Welcome to the #BlackBlogsMatter challenge! Throughout the 28 days of February, my posts will not (necessarily) be about HR, Leadership or Management topics.

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The economy of Black America equals approximately 1.3 BILLION dollars.

Yet only about $0.02/dollar is spent in the Black community before it is spent elsewhere.

This is the lowest circulation of any minority group in America. Far and away the lowest.

This was not always the case. 50 years ago, the $0.80 of Black dollar was spent in the Black community before it was spent elsewhere. After the Civil Rights movement, aggressive efforts to integrate resulted in a decrease in Black owned businesses and banks. It became increasingly for Blacks to start new businesses in integrated environments where the regulations were often used to exclude them from participation.

So while Black America has the buying power of a mid-sized European nation, it still does not have the same level of influence because it is lacking empowerment.

Empowerment = Power + Influence + Wisdom

Black America is lacking economic wisdom.

It doesn’t realize its economic size. It doesn’t realize its influence over the economy of its nation and, by extent, the world. It doesn’t realize how much power it has or how to use the power that it has.

Wisdom = having knowledge + knowing what to do with the knowledge to improve your circumstances

Black America is lacking economic wisdom.

I’m not going to bastardize my people by accusing them of wasting their money on material items over saving and investing. While I know this is accurate in some pockets, I know that this isn’t the driving force. Contrary to what is perpetuated, we’re not lacking in Economic Empowerment solely because we’re buying rims or handbags instead of putting money in our 401k. This is a myth perpetuated by the same idiots who want you to believe that the only wealthy Black people are athletes, actors and music artists who used their talent to escape from poverty.

Not true. Not even a little bit.

What is more true is that we’re lacking 3 things:

1. Education. In many Black families and communities, we are still fumbling thru the trial and errors that come with being the first and only to do what we’re doing. We are the first to go to college. The first to own a home. The first to own a business. The first to make a 6-figure salary. Being the first and only doesn’t always afford us the examples and mentors needed to cultivate the habits that lead to economic empowerment as individuals, families or communities. Our counterparts in other communities aren’t always willing to share this information; some assume that we already know it. We are left to fake it til we make it, which makes our pace slower and our path more rocky than others.
2. Opportunity. If you are starting a traditional business, it is more difficult as a Black person to get the capital and legal permissions needed. Discrimination and disparity against Blacks, Women and Minorities in this area is still very real. Further, our exposures are often limited so we end up competing in the same categories for the same small pool of resources. Not everyone can make it when that is the case, which makes us susceptible to crab mentality and/or less willing to try where we see someone else already having success.
3. Support. Black businesses are not allowed to fumble, falter and rebound the way that others are. Excellence is all that is allowed. And, while it is great to be able to brag about our brilliance at overcoming, it is also demeaning, exhausting and unfair that we cannot have a day off or off day without risking collapse. No one should be required to perform at that level by other humans. Because others are unwilling to support us, we are often unwilling to support ourselves — because we still imitate the habits of those we have been conditioned to see as “better,” no matter how hard we try.

Without these 3, the Black community will continue to look outside itself to gain understanding of how to attain, maintain and build wealth. And we will continue to model the flashy behaviors of the wealthy role models that we see without understanding the habits that go along with it.

Black Economic Empowerment cannot be attained without the education, opportunity and support needed to have the wisdom to know what to do with the power and influence we already possess.

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Tune in tomorrow for Day 23 – Moving Up or Selling Out