Village Tip: Expanding Your Black-Owned Business via Government Grants

Often small business owners seek to grow their business through government grants. Unfortunately, government grants are rarely available to business owners. However, if you are willing to look for them ... then the first place to start is locally. State and local governments are a viable source for providing money to area small businesses. Check out www.business.gov, which lists organizations by state and by industry.

Also, some organizations, like ACCION USA, offer micro-lending and development courses, as well as guidance to small business owners. These organizations provide small loans with considerate repayment terms to those unable to access traditional financing. An additional benefit is that you are linked into the network of other small businesses involved in the program.

Another helpful government agency is the Minority Business Development Agency. There you will find information on both loans and grants.

Village Tip: Simple Math Formula for Getting a Sale

We will share occasional Village Tips in support of the Declaration of Financial Empowerment. Today's tip is for those of you who need improved sales to grow your business.

In science and math, once you figure out the formula needed to achieve your desired result, you have a can't-miss method to getting what you want every time you use it. Wouldn't it be great if everything you wanted in life could be achieved through a simple formula?

Well, there isn't a formula for everything you want, but there is a formula for getting a sale. Once you understand this formula and learn how to initiate it, you can get all the sales you want.

Are you ready? Okay, here it is: Trust + Respect + Need = Sales.

Now that's not so hard. At least there's no long division or algebra.

The trust and respect part of the formula mean that you need to develop solid relationships with your potential customers. You can instill a sense of trust by showing the buyer that you care more about their end of the deal than your own. People are hesitant to trust those who are solely concerned about themselves. To let the customer know that you care about their success, let them do the talking while you do the listening.  Speak when they need you to speak, but listen to them so they know that you are concerned about their needs.

To build a relationship of respect, follow through on the things you promise. Don't miss appointments, respond in a timely manner, and let them know that you value their business.

During your time spent building trust and respect, you will discover what their particular need is. Once you know that, do everything in your power to meet that need and you will have the sale.

Village Tip: Business Cards

We will share occasional Village Tips in support of the Declaration of Financial Empowerment. Today's tip is for those of you thinking about starting your own business.

Business cards are not just little cardstock rectangles with your name and contact information. They are a representation of you and your business, and a reminder of who you are and what you do.

But when you settle for a second rate (or third, or fourth, or fifth) business card, you might as well kiss a lot of potential customers and clients goodbye. What happens when you give someone your business card, they slip it into their wallet, forget all about it, and then come across is three weeks later? Well, if you have a flimsy, poorly designed business card, they probably throw it in the trash. But if you have a classy, high quality card, they will save it and remember you every time they see it.

So before you go home and print your business cards on your home printer, think about how those business cards will represent you. You don't want to spoil the good impression you make with a bad business card.

Village Tip: Getting an Appointment

I was talking with a colleague recently who was at the crossroads with his business. He told me that his wife was giving him pressure to give up his business and head back into the traditional job market for a W-2 position.

I suggested that he make one last all-out push for new business. Sometimes selling your product or service can be easier than getting the actual appointment. No matter how hard you try, you just can't seem to get the prospect to agree to meeting you face to face. Here is a Village Tip that may help.

At first, it is important to sell the appointment, not your service. Trying to get a contract over the phone is difficult. The appointment is when you will do the actual selling.

Ask questions where the answer must be "yes." "Would it be better for us to meet on Tuesday or Thursday?" The prospect probably will pick one or the other and--bingo--you have the appointment. You might make your dates even more specific, "I have Tuesday at 930am and Thursday at 2:30pm open. Which would work best for you?"

Asking for the prospect's help can be very effective. If the prospect says that she doesn't want to meet with you, ask him what you would have to say in order to convince her that your service can work. This way, the prospect will be telling you exactly how to overcome her objection.

Above all, don't push! After a few failed attempts to get an appointment, it is better to take a fall-back position. Tell him you understand he is not ready to make any decision. Ask for a follow-up appointment for a later time.

Declaration of Financial Empowerment encourages us 'to teach business and financial principles'. My hope is that these simple Village Tips will prove helpful to you over the coming days and weeks! What say u?

Village Tips: Marketing Your Small Business

I have owned my own consulting service since July 2002. The economic tsunami that hit America over the past couple of years provided me with many anxious moments as I tried to match my cash inflow with my expenses. I don't have much margin for extravagant marketing items to promote my business. Here are some tips that I've used that you may find helpful as you market your small business.

1. Deliver presentations or speeches - There are many organizations that need educational, entertaining, interesting or motivational speakers to talk with their members at monthly program meetings, annual conferences or special events. Are you making yourself available to be a presenter for these groups?
2. Network - Make yourself available in the real world (not just social media outlets) to meet with your accountant, banker, colleagues, other professionals and even your competition. Attend professional meetings whenever possible. Get engaged in social events with your current or potential clients to have fun together.
3. Join Organizations - It is important to get the word out about your business. Joining organizations allows you to become knowledgeable about other professions that may lead to new clients ... and it also helps you stay well-rounded and informed.
4. Teach a Class - Many community colleges or vocational-technical schools in your area seek working professionals that can provide real-world experience to their students. These are opportunities to educate potential clients, build skills, offer hands-on experience or provide information. Use the soft sell during these classes or workshops to promote your business with brochures or business cards.
5. Accept Pro-Bono Work - Providing work for clients who cannot afford your services is a way to give back to society and also to market yourself.

I hope that these small business tips are helpful to you. Feel free to contact me by email or phone (513.284-4968) if you would like to discuss additional ways to market your small business.

In the meantime, I will continue to share these Village Tips on a semi-regular basis!

Obama's Weekly Address: Helping American Businesses Succeed

President Obama discusses steps he's taking to ensure that more goods and products stamped "Made in America" are sold in the United States and around the world. [Transcript]





I encourage all villagers to check out BusinessUSA website that the president mentions in this week's message. BusinessUSA is a platform that consolidates information and services from across the government into a single, integrated network for American business owners and entrepreneurs.

The economic numbers are slowly beginning to creep in a positive direction. Have you noticed it in your community?

'Freedom' = Owning Your Own Business

In the United States of America lies a large industrial city which is the site of one of the world's largest slave labor camps.

Located in and around the center of this city are community settlements where the slaves live.
Each morning the slaves move herd-like from their quarters into the slave labor camps.

Each one is at his or her station by 7:30 AM. Here they report to their master for the day's duties. And here they remain chained until 5:00 PM when they're released to go home.

The slaves have no choice as to how many hours they must labor. Sometimes they are required to work overtime until their master tells them they may leave and go home.

Each year the slaves are told when to take their vacations, for how long, and when they must return.

They have little choice as to how much money they earn as they are paid not what they are worth, but what the job is worth.

They are allowed very little time for lunch and coffee breaks during the labor hours.

The slaves will remain in their chains in great fear because the master can punish them with the "firing" or "layoff" whip.

It is said that even some of the older slaves who have been good and faithful have felt the sting of the whip.

Day by day, year-by-year, the slaves toil and grow older until the master decides it is time to release them to the retirement camps where they're forced to sit idle and wait for death.
It's a well-known fact that the old slaves who try to keep working are sometimes whipped with a "stop-their-pension" whip.

I know these slave camps exist for I once was a slave. But now I am a free man who lives among the slaves.

The reason I am free is because I am in business for myself as an Entrepreneur.

Yes, I am truly free. I arise in the morning at the hour called for by my schedule. I decide my own hours. I can even sleep in late while the slaves are at work. I can vacation when, where, and for how long I please. I'm free to take my coffee break and lunch when I decide.

And of course, I can decide my own paycheck because I am not a slave.

I can choose to work when and where I please and with whom I please.

I'm free to stay in the city for as long as I want, or to move on to greener pastures if I decide to.  I've seen many slaves sadly pack their belongings to leave their city in search of a new master, but it is always the same.

There is, however, a ray of hope for the slave.

He or she can buy their own freedom.

The cost is not high, yet it seems high to those who do not have the courage to pay the price.

What is the price?

ONE MUST BE WILLING TO BE ONE'S OWN MASTER!

Cincinnati Business Incubator: Small Business Legacy Comes To An End

The Cincinnati Business Incubator (CBI), which focused on women- and minority-owned businesses, closed its doors Jan. 31. I served as CBI president from 2002-2006 and enjoyed my time working with small business owners and entrepreneurs who had a dream of growing profits and employee local residents.

A decrease in funding from the city of Cincinnati contributed to the demise of the incubator, which had been struggling to maintain profitability during the recession, according to a statement posted on the networking site LinkedIn.

"As a result of the past year's volatile economy, in addition to the timeline to profitability interrupted by the decline in city funding, CBI has attempted to reorganize and modify its business model," read the statement posted by Tracey Hayes, former associate executive director at the CBI.

"Unfortunately, those attempts have not been significant enough to continue incubation services to the small- business community of Greater Cincinnati."

I'm sorry to see this incubator ending over 20 years of service to the small business community of greater Cincinnati. Do any of you have memories of CBI that you care to share?

Obama's Weekly Address: Opening Doors for Small Business

Reiterating once again his commitment to small business as the engine of our economy, the President urges Congress to move forward immediately on steps to help them expand and create jobs. These proposals include using $30 billion in TARP funds to create a new Small Business Lending Fund to provide capital to community banks to increase lending to small businesses, offering a new tax credit for over one million small businesses that hire new workers or raise wages, and providing targeted support for the most innovative small businesses with the potential to export new goods and products.




I own a small business. I'm hopeful that the intitiatives proposed by the president are converted into legislation that will impact on my business opportunities for the future.

What is your take on this week's message from President Obama?

President's Weekly Address: 'Working with Small Business to Drive Recovery'

The President restates his commitment to small business as key to economic recovery -- from the Recovery Act to Financial Stability to Health Reform -- and pledges more to come.



I ran a small business incubator in Cincinnati for five (5) years. As such, I saw small business owners struggling on a day-to-day basis to be successful. It is nice to see some attention being paid by the president on these folks.

What are your thoughts about small business? Do you have any personal stories to tell about the efforts of small business owners or entrepreneurs in your life?

President's Weekly Address: 'Health Reform Urgent for the Economy'

The President discusses ongoing efforts to spur job creation. He also explains why health insurance reform is needed not just for long-term economic stability, but in the immediate future, discussing statistics on how costs will continue to skyrocket and hurt small businesses even next year.





What are your thoughts on unemployment, economy or health care reform? What are your thoughts on President Obama's performance over the first 9 months of his administration?

2010 Minority Business Registry Offers Free Listings To Business Owners

The 2010 National Minority Business Directory is being published, and entrepreneurs and small business owners are invited to be listed in it for FREE. The directory will feature thousands of listings from companies and firms owned by African Americans, Hispanic Americans, Asian Americans, Native Americans, and more.

Listing is easy. Interested villagers simply have to visit the directory's website and complete a brief form. Those who enlist will also receive a free copy of the directory when it is released.

The publication will be the largest, most relevant, and most up-to-date compilation of companies owned by people of color. Obtaining a FREE listing in the publication is equivalent to about $5,000 in free advertising and exposure.

Are You an Ohio Entrepreneur?

I was president of a small business incubator in Cincinnati from 2003-2008. Our incubator was focused on support for businesses owned by women and people of color. One source of support is the Ohio Department of Development (ODD). Within ODD, there is the Entrepreneurship and Small Business Division which provides assistance to business owners and entrepreneurs in order to encourage both the creation and the expansion of small businesses throughout the State of Ohio.

The flagship program in the Entrepreneurship and Small Business Division is the Small Business Development Centers (SBDC). The Ohio SBDC program is considered the gateway for small business owners and entrepreneurs to access supportive services. The SBDCs are staffed with highly trained business advisors who offer FREE counseling and low or no cost training to help with specific business needs. The 36 centers across Ohio are in your local communities to guide you to the right resources and services to help your business grow and succeed.

I worked closely over those five years with the SBDC that served Hamilton County. These SBDCs are located in all 50 states. Take a moment to find the one that is local to you ... and give them a call!

I plan to share other aspects of the Ohio Department of Development over the coming weeks for those villagers living in this part of the world.

I also encourage all women who own a business to consider attending the Ohio Women's Conference on May 20, 2009. You can learn more about it on CollectiveX, Facebook or LinkedIn Network.

Small Business Resources

Do you own a business? Have you ever thought about starting a business?

I ran a small business incubator for five years. I would interact on a daily basis with entrepreneurs, small business owners and people that had an idea for starting a business. I suspect that the current economic crisis is causing a lot more people to consider work outside of corporate America.

There are some great resources that I heartily recommend for your consideration if you are thinking about starting a business ... or if you are in the first couple of years of operation.

1. Service Corps of Retired Executives - SCORE provides an excellent cadre of industry experts who volunteer to help small businesses tackle growth issues. You can call (800) 634-0245 to find a SCORE office in your village.


2. Minority Business Development Centers - MBDCs provide free and low-cost help with financing, marketing, contracting issues for African American business owners. Find the center nearest you by calling (888) 324-1551.


3. Procurement Technical Assistance Centers - I suspect that PTACs will be very popular in the coming months as the $780 billion stimulus funding from Washington DC. You should use PTAC as your first stop in learning more about doing business with the US Government. PTAC provides free training or set up a one-on-one appointment with a counselor to track down contracts you could bid on. Call (409) 886-0125 to find the center closest to you.


4. Chambers of Commerce - One thing that I learned while at the incubator is that there are a dozen chambers in every city. Seriously! Chambers are a great help when you need to identify funding sources or local entrepreneurial services. Call (202) 659-6000 to find the main chamber of commerce in your village.


5. Networking Groups - I never joined a networking organization like BNI or Le Tip, however they are are great resources if you need to get more involved with the local small business community. These groups exist to generate more business for their members. Call (800) 825-8286 for a local BNI group or (800) 825-8286 for a Le Tip club in your village.


6. Business Plan Help - Business plans are tedious ... however, they are critical for the success of your business enterprise. You can get started with free templates or step-by-step guides here or here or here.

Have you tried any of these resources in the past? Do you have other ideas that might be helpful for villagers that have a business or think that they want to start a business?

Cincinnati Business Incubator Video Overview

I served as president of the Cincinnati Business Incubator (CBI) for five years. It is a non-profit small business incubator that spurred economic growth and job creation in Cincinnati, Ohio. I am very proud of the work that we did at CBI during the time I spent there. Here is a video with some feedback from CBI clients, sponsors and board members:






Please share comments that you have on small business incubators ... either in Cincinnati or where you are located. I am curious to learn if other villagers have used incubators to help grow their own business.

Gotta Get Goals

Theo Johnson is the creative genius behind the Now That is What I'm Talking About blog. He tagged me with a meme on goals back in April 2007. The original meme was started by Alex Shalman. It has taken over five months ... but, the rhinos in my Electronic Village have elephant-like tendencies ... we never forget! My goals are actually quite simple at this stage of life.

1. Be a better father, son, brother and uncle - This takes many forms. First, I recognize that I need to be a better role model, including showing my children the importance of having God in your life. African proverb says that when there is a difference between a man's actions and his words ... believe his actions. My actions need to improve drastically in terms of my attendance and support of church. It is a tangible action that would be meaningful for my young son and daughters. It would also be something that my mother and sister would like. One thing is certain, I will be a great witness for others based on the ups & downs that I've had in my life. Finally, my nieces could use a positive male role model ... and Uncle Villager is ready to take on that role for the next few decades. I plan to write, call and visit with my sister, nieces and parents on a regular basis. We are located on the four corners of the continent ... so it will take some doing ... but, this is an important goal.
2. Become financially independent - I read with interest a post from Field Negro earlier this weekend. It reminded me of the financial roll that I was on a few years ago. Black Enterprises magazine once gave stats that showed I was in the top 2% of Black folks in terms of family income. However, that house of cards crashed when I managed to mess up my marriage ... get divorced ... and get hit with some whopper child support payments. At the exact same time, I left my corporate gig to start my own business ... and for a few years it seems that I lived off of credit cards and such. In other words, I dug a very big financial hole for myself. Over the past year I have been taking steps on a day-by-day basis to get my sh*t together. My credit score is moving up and my child support payments are timely. My new motto is ,'Start Late, Finish Rich'. I enjoy reading about bloggers that are making big bank. They are an inspiration as well. My former wife is also an inspiration in this regard. Anyhow, my goal is to become financially independent within the next five years.
3. Grow my business - I became a full-time entrepreneur on July 5, 2002. That is when I began my business in earnest. My largest contract was signed with the Cincinnati Business Incubator about a year later. I currently have 48 clients under contract at the incubator. These are some dedicated entrepreneurs and business owners that are looking to create jobs and economic growth in the community. Our most successful incubator client is a 3-year old firm, World Pac Paper, that is now one of the top six Black-owned companies in the city. My consultancy added other contracts and clients over the past year. The joy is that I have been a 1099-brother since July 2002. Those of you who own your own business will understand what that means! Now, I need to take my business to the next level. One thing that I need to do is update and implement a revised business plan. The steps that I took to get my consulting business started have run their course. I now need to take different steps to grow my consulting business over the long-term. As such, my immediate goal is to have a new business plan in place before the end of the year.
4. Provide four-year scholarships for BDPA students - I am the executive director for the BDPA Education & Technology Foundation. I was blessed last month to be able to hand out $40,000 in scholarships to students from Chattanooga, TN; Detroit, MI; Chicago, IL; New York, NY; and Rochester, MN. The scholarships ranged from $500/student to $3,000/student for the winning team from Southern Minnesota. My vision is to hand out 4-year scholarships to these students. If baseball, basketball and football players can get full rides from high school to competing colleges ... why can't these talented information technology students have those same benefits and opportunities. I created the BETF-Blog so that we can communicate more effectively. I hope to hand out the first full 4-year scholarship at the 30th annual BDPA Technology Conference in August 2008.

I have other goals in life that revolve around relationships and such. However, these are the ones that bubbled to the top as I typed out this post today. It is always good to put your goals in writing. We'll need to come back every once in awhile to see how these turn out. My thanx again to Theo for tagging me with this meme. I see that Vanessa and Benin were much more timely in their response to Theo's tag. I gotta get rid of this procrastination-habit!

Anyhow, I get to tag others now. My choices are:

• Adrianne - Black Women in Europe
• Bronze Trinity - Man I Need Something To Do
• Eddie - Eddie Griffin, BASG
• Invisible Woman - Black Cinema at LARGE
• Keith - The 'D' Spot
• Wayne - Field Negro

As we used to say when we were kids ... TAG YOU'RE IT!

Ujamaa in Action

The long anticipated, new Black Business Network website launched on Saturday, June 2nd. Thousands of people all over the world are visiting the new website, logging in and checking out all of the exciting features. The new website features are elaborate. There are 14 major sections, each one large enough to be a website of their own. Not all sections of the new website are complete yet, however, there's lots for visitors to do.

We have talked about the importance of turning our Black spending power into a more positive dynamic for ourselves and our communities. One way to do that is to find Black-owned businesses to support. I encourage all villagers to log in right now to locate Black-owned businesses for a variety of your consumer needs. It is also an option for those of you that own your own business.

The Black Business Network is a membership-based organization of (1) Black business owners who are committed to selling quality products and services to Black consumers, and (2) Black consumers who are committed to buying from Black-owned businesses. The Black Business Network provides websites, training, events, publications and tools that help Black people to do business together.

The concept is a simple one --> Ujamaa, Cooperative Economics. Let us strengthen our resolve to build and maintain our own stores, shops and other businesses and to profit from them together. Perhaps it is time for us to celebrate this Kwanzaa principle on the other 364 days of the year ... not just December 29.

What say u, villagers?

More Website Traffic with ThinkBigSites.com

I run a small business incubator in Cincinnati, Ohio (USA), in addition to serving as one of the elders of the Electronic Village blog. As such, I am always looking for recommendations to share with my clients that can help propel them into higher and higher profits. I invite my incubator clients and those of you here in the village to check out a website optimization firm called ThinkBigSites.com.

Unfortunately, few of my small business clients operate a blog. I think that blogs can be a powerful component of our search engine optimization (SEO) strategy. Blog Marketing is all about visibility -- making the right people aware of the right product at the right time. Marketing is about customers and getting our message to them. Blog marketing can increase exposure, generate buzz, and create a global message to which individual customers can respond. The effect is powerful viral marketing with blogs linking to other blogs. The real value is things that you don't expect. Blogs create more opportunities, and more challenges.

What industries does Blog Marketing work on? Really any market where Internet marketing strategies are important. The major ones are E-commerce, Finance, Mortgage Lending, and Real Estate internet marketing. Blog marketing works across all markets.

ThinkBigSites.com has developed a unique blog marketing and inbound linking strategy that helps customers in terms of branding and search engine rankings. Bottomline? This company can drive more website traffic to your company.

How does a blog work for SEO? A blog has regularly updated content that is keyword rich. These regular posts are broadcast to the Blogosphere via RSS as soon as you post. Quality blogs attract a large number of incoming links to your website content. I have only been blogging since January 13, 2007. By no means am I an expert. It is clear to me that companies willing to work with small business owners can truly help level the playing field when it comes to our marketing efforts on the Internet or in the Blogosphere.

I would be interested in hearing from villagers that are finding ways to incorporate their blogging efforts into the growth of their business. Do you see blogging as purely recreational? Or do you think it is something that can create or increase profits for you?

History In Action Toys

Drumbeats came to us from Kyra Hicks about a young inventor who is creating African American action figures.

Sterling Ashby is an inventor who gave up his corporate career as both an engineer and lawyer to follow his entrepreneurial dreams when he researched and created History In Action Toys. He wants children to see themselves reflected in the faces of our toys and have fun imagining the infinite opportunities life holds. By creating toys based on real-life American heroes, his goal is to inspire children to dream their own superhero adventures. After all, toys should be fun but Bro. Ashby believes they can even be inspiring.
Click here and here to see interviews of Sterling Ashby.

Villagers, Benjamin Banneker, Bessie Coleman and Matthew Henson are the first three toys to hit the market. I encourage you to consider a unique and different gift idea this year. Make sure that you tell him you learned about his company from the Electronic Village!

Who do you want to see immortalized with an action figure?

Black Spending Power

According to data compiled recently by essayist and retired patent attorney Richard Everett, African Americans are projected to have spending power of approximately $1 trillion a year by 2010. That will be a significant increase over the roughly $800 billion Blacks are believed to have spent in 2006.

The projection was part of a collection of data Everett compiled to showcase Black progress in America over the last 40 years. His essay concludes that Black accomplishments during the 40-year-period "are absolutely remarkable considering the handicaps imposed on African Americans by the preceding 340 years of racism." Among his other findings were that revenues for Black-owned businesses reached $88.6 billion in 2002 - up 24 percent from 1997 and median Black household income rose to $30,858 in 2005 - up from $25,642 in 1985.

$1 trillion seems like a number to celebrate. However, if we focus on "spending power" then we will be bamboozled and flim-flammed. Spending power ain't realy POWER because it does not translate into the power to have a sustained impact on our own destiny. Black folks spend too much time puffing out our chest about this so-called "spending power" ... when actually all that the $1 trillion dollars equals is our "disposable income" ... and Black folks surely know how to dispose of our income. We give away our money faster than any other ethnic group in the country. Only 5% of our disposable income stays in our community. We only spend 5% of our income with Black-owned businesses.

It’s not what you earn; it’s what you keep. Poor people pay interest; rich people earn interest.
If you have a dollar and the otherman has a dollar. You give 95 cents of your dollar to the otherman. Are you surprised when the otherman's roads are better; the otherman's public schools are better; the otherman's homes and cars are better? When you only keep a nickel out of your dollar in your own community ... can we be surprised when the police don't respect us; when our children don't respect us; when our school systems are bankrupt; when our public services from the local government are substandard. Spending power doesn't equal POWER.


You shouldn’t work for money; money should work for you. Don’t have champagne tastes with a beer budget.
$1 trillion seems like a number to celebrate. Nevertheless, a whopping 24.9 percent of all Blacks are still officially classified as poor and critics complain that despite its absolute size, Black income is failing to create Black wealth because it tends to flow into Black communities and right back out.

Villagers, don't be bamboozled. the difference between income and wealth when it comes to power is simple --> wealth flows from your net worth. What happens to you if you missed two paychecks? Many of us would be homeless if that happened.

Check out a person’s net worth and you can see how wealthy he or she is. The government tells us that the typical white household had over 10 times as much accumulated wealth (or net worth) as the typical Black household. The median net worth (assets minus liabilities) for the typical white family was $88,651 compared to $7,932 for Hispanics and $5,998 for Blacks. Do you begin to see the trick bag that is placed over our head when we focus on "spending power"?


Credit is a good servant but a poor master. Stop ending each month with more month than money.
Villagers, the next time you see the statistics on Black Buying Power, stop and think about the word “power” and what it means in that particular context. Power for whom? Yes, it’s Black Buying Power, but it’s power for those who receive some 95% of our $1 trillion everyday. It is power for others to purchase fine homes and cars. It is power for others to build their own communities. It is power for others to send their children to college. It is power that allows the otherman to maintain their collective hold on the economic system of this country.

Jim Clingman uses the term “Black Buying Weakness.” If we continue to give our power to someone else through our conspicuous consumption of their products and services, we will continue to have billions of dollars in aggregate income and only thousands of dollars in individual family wealth. Additionally, we will continue to have the power of income rather than the power of wealth, which only allows us to our pay bills, continue to work on the proverbial plantations, purchase all of our needs and wants from the proverbial company store, and create the power of wealth for others.

Do you remember the systems of sharecropping and dependence upon the company store shown in the final episodes of the Roots miniseries? It seems like we are repeating that same history today as we convert our $1 trillion of spending power into relative miniscule amount of wealth that Blacks have. We could never catch up then, and we will never catch up now, if we continue to depend upon income rather than wealth.

The power of wealth manifests itself in ownership and control of income-producing assets and infrastructure such as banks, hotels, manufacturing facilities, real estate, distribution channels, and other wealth-builders and wealth-retainers. The power of income manifests itself, via the transfer of that income to others, in ownership and control of assets by others from whom Black folks must purchase our very sustenance. If we allow that system to continue, by pouring the vast majority of our income into the vast pools of wealth owned by others, we will always be on the bottom of the economic heap. Yes, some of us will still have the latest cars, fine homes, stock portfolios, and high positions (jobs) in corporate America, but collectively we will remain an income-rich and wealth-poor group of Africans in America.

We must take stock of our economic position in this country by understanding that income is not wealth. Villagers, you are encouraged to redirect more of your income toward your own people, just like other groups do. And, the next time they count how much money we have collectively, they will add a footnote that says, “Black spending among Black owned businesses has increased significantly, the result of which is an increase in the net worth of Black families as well as an aggregate increase in Black wealth.”

The power of income or the power of wealth. Which would you prefer for our people?