by Judge Verda M. Colvin
Entrepreneurship is as old as time, and even then, a “Modern Day Crime-Stopper.” Creating a business while building it to generate a profit is said to be one of the most freeing ventures one can do to build personal wealth and satisfaction while also empowering a community. This is the one area where anyone, but particularly African Americans, can take their dreams into their hands and build a life on their own terms, empower a community and thwart the ever-growing crime statistics. It is said to be the hardest work you’ll ever love.
Historically many African American entrepreneurs developed their skills and dreams through their individual ownership of small businesses out of necessity. Many societal factors led to this. Discrimination, the loss of a job, diminishing manufacturing jobs are among the many reasons some have ventured into various small businesses. This type of forward thinking can only lead young African Americans to believe that they too can create financial sustainability through their own business ventures.
Small Business Trends reported during the fall of last year that businesses owned by African Americans rose considerably between 2007-2012 going from 7.1 percent to 9.4 percent. In August 2018 this same publication reported that there has been a huge increase, 400%, in a year over year period between 2017 and 2018 in the number of African American small business owners. This growth indicated that entrepreneurship among African-Americans was rising faster than all other minority ethnic groups.
Supporting the efforts of African American entrepreneurs enhances communities and uplifts the prosperity of those whom they serve. The Economic Policy Institute, The State of Working America indicted that “Black people spend four percent more money annually than any other race despite the fact that they live in poverty at the highest rate.” If this fact is true, it is more proof of the long-term benefits of entrepreneurship in the African-American community. Monies spent in these communities generate wealth, jobs and a sense of pride in the residents. Pride cannot be calculated but unquestionably it builds community with positivity and hope which can change the trajectory of a community. In fact, 41% of African American small businesses employ 2 to 5 people, 7% employ 6 to 10 people and 2% employ 11 to 15 people. Not surprising 57% of all African American businesses responding to Small Business Trends survey indicated that their businesses are currently profitable. This trend can only help rebuild our communities, inspire young residents of those communities and change the trajectory of a people.
Urban Affairs Review reported that the growth of African American-owned businesses was strongly linked to a reduction in black youth violence between 1990 to 2000. During this time period the rate of violent crime among African-American adolescents dropped by 29 percent, while concurrently, African-American-owned businesses grew by 22 percent. Sociologist Karen Parker opined that there are two explanations for this finding. “One is that black owned businesses act as “social buffers”: their owners serve as role models to young people and create social networks that shield and divert young people from a life of crime”. Secondly, “black businesses mitigate some of the economic factors that contribute to youth violence in African American communities because they add jobs, provide employment opportunities and generally improve neighborhoods.”
The owner of the barber shop who serves a young black teen empowers him to believe that he too can have his own business which allows him to pursue his dreams; thereby, consciously electing to avoid the pitfall of drugs, gang violence and other criminal frivolities. I know this to be true. On Saturday evening I had the wonderful opportunity to attend the Washington Ave. Presbyterian Church’s 180th Church Anniversary. I was fortunate to sit beside Kenneth Moye, Jr., Reverend Moye’s son. He and I spoke extensively regarding many topics. I found him profoundly gifted and incredibly insightful. We spoke of his future. He is the prime example of how entrepreneurship can empower a young person. Having seen his father successfully own and manage Kenneth C. Moye Construction Company his career plans are to become a furniture manufacturer, designing and building furniture. I was completely enthralled and had we been in a different setting I would have jumped up and down and hugged and kissed him. This is what entrepreneurship inspires- a young person who dreams outside the confines of normalcy, a young person who paints outside the lines and creates his or her own vision. In short, young people are inspired to dream out loud and bigger than what is readily seen when they can experience the power of African American entrepreneurship. Kenny, as he is affectionately known, proves this point. Entrepreneurship allows our African American children to dream a different dream, to pursue their own ventures and thereby enhance African American communities and families.
There are many components and avenues to resolving the pressing ills within the African American community — from our struggling educational system, to poverty within many urban and rural households, to frail family structures and daunting statistics in the criminal justice system. Entrepreneurship is one of the multifaceted answers to many ills the African American community faces. Whether college educated, technically skilled or re-entering the community from a penal institution — opening a business within communities of color can change the trajectory of a community, can provide hope for those who are blind to possibility and engage those who are have been resistant to joining the workforce. For all these reasons, entrepreneurship is the modern-day crime-stopper. Onward and upward existing and budding entrepreneurs!
