughout history, our black innovators are silenced. Please visit our forum to read and support other black businesses in our community so we can build wealth prosperity for many years to come.

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