The reality of black owned business, what can we do to make a difference?

Abstract

As a black woman studying finance, I am concerned about the success of black owned businesses. I explore the history of black owned businesses highlighting challenges and factors that made them successful. Going back as far as the 18th century, black people have always been a part of the business community but unfortunately were never able to prosper immensely compared to white businesses. They have been systematically oppressed and suffered from hidden agendas inflicted by the white race; including but not limited to; racism, sexism, classism and the list goes on, causing a cycle of debt. After interviewing a few individuals involved with the business industry, we continue to see people of color face similar problems. It is only through education and with the help of organizations devoted to the economic development of black communities that we see black businesses thriving. While there are a number of black owned businesses with successful stories, black people are inadvertently struggling to find investments and run a self-sufficient business. Reasons ranging from a lack of support from their communities to poor reputation from white superiors. As a result, black businesses are disproportionately represented, impairing their socio-economic status and causing a life of struggle. With everything being said, there is a way that we can help black owners achieve success and get the proper investment needed for their businesses. With the help of banks, local communities, government officials etc., people can work together to uplift black businesses. There is a dire need to establish diversity, equity and inclusion, support groups, directly invest in black owned businesses, and educate the ignorant and uncertain. The end goal is for people to have the same opportunities, despite their race class or gender, and to develop a world where there are a higher number of black owned businesses thriving.