Making An Investment In Black Business

Here's how to increase your wealth by supporting and investing in African American-owned enterprises

consumer.

Start your own business. One of the best ways you can contribute to the development of black-owned businesses is through entrepreneurship. The Small Business Administration (www.sba.gov) estimates that 25 million small businesses in America employ more than half of the country’s private workforce, create two out of every three jobs, and generate a majority of American innovations.

If you have a particular hobby or passion, don’t be afraid to explore it. Eight out of 10 start-ups are the outgrowth of hobbies or long-term interests, according to Max Fallek, director of the American Institute of Small Business in Minneapolis (www.aisbofmn.com).

Of course, you will need to learn the nuts and bolts of your business and industry before you pursue your passion and hang out your entrepreneurial shingle. Passion alone won’t cut it. Your success or failure will depend on your ability to provide a quality product or service and satisfy customer demand.

As an entrepreneur, you will need to identify key sources of seed capital, keep track of your company’s cash flow, and develop strategic alliances to grow your business. There are plenty of resources out there to give you a head start, including such books as The Black Enterprise Guide to Starting Your Own Business by Wendy Beech (John Wiley & Sons, $19.95) and Where to Go When the Bank Says No: Alternatives for Financing Your Business by David R. Evanson (Bloomberg Press, $24.95).

By investing in black business not only are you building personal wealth, you are providing a greater sense of financial empowerment for your family and your community. Show your commitment to supporting those companies who respect African American buying clout. Now’s the time to stand up and be counted. be

For more information on DOFE, go to blackenterprise.com to get a complete list of all 10 principles or call 877-wealthy to get your free Wealth Building Kit.

IT’S A BLACK THING
This isn’t meant to be a guilt trip but more of a “black awareness” test. The following survey is designed to help you take an honest look at how often you support black enterprises. Choose the answer that best describes you.
1 When it comes to getting a check-up on your health do you use a black primary-care doctor, gynecologist, pediatrician, dentist and/or alternative-care provider?
Always
Sometimes
Never

2 In seeking legal advice do you use a black-owned law firm or African American lawyer?
Always
Sometimes
Never

3 Come tax season or in preparing your estate plan do you use a black-owned accounting firm or CPA who is African American?
Always
Sometimes
Never

4 When seeking repairs or renovations
on the home (e.g., plumbing, painting, roofing, wiring, lawn care, etc.), do you
hire African American professionals?
Always
Sometimes
Never

5 How often do you eat out at
black-owned restaurants?
Always
Sometimes
Never

6 When catering a major shindig, such
as a birthday party, wedding or 50th anniversary celebration, do use an African American events planner or service providers (e.g., baker, florist,
entertainment, etc.)?
Always
Sometimes
Never

7 Your yearly vacation excursions are handled by an African American travel agent or black-owned agency?
Always
Sometimes
Never

8 Do you faithfully subscribe to one or more black-owned magazines?
Always
Sometimes
Never

9 You attend social or networking events sponsored by black

Pages: 1 2 3 4 5
ACROSS THE WEB