According to the video and U.S. Census, there are approximately 3 million black-owned businesses in America, of which, almost 150,000 are employee-owned enterprises, generating over $145 billion in revenue combined. However, as the video shares,"with close to $1.6 trillion in purchasing power, black consumers have money to spend. However, the black dollar circulates in black communities for 6 hours before it is spent outside our communities. With this level of disposable income, and with the time a dollar is circulated with black-owned businesses, it further contributes to the wealth gap and revenue shortfalls we see, as these dollars are mostly spent with non-black businesses."
Uncle Cleve faced similar challenges when starting his company and focused on the Opportunity to deliver extraordinary value. Not just to the Black community, but the whole community. Cleve said, "Solutions are the true currency in the entrepreneur’s mindset, the currency that enables them to succeed." How are the entrepreneurs on the Building the Black Economy panel, applying that simple, yet powerful statement?