Happy Black History Month! Black Business Past, Present, & Future

Black people, from our beginnings and innovations in Africa to our quests across the diaspora and our current histories - have made tremendous contributions. TEIL Firms join the celebration of Black History. 

TEIL will celebrate through highlights of significant events or change-makers in Black American History. If you know someone we should highlight, whom we haven't featured before, please send us an e-mail at admin@teilfirms.com.

The Current State of Black Business

Black's own over 2 million businesses in the United States. Approximately 14.3% of those businesses have been open for less than two years with Black women as the fastest-growing demographic of entrepreneurs. Atlanta leads the nation in the number of women starting those businesses. With the annual payroll total over $5.9 trillion, Black businesses are a force to be reckoned with.

But can Black businesses reach higher heights? If so why are they not? According to the National Black Caucus: "Two factors have been deemed essential to successful business launch and a firm’s ultimate longevity of Black business: access to human capital and financial capital. 

Human and financial capital, education, work experience, and money are needed to sustain the business. The relationship comes in a cool 3rd. We require the social capital of networks and relationships to keep the businesses alive. Many people have to go out of their way to locate and support Black businesses. Not that TEIL subscribes to only supporting Black businesses, but we do appreciate a solid consideration when there are Black businesses in the mix. We think about history and the negative impacts that have left Black businesses under we find keys to unlocking the truth. 

The History of "Black Owned" Business in America  

Tulsa Oklahoma was the home to one of the most affluent black neighborhoods and business districts were known as 'Black Wall Street.' The area was a cultural epicenter that flourished as a self-contained hub in the early 1900s for black businesses. On Greenwood Avenue, there were black businesses featuring luxury shops, restaurants, movie theaters, a library, a pool hall, and nightclubs. However, the city's black district of Greenwood was attacked by a white mob in the Tulsa Race massacre that resulted in two days of the destruction of the businesses, leaving hundreds dead and 1,000 buildings demolished. 

The Future of Black-Owned Business

Today the rise of black entrepreneurs has continued no matter what and despite all obstacles. Study their lives. Forbes reported the world's wealthiest black people as:

  • Aliko Dangote, worth $10.6 billion. 

  • Mike Adenuga, $9.1 billion.

  • Robert Smith, $5 billion.

  • David Steward, $3.9 billion.

  • Oprah Winfrey $2.7 billion.

  • Strive Masiyiwa, $2.4 billion.

  • Patrice Motsepe $2.3 billion.

  • Michael Jordan, $1.9 billion.

What can we learn from these very successful Black business owners? The hustle is real. Bring your full game and promote yourself. The most successful business owners use every possible leverage and I suggest you do too. What you do differently though is to stay ethical. Remember that you are in business to make money yes, but also make a difference in the lives of people.

Happy Black History Month!

Visit www.businessgrants.org/opportunities to learn about grants available for your business. 

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Opinion Pieces, Online Business, International BusinessTEIL Firms, LLCBlack History Month, Black History, News, Business, History1 Comment