Growing up black in America means understanding what it means to be a part of the “land of the free and home of the brave”. There are many opportunities available to people who understand what can be accomplished in a company such as America.
Capitalism believes that anyone who is willing to pay the price of building something for themselves should have the opportunity to do so. During our history many different cultures came and made their homes here. They could start their own businesses and had a chance to provide for themselves and their families.
When we look back we see cultures such as the Chinese, Japanese, Vietnamese, Italian, Scottish and Jews we find that many of them built successful businesses in America. These endeavors came with many obstacles and their commitment to success and family support gave them the impetus they needed to overcome and prevail.
Black families have also worked towards taking advantage of the opportunities here in America. However there are some differences black Americans face when looking to benefit from becoming entrepreneurial. These differences have made creating high producing black businesses a challenge;
1) Lack of business education – to succeed in building a business there are some basic concepts you must know; sales, marketing, accounting, forecasting and planning to name a few. When black people look to start a business they do sometimes ill prepared for the skills necessary for success. This has caused many to choose to get a job and work for others instead of trying to start their own business.
2) Lack of mentorship- It is nice to have experienced businessmen and women on your side who will offer their expertise to make your business a success. For many black people they seldom run in the circles that would allow them to befriend such people. If they can make those introductions it would be to their benefit.
3) Lack of extended family support – in other cultures (and in Africa) families bound together to work for the success of the family. Parents, children, aunts, uncles, grandparents all band together. if there is a business many of them will work in it Sadly black Americans have had their extended families decimated so even when they do start a business it ends up being husband, wife and children. Its not impossible to find success, it just may take longer.
4) Lack of resources – lastly it takes money to make money. When you start a business it helps to have reserves in place to help offset the period when no profits are being realized. Black Americans are typically resource challenged to be able to
have funds to survive while meeting their daily obligations.
America is the land of the free and home of the brave. it is filled with opportunities and those brave enough to go for it can reap awesome rewards.