It’s important in a failing economy that black people educate ourselves about our sad financial state.
None of the things listed below represent real wealth:
- Fancy cars and homes (we don’t manufacture or build or whose value we don’t control)
- designer clothing, purses, and shoes by designers who don’t want us to represent their products
- Fancy nails, toes, and permed or weaved hair that fattens the pockets of Koreans and Arabs who do not bring those dollars back to our community — they don’t buy ANYTHING from us and never will
- Multiple credit cards (charging anywhere from 8 to 29 percent interest) from white-owned banks.
- Or eating out in fancy restaurants that may or may not hire us — while the majority of our “restaurants” are little more than storefront takeout ribs and chicken joints or soul food. With the huge variety of cuisine, much of which we feast upon, why do we limit ourselves to the three stereotypes when it comes to opening our own restaurants? Because we see ourselves and other blacks as stereotypes. Deny it if you will…
Bottom line, we are NOT producers, we are rabid consumers who live to consume and lose what little wealth we might possess by buying things we don’t need — and can’t afford.
Even investing in the stock markets means enriching white companies that increasingly will not hire us.
What are we thinking?
The problem is we aren’t.
We are a talented people with many skills yet our fear of success (not failure), and our lack of generational experience as business owners and the resources that come from generational wealth have damaged our ability to believe we can be successful in business.
We are operating on the fumes fueled by ego NOT by knowledge. It is time to change that dynamic.
I have watched far too many black businesses fail because the owners did not do their homework, did not know basic business principles and refused to learn them, or what will sell in today’s market and what people are buying or not buying.
As an example, a new storefront business opened near me that sold overpriced clothing in an economy where big retailers with all their resources, huge advertising budgets, and marketing expertise cannot sell their clothes.
I went into the store and I tried to feel positive but I had that familiar sinking feeling that they were doomed to fail but I wished them the best. This small black business didn’t last out the year before their business closed its doors.
Something must change if we are going to survive in this nation.
What will we do when the jobs dry up?
How will we generate our own jobs and pass those along to our children?
Something must change.
We must change the way we think, speak and do.
This video is worth a listen: If you think it’s worth sharing, please do it!