Outside the sports and entertainment landscape, the reason black businesses are not seen as any serious competitive threat to their peer counterparts [i.e., European, Asian, South Asian, and Latino business communities] is because the black business community does not take enough enormous risks on its own business ideas. Affluent black people, or sophisticated black investors, are more likely to invest in white-conceived ideas than those of their own ethnic group. As a result, start-up “unicorns,” multi-billion-dollar corporations that are already established, and transnational corporations are uncommon within the broader black business community.
What may be more damaging to the broader black community is that its own lack of participation in supporting black business ideas may aid in perpetuating the stereotype that black people are not smart enough to build and maintain businesses that the world could marvel at. Literally, the global “shhh…” consensus for many decades has been that black people are stupid at building and maintaining admirable businesses. Black people and business development have for the most part been laughed at, despite the vast inequities that blacks face in building a reputable black business venture the world over.
Header Photo By: Alekon Pictures on Unsplash
Inset Photo By: Jonas Jacobsson on Unsplash