Our Black Year
Page 30
83 $100.5 billion in purchases from minority-owned businesses.... NMSDC, http://www.nmsdc.org/nmsdc/app/template/contentMgmt%2CContentPage.vm/contentid/1319;jsessionid=9FADD104329DE83648411E2BB9B491C2.
84 a way to build a community that is self-sustaining. . . . Harvest Institute, http://www.harvestinstitute.org/.
84 was estimated at about $913 billion in 2008, . . . Addy et al., “The Empowerment Experiment,” 243.
84 Canada and Turkey, and above Australia and Poland. . . . Ibid., 248.
84 African American buying power equal to that of Canada.... Ibid., 249.
84 pennies on the Black dollar” to the Black community.... Ibid., 243.
85 after-tax income of $75, 000, or roughly 2.65 million families . . . “Annual Social and Economic (ASEC) Supplement,” US Census Bureau, http://www.census.gov/hhes/www/cpstables/032010/hhinc/new01_006.htm.
85 twice the number of existing Subways in the world.) . . . Addy et al., “The Empowerment Experiment,” 247.
85 can create 551,724 to 896,551 new jobs.” . . . Ibid., 247.
86 The answer: $32.2 billion.... Ibid., 243.
Chapter 6
96 Baby Phat Line, and Sean “Diddy” Combs’ Sean John line.... “Blacks in the Fashion Industry,” Maxizip.com, January 29, 2010, http://maxizip.com/2010/11/blacks-in-the-fashion-industry/.
96 few big players because that business is challenging.” . . . Gary Lampley, interview with author, February 4, 2011.
96 has a great deal of talent but lacks access to capital. ” . . . Ibid.
97 amassing of capital comes from generations. ” . . . Steven Rogers, interview with author, January 31, 2011.
97 the chance for that intergenerational wealth. ” . . . Ibid.
97 wealth among Whites and Asians is eleven times higher.... Fairlie and Robb, Race and Entrepreneurial Success, 3.
98 1 to 1.7 percent higher than what White-owned firms paid. . . . David G. Blanchflower, Phillip B. Levine, and David J. Zimmerman, Discrimination in the Small Business Credit Market (Cambridge, MA: National Bureau of Economic Research, 2002).
Chapter 7
119 of the White community and the Black community. ” . . . Clarence B. Jones, interview with author, October 8, 2010.
119 and the capital assets in the White community. ” . . . Ibid.
120 who were always economically disadvantaged,” Jones said. . . . Ibid.
Chapter 8
130 only comfort we should expect will be in an afterlife. ” . . . Stephens, Talking Dollars and Making Sense, 20.
131 it is time to claim it as being long past due. ” . . . Ibid., 22.
131 financial problems that exist in the Black community. ” . . . Ibid., 16.
131 anything that can be considered racially divisive. ” . . . Dr. Juliet Walker, interview with author, October 6, 2010.
132 what they’ve acquired than some of the older ones. ” . . . Jones interview, October 8, 2010.
134 What people chose to do with that remains to be seen. ” . . . Ted Gregory, “Adding Up Family’s Year Buying Black,” Chicago Tribune, January 11, 2010.
139 benefits of reforms can further compound resistance.” . . . Raghuram Rajan, “Crabs in a Bucket: Why Constituencies Are as Important as Constitutions in Battling Underdevelopment,” Finance & Development 43, no. 2 (June 2006): 4.
139 and I’ll never have anything, so why try?” . . . Stephens, Talking Dollars and Making Sense, 22.
139 whites drove blacks out of their trades.” . . . Jessie Carney Smith, ed., The Encyclopedia of African American Business (Westport, CT: Greenwood Press, 2006), xxviii.
140 highly suspicious charges of raping White women.... Walker interview, October 6, 2010.
140 as punishment for those dubious allegations of rape.... Arthur F. Raper, “Lynchings and What They Mean,” Southern Commission on the Study of Lynching, 1931.
140 political competition from their poorer Black neighbors.... Raper, “Lynchings and What They Mean.”
140 White tension over economic competition from Blacks.... Gregory Mixon and Clifford Kuhn, “Atlanta Race Riot of 1906,” The New Georgia Encyclopedia, http://www.georgiaencyclopedia.org/nge/Article.jsp?id=h-3033; Steven Essig, “Race Riots,” Encyclopedia of Chicago, http://encyclopedia.chicagohistory.org/pages/1032.html.
141 beauty supply industry, which generates over $9 billion a year.... Jeff Stilson, Good Hair, Roadside Attractions, Los Angeles, CA, 2009.
141 people who are inflicted with their own sense of inferiority.” . . . Jones interview, October 8, 2010.
Chapter 10
170 of the average sales for White-owned businesses.... Robert W. Fairlie and Alicia M. Robb “Why Are Black-Owned Businesses Less Successful than White-Owned Businesses? The Role of Families, Inheritances, and Business Human Capital,” Journal of Labor Economics 25, no. 2 (2007): 293.
170 compared to 30.4 percent for White-owned firms. . . . Ibid.
170 40 percent of all Black-owned firms had negative profits. . . . Ibid.
170 Black firms were one-half that of white firms.... Ibid.
171 a family member’s business before starting their own.... Ibid., 290.
171 For White households, that figure was nearly $98,000. . . . Lynnette Khalfani-Cox, “The State of Wealth in Black America,” Ebony (August 2011), http://stage.ebonyjet.com/CurrentIssue/Aug2011_The_State_of_Black_Wealth_in_America.aspx.
171 27.4 percent of non-minority-owned businesses.... Ying Lowrey, “Dynamics of Minority-Owned Employer Establishments 1997–2001” US Small Business Administration, Office of Advocacy, February 2005, http://archive.sba.gov/advo/research/rs251tot.pdf, 1.
171 access to capital and less management and technical training. . . . Alicia M. Robb and Robert W. Fairlie, “Access to Financial Capital Among U.S. Businesses: The Case of African-American Firms,” The Annals of the American Academy of Political and Social Sciences 613, no. 1 (September 2007): 47–72; Steve Bergs-man, “Accounting for Small Businesses,” Black Enterprise (November 1992): 37, http://books.google.com/books?id=0Qx9M76jn7gC&pg=PA37&lpg=PA37&dq=lack+of+managerial+skills+in+Black-owned+businesses&source=bl&ots=Ey2TXv-Syc&sig=V8gZAI4IX4OuVycFcdK3LahiJ1Y&hl=en&ei=aOoeTo3lLuzLsQKSwOC1Bw&sa=X&oi=book_result&ct=result&resnum=2&ved=0CCEQ6AEwAQ#v=onepage&q=lack%20of%20managerial%20skills%20in%20Black-owned%20businesses&f=false .
172 black-owned firms are associated with less successful businesses.” . . . Fairlie and Robb, “Why Are Black-Owned Businesses Less Successful than White-Owned Businesses?” 309.
172 the rate for White business owners was 23.3 percent.... Ibid., 296.
172 general and specific business human capital.” . . . Ibid., 312.
178 Foster, founder of the Negro National Baseball League.... “History of Bronzeville,” Bronzeville Area Residents and Commerce Council, http://www.thebarcc.org/history.php.
178 accumulated real estate holdings totaling $100 million.... John McWhorter, “Toward a Usable Black History,” City Journal (Summer 2001), http://www.city-journal.org/html/11_3_toward_a_usable.html.
178 Bronzeville, rose 67 and 192 percent, respectively. ” . . . Derek S. Hyra, The New Urban Renewal: The Economic Transformation of Harlem and Bronzeville (Chicago: University of Chicago Press, 2008), 43.
178 the White population grew to 4 percent. . . . Ibid., 167.
178 the White population is now closer to 6.6 percent. . . . “Douglas Neighborhood,” Great Cities Institute Neighborhoods at the University of Illinois at Chicago, http://www.uicni.org/page.php?section=neighborhoods&subsection=douglas.
179 individuals who have lived in these communities.” . . . Kelly Virella, “Beyond Burnham: Black and White, Seeing Red All Over,” The Chicago Reporter, August 31, 2009, 5, http://www.chicagoreporter.com/index.php/c/Cover_Stories/d/Black_And_White,_Seeing_Red_All_Over.
179 that those merchants are following the money.... Ibid., 3.
179 once-impoverished neighborhoods like Bronzeville. . . . Hyra, The New Urban Renewal, 130.
179 also influence the changes that occur in a neighborhood. . . . Hyra, The New Urban Renewal, 147.
179 property values and the displacement of the poor. ” . . . Ibid., 149.
180 the neediest to other high-poverty neighborhoods.... Ibid., 146.
180 “historic preservation and racial heritage tourism.” . . . Michelle Boyd, “The Downside of Racial Uplift: The Meaning of Gentrification in an African American Neighborhood,” City & Society 17, no. 2 (2005): 271.
180 a version of the “rising tide lifts all boats” aphorism. . . . Ibid., 274, 276.
181 cost of neighborhood goods and services,” Boyd notes. . . . Ibid., 281–83.
181 Whites and neighborhoods looking to catch a break. . . . Mary Pattillo, “Introduction,” Black on the Block: The Politics of Race and Class in the City (Chicago: University of Chicago Press, 2007).
181 simultaneously debates over what it means to be black. ” . . . Ibid.
182 higher-end stores in Bronzeville were somewhat scarce.... Joslyn Slaughter, interview with author, October 8, 2010.
182 learn that we deserve to live in a different environment.” . . . Ibid.
183 nice amenities like everybody else.” . . . Ibid.
186 only serve to strengthen the whites in power.” . . . Sudhir Alladi Venkatesh, “Urban Puzzle,” Boston Globe, March 31, 2007, 4.
Chapter 11
188 She definitely made an impact.” . . . Joyce King, e-mail to Chike Akua, November 4, 2009.
191 in the United States, six of which are in Chicago. . . . “Mexican Grocery Stores in the United States,” http://www.fyple.com/category/food-drink/food-retailer/grocery-store/mexican-grocery-store/.
191 other areas of the country with large numbers of Hispanics.... Steve Raabe, “Latino-Grocery Boom Likely to Slow as Second-Generation Shoppers Surge,” Denver Post, March 11, 2010, http://www.denverpost.com/business/ci_14651611.
Epilogue
204 African American businesses that we otherwise wouldn’t have.... Addy et al., “The Empowerment Experiment,” 235.
205 something with which Karriem might take issue.... Ibid., 249.
205 their diversity can be seen as valuable and appealing. . . . Ibid., 252.
205 in the Black population that have yet to be achieved.” . . . Ibid., 256.
206 traditional investments by mainstream venture capitalists.” . . . Timothy Bates and William Bradford, “Minorities and Venture Capital: A New Wave in American Business,” Kansas City, MO, Kauffman Foundation, 2003, http://www.kauffman.org/uploadedFiles/minorities_vc_report.pdf.
206 an economic argument that says this is good for business.” . . . Steven Rogers, interview with author, January 31, 2011.
207 nationwide, including 126 owned by African Americans. . . . Information provided by Donna Meacham Blackman, CPA, Vice President, Finance, Global Lodging Services FBP, Marriott International Inc.
208 “to be wealth creators, instead of wealth spenders.” . . . New York Life agent promotional material for The $50 Billion Empowerment Plan.
209 sense of community in neighborhood after neighborhood. . . . “Starbucks Acquires Remaining Interest in Magic Johnson Enterprises’ Urban Coffee Opportunities,” Starbucks Newsroom, October 21, 2010, http://news.starbucks.com/article_display.cfm?article_id=452.
211 needed,” I felt my heart drop into my stomach.... Slaughter interview, October 8, 2010.
212 who are not comfortable with the status quo.” . . . Corey Tabor, interview with author, February 28, 2011.
216 social and economic pathologies in our communities.” . . . Jones interview, October 12, 2010.
Index
Abilene, Texas
Abolitionists
Absence. See Industry sector gaps
Accenture
Accessibility. See Business accessibility
Action vs. good intentions
Addy, Dwetri
Advance Auto Parts
“Advancement in betrayal” perspective
Advantage Chevrolet
Advertiser appeasement, example of
Advertising industry
Affirmative Action
Afram Cosmetics
Africa
African American MBA Association
African Baptist Church
African heritage
African slaves. See Slavery
African Union Society
Afri-Ware Books
Agriculture Crop of Style
Akbar, Na’im
Alamihi Crab Syndrome
Alcohol and tobacco companies
Alpha Kappa Alpha sorority
American Airlines
American Dream, The
American Journal of Public Health (journal)
Amos and Andy’s
Anacostia, Washington, D.C.
Anderson, Claud
Anderson Force Field
Andrew, William
Anheuser-Busch
Ann Taylor clothing
Annals of Internal Medicine (journal)
Annual Historic Bronzeville Bike Tour
AOL
Apostolic Church of God
Apparel and design industries
Arabs
See also Middle Easterners
Ariel Investments LLC
“Art of civilized hypocrisy,”
Asians
as business owners
community support and
fear and anger felt by
money circulation and
as physicians
wealth of
Association for the Study of African American Life and History
Astors, the
Athlete’s Foot
Atlanta, Georgia
Atlanta Metropolitan Black Chamber of Commerce
Atlanta Mutual Insurance Association
Attorneys
Austin Boulevard
Austin neighborhood
Austin, Texas
Austin Weekly (newspaper)
Australia and New Zealand
Awareness. See Business awareness
Babson College
Baby Phat Line
Bachrach
Baker, Ajamu
Baldwin, Shawn
Baldwin’s Ice Cream
Baltimore
Bank of America
Bankruptcy
Banks, Doug
Barber Shop (film)
Barbie dolls
Beaumont, Texas
Behind the Dream: The Making of the Speech that Transformed a Nation (Jones and Connelly)
Bell, William K.
Bellwood
Belmont University
Bennett, Michael
Bennett, Walidah
Bennigan’s
BET News
Beyah, Karriem
Big Dogs of Black business
Black Alumni Club
Black Business Network (BBN)
“Black capitalism,”
Black communities
consumer exploitation in
current self-help economics in, statistics on(tables)
cyclical and interrelated problems facing
fundamental problem in
goal of generating economic growth in
health crises within
lack of support from, for Black-owned businesses
as massive consumer segment
money circulation in
paralyzing psychosis in
personal responsibility for, accepting
real estate in
ripple effect of spending money in
theory of The Talented Tenth and
unified, myth of
See also specific communities/neighborhoods
Black divisiveness
See also Class divide
Black Enterprise
(magazine)
Top 100 Industrial/Service Listing (2003)
Black Entertainment Television (BET)
Black Friday
Black history
See also Civil rights movement/era
Black History Month
Black household net worth
See also Buying power
Black Ivy
Black Metropolis
See also Bronzeville
Black middle class
Black migration
Black Pages
Black Panthers
Black population percentages
Black Power movement
Black power, US presidency and
Black pride. See Pride
Black product lines
Black Retailer Action Group (BRAG)
Black Shopping Channel
Black Situation, The
Black spending, statistics on
See also Buying Black; Buying power
Black Voices
Black Wall Streets
Blackbusinessdirectory.com
Blackbusinesslist.com
Black-business-owners.com
Blackdoctor.org
Blackexperts.com
Blacknla.com
Blackonomic$: The Way to Psychological and Economic Freedom for African Americans (Clingman)
Black-owned businesses
advocates for
city vs. suburb spending at, analysis of
closure rate for
complaints about
continuing to believe in
creating more, means of
deteriorative effect of the civil rights movement on
directories of
as employers
favorite, website page listing
finding/searching for
Great Depression and
growth of
investing in, importance of
key areas of focus for
lack of support from the Black community
loan rejection rates for
map of, in Chicago and surrounding areas
national survey of
ongoing ventures promoting
paradigm shift toward
products and services not offered by
realizing the need for patronizing
relationship with
statistics on
struggle of