Systemic racism has been interwoven in this country since its inception and has put the Black community at a large economic disadvantage. On today’s Black Entrepreneur Blueprint podcast episode # 450, Jay discusses how to combat systemic racism with Black entrepreneurship and gives you seven tips and strategies to improve our condition.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 450
HERE’S WHAT WE CAN DO TO COMBAT SYSTEMIC RACISM WITH BLACK ENTREPRENEURSHIP
1 Work for yourself – you can remove racism by only hiring who you want, only working with who you want (your people), and not worrying about the glass ceiling or racism in the workplace. You are in control.
2 You create indestructible income – incapable of being destroyed, ruined, or rendered ineffective, or altered by others (see episode # 299 How To Create Indestructible Income). Build income streams such as dividends, annuities, business cash flow, real estate, etc. No other person has the power to destroy your income. Example: my flat iron brand – I have a white woman and a Black woman on the box and I never disclose that a bald-headed Black man owns a beauty brand for women. They can’t destroy what they don’t know you own.
3 Support Black Owned Businesses – be intentional about where you spend your money and with who. When you do your weekly grocery shopping, make sure you’re buying certain products from specifically Black-owned businesses. So, if there is a face scrub you like, buy Glam body Scrub online before you hit the store. Here’s a tip – before you go to the supermarket, write down a list of Black-owned businesses or products you want to buy and order them online (if they aren’t in your stores) before you do your shopping.
4 Use a portion of our revenues to create political action committees and to improve our community infrastructure by building our own schools and community centers, creating economic development opportunities, and taking control of our community like other ethnicities with Black establishments, Black banks, and medical centers. Example: Chinatown in any major city.
5 Learn to extract money from other communities like other communities extract money from us. Be a producer, not a consumer. Look at how many other ethnicities come into our neighborhoods and extract the resources and take them back to their community. Example: where do you think the money is going from that Korean corner store when they extract it from our community, right into their community and it’s used to build infrastructure and benefit them? So let’s start putting businesses in their neighborhoods, or marketing products to other communities and use that money for the benefit of our family and our community.
6 Control industries and verticals – we need to start creating manufacturing facilities and producing our own goods. We then take those goods and handle the distribution of those goods to the consumer. Vertical integration is – a business strategy in which a company controls multiple stages of its production process and supply chain. Companies that are vertically integrated can minimize or eliminate the need to rely on outside entities such as manufacturing and transportation. Example: Netflix’s shift from licensing shows and movies from major studios to producing its own original content is an example of vertical integration. Imagine if we had a Black manufacturer of hair clippers that sold directly to Black barbers
7 Build cooperative partnerships where we work together and buy goods together to get better pricing. Example: so instead of every barber buying their own supplies, how about creating a buying coop to combine all the monthly orders and then buy at a lower per unit price? ALSO: Let’s start buying up some of this vacant retail space and create a Black Farmers market or a Black shopping district like the “New Black Wall Street Market” in Stonecrest, GA.