We tend to misunderstand what it truly takes to build up cultural capital. It takes sacrifice. Period. If one of our businesses launches (one of note) we should be able to funnel finances towards it like VCs do. We should also take interest in these businesses and throw what guidance and advice we can their way.
In the context of business, I’d never used the term “support” because of the stigma – almost as if it’s life support or that the business can’t survive on it’s own merit. But if I look past my own pride and contempt (and that’s definitely what it is) then I can see the value in “supporting” anyway. There is value there. The optics have value. The act has value. It builds confidence in ownership as well as accountability in community. It’s a social experiment – yes – but so is capitalism and democracy.
There is value is pouring into each other’s businesses. Venture Capitalists have created a business of this practice but it takes discipline and a vested interest in (…wait for it…) the success of a business to throw both capital and counsel their way. It means caring about whether a business fails or thrives. That’s the missing piece right now.
Here’s a quickie… We’ll spend $3B today. That means, if we spend just $1 more per day on Black businesses we’ll push $30M back into our own economies… PER DAY! Essentially creating a millionaire a day. #foodforthought
Where did my math come from? I’m glad you asked.