Black Owned Businesses - Challenges and Opportunities

I recently read through an article which I found insightful :

https://www.brookings.edu/articles/black-owned-businesses-in-u-s-cities-the-challenges-solutions-and-opportunities-for-prosperity/

Today, we will sit with a cup of coffee (or tea if you prefer) and reflect on the reality this article describes. I found it interesting that the share of Black sole-proprietorship was about equal to population percentage, but that Black employing corporations were significantly less.

This data signals that Black owned businesses are starting, but not turning the corner on growth. Many Black owned businesses are not scaling up to the level prosperity that allows for hiring, which is an important indicator of the growth stage and development of a business. While these problems are not unique to Black entrepreneurs and startup companies, they do represent a unique opportunity for both the Black community and the business community at large.

In my dealings with executives and entrepreneurs, I find that some individuals are held back by an inability to direct their personal financial activities. This includes managing money accounts and taking responsibility for current and future obligations. We do not offer personal investing advice, and recommend seeking out a trusted professional to evaluate your options for individual retirement arrangements. There are certain insights which can be shared from our experience and the perspective of taxes. Interesting statistics have been released in a recent IRS study of personal wealth of the richest Americans. The summary shows that the top wealthiest hold pproximately 25% of the following categories:

• Personal residence

• Retirement assets

• Real estate

• Cash assets

Of course, some of the categories not listed are stocks and similar investment tools. What this makes clear is that even the super rich value certain things like: a rainy day fund, an affordable main home, and saving for retirement and older age.

Planning and budgeting are valuable tools for everyone to have. Implementing future-thinking plans, and budgeting to reach your goals are skills which can be beneficial in many ways!

Your Next Challenge: To be the best you can be!

Now that you have considered these ideas, how can you put them into practice?

These insights could be your key to success!