As National Black Business month comes to an end, there is no better time than now to express the importance of celebrating and supporting Black Businesses year-round.
SriiiConsulting recently celebrated the next generation of black and brown hustlers and entrepreneurs in the Business 101 Side Hustler Summer Boot Camp. At a celebratory event held at Philadelphia’s Discovery Center, Business 101 Side Hustler Boot Camp participants had the chance to showcase their course accomplishments and small business/side hustle plans. This course gave aspiring entrepreneurs the opportunity to channel their ideas, passions, hobbies, and side hustles into viable business projects. And in a world where Black economic development is so crucial, it’s important that young black entrepreneurs have the opportunity to learn how to create successful businesses.
Black Businesses are so important to our communities and the overall economic growth. Supporting and celebrating Black Businesses, as well as encouraging future Black business entrepreneurs to pursue their passions, is so imperative. I am honored to play a role in developing the future minds behind Black Businesses, but I also know that it’s just as important to develop and support Black Businesses that exist in our communities right now.
Allow me to explain the importance of supporting Black Businesses 365 days a year.
The Importance of Black Economic Development
Black economic development is so imperative for our communities at large. In fact, Black-owned businesses make up 2 million of the businesses in the US. And in 2019, Black businesses contributed up to $165 billion dollars of revenue. With numbers that high, it’s clear that Black businesses are a critical piece of the US economy.
But besides Black-owned businesses playing a huge role in the US economy (and local economies), there are so many other reasons to support Black economic development through Black businesses. For starters, Black business owners are faced with inequalities that can limit access to financial support, fair wages, and even employment.
After the COVID-19 pandemic began, the number of Black-owned businesses decreased by 40%. This means that many Black…