Black Entrepreneurship: The Key to Our Survival

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

In case you didn't know this, one of the things that most people think about every single day is how they are going to make enough money to get by. Life is tough and finding enough money to live can be even tougher. What's worse is that the black community's struggle to build economic institutions and obtain financial security are things that keep us from being truly liberated in a fundamentally and historically racist society. The link between civil rights and economic prosperity was the seminal reason for my book, "Black American Money."
The commitment I made to the black leadership and the audience at the "Measuring the Movement" forum this year (hosted by Al Sharpton and the National Action Network) was to promote the idea of black entrepreneurship. Entrepreneurship is not just a matter of having your own business. It can also be as simple as finding some extra streams of income in order to obtain critical financial security. In this economy, you have no job security if you've only got one job. You have to find (what I would call) "a side hustle."

 

Click to read.

Survey: Lack of Capital is Top Barrier to Starting a Black Business

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

Danielle Douglas, an entrepreneurship expert and CEO of Inspire Enterprises, conducted a survey of African Americans interested in owning their own businesses. The survey,which can be found here, was qualitative in nature, asking questions about the pitfalls that people run into when trying to become either full-time or part-time entrepreneurs.
Douglas made it clear that the greatest obstacle that African Americans face when trying to start their own business is a lack of access to capital. In an interview with AOL Black Voices, Douglas said this:
"Overwhelmingly, respondents number one frustration is lack of financial resources as it relates to start up capital , access to capital in general, and identifying viable resources to help them attain capital."

 

Click to read.

Why are Corporations Not Hiring the way we need them to?

 

Click here to watch Dr. Boyce Watkins on CNBC

Why Do Black Athletes Go Broke? Let’s Figure Out Why

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

I am participating with MSN in a project called "The Invested Life." The program represents the launch of a series of web-based episodes that teach the fundamentals of investing to regular, everyday people. I've worked on the show for months, and I'll be engaged in the project for the rest of the year. It's been an interesting jump into the world of film making, with scripts, production schedules and all that good stuff. I've gained a newfound respect for how hard real actors and actresses actually have to work.
A guest on the show is a man named Winfred. Winfred is a former NFL athlete who found himself done with sports and trying to make sure that his wealth lasted until retirement. He made an interesting point that for many athletes, the challenge of retiring young with virtually no skill set can be a one way ticket to the poor house. As a man who is concerned about the plight of the black athlete, I constantly see men who've traded away their entire educational future in exchange for a very short and meaningless life of glamor in professional sports.

Click to read.

Dr. Boyce Watkins joins MSN’s “The Invested Life”

 

Click to watch Dr. Watkins’ episodes.

Obama Ditches His Top Economic Advisor

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

President Obama's top economic advisor, Lawrence Summers, is finally. out the door. The former Harvard University President resigned from Obama's Council of Economic Advisors amidst questions about his performance. Summers came to represent the very worst of the economic crisis. He was the man in charge, next to the man in charge, as the world came to associate Harvard University economists with the financial destruction of America.
Summers wasn't a bad economist, but he was hardly an adequate representative of the American people. He was part of the academic aristocracy, the nephew of (not one, but) two Nobel Prize winners and the son of two Yale university professors. Needless to say, Summers was born with a silver spoon in his mouth and doesn't know a thing about economic struggle. He worked hard for what he ultimately received, but quite a few doors were open to him from birth. He personified the white male affirmative action program that has been in existence since slavery. At the very least, the chances of a black man having two Yale professors in his family (let alone a Nobel Prize winner) are virtually non-existent due to Jim Crow. So, if Lawrence Summers had been born as one of "us," we wouldn't even know his name.

 

Click to read.

Black in America on CNN: Their Incorrect Analysis of the Black Wealth Gap

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

I was recently checking out some of CNN's special, "Black in America," the show they seem to do once a year. In the series, African Americans are analyzed like lab rats in a cage, with producers highlighting every dysfunction imaginable, as if we have a monopoly on counter productive behavior. Although I've always had a good relationship with CNN, I can barely stomach some of what I see. This is not to say that black folks are perfect: but the idea that we are somehow less perfect than whites is nothing short of paternalistic, White Supremacist thinking.
The segment that threw me through the roof was one covering the wealth gap between blacks and whites. In this particular Black in America segment, CNN shows that the wealth gap between blacks and whites is $28,000 to $140,000, with whites being the leaders. They then go on to state that African Americans save and invest less than whites. I give a "check" on most of these numbers, I have no problem with the data.

 

Click to read.