Do we give black businesses second chances?
Loading player...
GUEST – Mphuthi Mphuthi - Chairperson of Soweto Business Access & Bulelani Balabala – Founder of Township Entrepreneurs Alliance
Should black people go out of their way to support black-owned business? Maggie Anderson says they should. Blacks spend less money in black-owned businesses than other racial and ethnic groups spend in businesses owned by members of their groups, including Hispanics and Asians. A report by Nielsen and Essence estimates that black buying power will reach $1.3 trillion in the next few years, yet only a tiny fraction of that money is spent at black-owned businesses. Unless black people devote more attention to building wealth within the black community, Ms. Anderson and others contend, they will always be behind. Supporting black businesses is still important today as it was when the idea was first conceived. But it must be navigated today in a way that’s a little bit different than in days past
Should black people go out of their way to support black-owned business? Maggie Anderson says they should. Blacks spend less money in black-owned businesses than other racial and ethnic groups spend in businesses owned by members of their groups, including Hispanics and Asians. A report by Nielsen and Essence estimates that black buying power will reach $1.3 trillion in the next few years, yet only a tiny fraction of that money is spent at black-owned businesses. Unless black people devote more attention to building wealth within the black community, Ms. Anderson and others contend, they will always be behind. Supporting black businesses is still important today as it was when the idea was first conceived. But it must be navigated today in a way that’s a little bit different than in days past
