The US Department of Commerce 1997 Census estimates indicate that black-owned firms have lower revenues and profits, employ a smaller number of employees, and are more likely to shut down than white-owned businesses. Have you ever thought what could be the reasons behind this relative lack of success of black-owned businesses?
The whites own the world in one way or another. Their supremacy has led to a sharp spike in competition throughout the globe. How about we speak of diamonds? The rarest of all and valuable. De beers, the most highly supreme market holder of diamonds, owned by whites established on African lands, exploiting their land; this is just one prime and the most profound example, yet many other examples observed. It dates back to the centuries, where oppression on the native blacks began, and by far, it’s still happening but in various other ways. The people of African descent are often seen as the second, and their opinions are not taken seriously. They always have to strive harder for their needs and are eternally marginalized. Marxist theory has been the logic of the white giants who exploit the others and use their maximum potentials.
Family Business Background
However, you can’t completely deny the idea that there’s a glitch within the black communities. According to a research study, the estimates from the Characteristics of Business Owners Survey (CBO) indicate that black business owners have a relatively underprivileged family business background compared with white entrepreneurs. Families often don’t provide enough support to a budding entrepreneur, whether it’s financial support or providing enough space and time mentally. There’s not much concept of enlarging family businesses in black families. The majority don’t even have any inherited businesses. The study further mentioned that the lack of prior work experience in a family business among black business owners contributes to the negative black business outcomes.
Many recent studies show that blacks have considerably lower levels of assets than whites and that these differences contribute to racial differences in business ownership levels. There is also evidence suggesting that black-owned businesses experience higher loan denial possibilities and pay higher interest rates than white-owned businesses even after managing for differences in creditworthiness and other factors. These findings suggest that these racial differences add up to the black and white inequalities. The lack of opportunities to acquire general and specific capital evidently hurts the success outcomes of black-owned firms.
On the contrary, the blacks want to live a life as extravagant as they can achieve through their blood and sweat money. They dream big and hard work, honesty, commitment – It’s all there. However, proper business planning is a must. One can but shouldn’t start their venture without knowing the difference between their assets and liabilities. Brainstorming the ideas, discussing them with corporate experts, and implementing each strategy with a plan are essential. You can’t expect your business to flourish when you believe to ‘go with the flow.’ Think about it, do you really think these high-end business owners change their priorities from looking after their business to wandering around freely? That’s not how it works. Striking a balance is important. As seen, new business owners lack fundamental skills like an advertisement. It seems to them less significant to spread the word for attraction. Acknowledging these matters and working on them can do so much benefit to your venture. Failure to do this ultimately leads to failure. In the business world, you’ve got to target different markets and races, your linguistic should be strong, and you must be confident enough to deal with races worldwide. Lack of such profound skills might be the reason behind less-successful businesses.
Wrapping It Up
It’s time to break the vicious cycle of low business ownership rates and less-successful business outcomes in the African descent. Remember that your skin color doesn’t define your success. Finding the slightest possibilities to take over your success is the way out for you; the racial differences will continually be there, but if there’s unity among the blacks, they can wipe out the stereotypes and rule equal.
At Global Black Industries, we take responsibility for the betterment of our people. Whether you’re a black businessman/businesswoman, a black athlete, or even belong to any other professional field, we are here for you. Our organization ensures that the terrible times that the Blacks had to endure don’t repeat. Supporting the advancement of the black community, you can purchase our gift card BLK CENT$ ADD UP. On every purchase, a specific amount of money contributed to recirculating within the black community to improve education and provide them with better opportunities. Join hands with us and become a part of GBI to make a change.
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