Importance of Business Education and Development amongst African-Americans
By Paul Fitzgerald
Although consistent efforts have been under way to bring minorities in the US to the mainstream social structure, lack of practical endeavor still marks the tragic absence of African-American entrepreneurs from the business arena. Although bids are consistently invited from black-owned enterprises (a step towards achieving racial fairness), African-Americans, who account for nearly 13.4% of the entire US populace, hardly own 5% American businesses, accounting for less than 0.5% of the total business financially.
It is a reality, even today, that African-American entrepreneurs obtain fewer opportunities and face more challenges in the business sector than the other minorities do. This definitely has a long history to it, dating back to the nineteenth century and is beyond simplistic calculations. To make things worse, a bias against black-owned businesses for not being competent is prevalent all the time, readily ignoring the statistically proven fact that such businesses do help one achieve better returns.
However, consistent efforts are needed to realize African-American freedom not only at the theoretical level, but also to a practical ground. One obvious way to achieve this objective is to encourage racial equality from a very young age. In addition to this, supporting business education and development among African-Americans is also essential. As more and more people turn to schools and colleges for business education and development, the new generation of black-owned business enterprises would be able to navigate their way easily and efficiently to the next level of achievement in American business.
Not only entrepreneurial education, but well-directed skill-set education also is an absolute necessity. Moreover, every individual of the community should do their part in helping themselves come at par with the mainstream society. Controlling the company budget and making adequate efforts for requesting bids from black-owned businesses (in terms of both professional services and commodities) is one of the inevitable stepladders towards the achievement of African-American business liberalization. In addition, managing efforts towards supplier diversity will also be of great import.
However, the major part is to be played by successful and established African-Americans entrepreneurs to give a little back and help educate the new entrepreneurs. This can work efficiently through personal rapport but the ideal way to go about it is through mass mobilization. For instance, Fortune 500 companies can assist the new and upcoming black-owned enterprises by investing a part of their pension funds in organizations enrolled under the National Association of Investment Companies (or NAIC). NAIC is a venture capital trade organization that makes major investments in minority enterprises.
Other steps should also be taken towards promoting enterprises owned by African-Americans at the level of practice, whereby a major responsibility lies with African-American entrepreneurs who have already made it big in the country.
About the author
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