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The Need
For More Black Businesses
Our
first 200 years in America were spent working
for freedom from slavery. The next 100 years,
from 1864 to 1964, were spent working for civil
and voting rights. Our next hundred years will
be spent securing our economic freedom. We
cannot and we must not fail!" eloquently states
George C. Fraser, president of Success Source
Unlimited.
The keys
to economic freedom for Blacks in America are
business ownership and economic development
within our own community. No one can do this for
us; we have to do it for ourselves.
Claud
Anderson, in his book, "Powernomics: The
National Plan to Empower Black America,"
explains that, "Powernomics is the ability of
Blacks to pool resources and power to produce,
distribute and consume in a way that creates
goods and wealth that Black people control." His
book lays out a plan for industrializing
neighborhoods, controlling the governance of
neighborhood schools, political control and
leadership by Black religious organizations.
What does
this mean to you?
From a
broad perspective, there is no question that
empowerment and independence are key economic
goals for the Black community. However, on a
personal level, there are some compelling
reasons that you should seriously consider
developing your own business.
Pursuing
your passion = happiness
When you
pursue your passion as an entrepreneur, you are
motivated and enthusiastic. If a 9 to 5 job is a
drain and does not allow you to pursue your own
passion, consider entrepreneurial options.
Job
security = stability
The
current economic downturn has seen the downfall
of some corporate icons. Good hard working
people lost their jobs, through no fault of
their own. With mergers, downsizing and
globalization, no job in corporate America is
"safe." Becoming an entrepreneur allows you to
take charge of your own destiny. Your success is
not dependent on the decisions of management who
might decide, for example, that an executive’s
golden parachute is more important than keeping
20 staff members employed.
Wealth
creation = legacy
Employees,
by definition, are used to create wealth for
their employers. However, if you look at some of
the most financially successful individuals, you
will see that they are business owners. They
have created wealth by effectively deploying
their resources and winning in the marketplace.
Additionally, their business and financial
legacy can be passed on to future generations.
Tax
advantages = savings
There is
no doubt that government tax policies have long
favored business ownership, while at the same
time it has punished wage earners. Employees
typically pay a much higher percentage of their
income in taxes, while business owners, through
depreciation, credits, and other tax incentives
can legally manage their tax liability. If you
have a viable business, you can save substantial
funds from taxation and create jobs.
How to get
started
Begin by
conducting research on how to start a business.
There are several good books that provide a
blueprint for starting a business. "Make the
Leap: Shift from Corporate Worker to
Entrepreneur" by Genevia Gee Fulbright and
Armando G. Roman is a "how to book" that
contains the "Top 50" things you need to do to
start your business, as well as tips on how to
purchase a business or a franchise. "The
Black Enterprise Guide to Starting your own
Business" by Wendy Beach is another resource
that tells how to launch and run a business.
According
to the American Institute of Small Business,
eight out of ten small businesses are the
outgrowth of hobbies or long-term interests.
Most start-ups begin as a part-time arrangement,
until the business is able to sustain a
full-time employee. Start today to pursue your
dream of a business of your own and creating
your own economic freedom. |
