Essay On African American Business

The Great depression caused many problems for black people and they were greatly affected by it. Problems of the Great Depression affected every American, however, African Americans were the most affected. By 1932 half of Black Americans were out of work. In some Northern cities, blacks were fired so that a white person could take their job. But yet again, racial violence became more common, especially in the South. Even when President Roosevelt was trying to end the Great Depression there was still a conflict between the blacks and whites in the New Deal Housing and employment projects. This just goes to show that once everything has been set in motion that it can't really become a non-normal thing. Everyone was mostly worrying about themselves and their own people that they didn't bother

Like many things, good things do happen before its downfall. In 1992, there was a huge growth in the amount of black-owned business, which was over five-hundred thousand businesses. There was such a huge number of black-owned real estate and different other business that had quadrupled in a short period of time. Also they was a small rise of black celebrities such as Oprah Winfrey, Bill Cosby, and Michael Jackson. Even though there was good thing going on in the black community, there was a big widespread in poverty. Black people in

African Americans lifestyle did not see much change from before the depression and during the depression in the sense of the capital dollar. They assumed the New Deal brought up by president Roosevelt at the time would bring change to their life, but the white public would not stand to be on equal terms with a person of color. “Unemployment was rampant, and many whites felt that any available jobs belonged to the whites first.”i Many white Americans did not want African Americans to be paid minimum wage, but be paid lower than minimum wage. Industry’s also wanted to pay their employers a different wage depending on the color of their skin. “Negro unskilled labor,

History is not expounded on in the Wall Street industry. Brokers are remembered simply on their sales or their big portfolios. The trials of how African American owned firms were founded and the triumphs and accomplishments that were made afterwards was written in an interesting narrative way by the author , Gregory S. Bell in In the Black: A African American History of Wall Street. Bell being the son of one of the first African American black owned member firm in the New York Stock Exchange, he emphasizes on the background stories of the works of the firms and entrepreneurs of the 20th century. In the book he gives references to validate his stories and research. His intent is shown throughout the book to persuade the readers to commemorate and recognize the history of African Americans on Wall Street.Being that Bell was born into the industry he obviously had some insight of the history of the African American pioneers of Wall Street. His research was supported by magazines, newspapers, personal interviews, personal stories and reference books. During the book he often had the argument of the reasoning that Wall Street was not succesful for African Americans due to the "good old boy" Caucasian system that was used for keeping African Americans out of the industry. Based on his findings in research and personal stories from his father I can agree with that partially. Sometimes during those times the industry was not doing so well. When the market was doing well the firms

There were also cultural specificities that African-American entrepreneurs engaged in the funeral process had to respect. As a result, African-Americans became over represented in the field of undertaking (Table 1.1) in the years following the Great Migration. Again, it is important to recognize that most opportunities for African-American entrepreneurs were similar to this one in that they were market specific service economy oriented. “In short, changes in the ethnic compositions of (N)orthern cities in the early twentieth century made it difficult for African Americans to establish an economic interface in entrepreneurial occupations during the crucial period of their initial migration to these cities. The lack of such an interface may have set African Americans on a course of economic disadvantage for the rest of the twentieth century.”4 An important piece in shaping this model of economic disadvantage is the pervasiveness of white supremacist theory in the dominant society of the time.5 The common belief of the inherent inferiority of blacks limited their entrance into the entrepreneurial economy, even in the North. One economist when speaking of the disadvantage of trying to create an African-American owned business in a white supremacist environment goes further to say that, “This disadvantage, moreover, continues to inhibit the entry of African Americans into entrepreneurial occupations.”6

The reason this quick introduction on “black wall street” is due to the story the story I picked is “Our Black Year “by Maggie Anderson. This book was wrote 2014 and is was published by Public Affairs Books, an outstanding publisher of nonfiction books founded by distinguished journalists, because the book comes with comprehensive notes and an excellent index. Thus, I was able to trace the opposition to the project 's name from the unlikely source of Johnson Publishing Co., the Chicago-based publishers of Ebony magazine, which -- as Maggie Anderson herself points out -- has a special place in African-American households. It tries to tackle issues dealing with black economies in modern society. In this book it deals with a small suburban family. Maggie and John Anderson were successful African American professionals raising two daughters in a tony suburb of Chicago. But they felt uneasy over their good fortune. Most African Americans live in economically starved neighborhoods. Black wealth is about one tenth of

Gentrification in Detroit, with whites beginning to move in and occupy areas that have been previously inhabited by blacks is gaining momentum, with a cheerleading media and political elites leading the way with tax breaks for corporations, new residents who are predominately white and economically middle to upper class, and a heavy police presence. All of the above factor are manifestations of a political climate in the United States of Republican led initiatives of austerity programs. Spurred on by the idea of privatization, and the Free Market economic policy of corporations having the freedom to influence and control the resources of Public institutions and politics, further eroding the opportunities for the average person, which is magnified in the Black community with disastrous results. Juxtaposed with the majority of the city, where, blight, unemployment, closing of schools, crime are all remnants of a once great city are evident to anyone that courageously visits these

During Reconstruction, Congress endorsed the Freedman’s Savings and Trust Company in order to help African Americans adjust freedom. Nineteenth century newspapers informed and encouraged African Americans to deposit their money into this bank. Newspapers deceived customers into thinking that the bank was a safe and secure institution because it did not publish that the bank was failing until it closed. This failure shocked most depositors and led them to distrust the banking industry. Perhaps if the government made the necessary changes to ensure the safety and security of the banking industry at this time, they could have prevented future economic instability and panic.

According to Bill Clinton’s Council of Economic Advisors, whites are more likely to earn a better childhood education, have more access to technology, attend college, attain a stable job, and have benefits of healthcare. Jensen emphasizes the difficulties for black citizens to locate employment because of the employer’s prejudice against them. Many statistics provided by the author exhibit this disadvantage, “the typical black family had 60% as much income as a white family in 1968, but only 58% as much in 2002” (Jensen5). Additionally, it’s

labor market, would affect African Americans. Throughout history, the majority of African Americans work at lower paying jobs and make up the majority of people living in poverty. In almost every city or town in the United States, there are neighborhoods where no one travels unless they know someone. The houses are falling apart, the streets are lined with abandoned cars, the schools are well-below standard, and the kids are running in the streets. Often you see the children playing basketball in the streets.

When African people arrived on the shores of the Americas, Europe, and the Caribbean, the world was altered completely. Following slavery, especially in America, money went directly to white people because the jobs were governed by them. Today, the majority of wealthy people are white. As times have changed, Asians, Middle Easterners, and Latinos or Hispanics have become business owners in the U.S., while the people that buy from them are mostly their own people, and black Americans. There are successful businesses ran by black people that could be very helpful to their communities, but many do not have enough consumers because other blacks buy elsewhere. Buying within the race more often

There are a number of non-profit organizations for black and minority businesses that are created to help out African-American entrepreneurs. These organizations are valuable resources that provide grants, support, assistance, networking, and seminars to business owners. Some also extend their support to minorities such as asians, hispanics, native americans, and other ethnic communities.

In order for me to conduct this research I will analyzed two magazines. The two magazines that I will analyzed are Ebony and Black Enterprise. I chose to analyze these two magazines because when I did a Google search they were the topic to magazines that came up. In these research I am mainly looking for that focus on African American problems face in the cooperate world. I will use a thematic analysis. Thematic Analysis is “identifying, analyzing and reporting patterns within data. It minimally organizes and describe your database in rich detail” (Braun, 2006,p. 24). For that reason, thematic analysis this often “implicitly and explicitly part of other types of data analysis including discourse analysis, grounded theory and case study”

Corey Turner’s article describes how a fairly new Securities and Exchange Commission rule puts minority business owners at a disadvantage. The rule, which makes paying for finder’s services against the law, puts minority and small business owners at a disadvantage by preventing the use of finders to connect to investors, partners, and new customer groups. Finders are middle men in business transactions that help to facilitate and connect businesses and their operations. Finders are known to be an important impetus for businesses, especially small businesses and start-ups, who lack the resources and connections to find investors and assets for the business. However, finders do not work for free. Many of which are businessmen and businesswomen themselves, finders get compensated for their help by collecting fees, what we all know as finder’s fees. Thus, the SEC making finder’s fees

become an international billion-dollar business (Dixon & Telles, 2017). Thus, countless African Americans remain conquered in spirit and mind; forever divided by different views and low group-esteem.