(NNPA)—Black business is growing and the Black community is not aware of its influence nationally and globally. Group economics and Black business is not discussed very often together in the Black community and this is the reason the Black community is suffering. According to 2015 Urban Institute report, Whites have 12 times the wealth of Blacks, but that does not mean that there are not successful Black organizations and businesses working to change that condition.
United States Black Chamber CEO Ron Busby has been working the last five years to expand his organization to be the national voice for Black business owners. “In order for there to be a strong Black America, you must have strong businesses. There’s a trillion dollars of spending power in our community and we want to make sure that dollar stays within our community,” says CEO Busby.
Blacks in America do not understand that our spending power is greater than many small countries in the world, and there are over 2 million small Black businesses in the US. The majority of these businesses are small mom and pop businesses, but if we practice group economics, they have the potential to grow.