Many black people spend a lot of money on products and services that are not black-owned, thus making the people who own these businesses richer. Historically, other communities (Jewish, Asian, Italian, etc.) have operated and supported businesses independently, becoming successful and wealthy. That is because they have the support of those in their communities. However, this is not the case for black people, as we have over time been conditioned and taught to hate each other, not support one another and be competitive with one another. It’s time for us to change this culture!
Nipsey Hussle's Many Business Ventures
Nipsey Hussle, born Ermias Asghedom, was more than just a rapper. He didn’t just connect with people through music, but through a business ethic and dedication to positive change that is a very different vibe from many of his peers. Nipsey not only sought to improve the challenging community in which he was raised, but he espoused the value of ownership and wealth-building instead of crowing, “Chains! Cars! More chains! More cars!”
He was an entrepreneur, an activist, and a community leader who lived — and ultimately, died — for the people he served.
With a business savvy that was often said to rival JAY-Z’s, Nipsey Hussle had a series of business investments that not only gave back to his community, they were — in many ways — ahead of their time.
Let’s take a look at some of Nipsey Hussle’s many side hustles.
He sold his mixtapes for an unusual price
Nipsey understood the value of scarcity, an important tenet of capitalism: Make it rare and the masses will pay. His 2013 Crenshaw mixtape was free digitally but he charged $100 for physical copies. He sold 1,000, with Jay Z buying 100 of them. He pressed 100 copies and charged $1,000 apiece. The more than $60,000 he made from that served as seed money for other ventures.
He purchased Real estate and opened businesses
Nipsey opened a clothing store named Marathon Clothing, as a “smart store,” one that incorporates technology – notably web apps – in the customers’ shopping experience. The app allows users to purchase content not found in the brick-and-mortar store and also preview Hussle’s music in advance of its release. He also invested very heavily in The Marathon Agency, a digital marketing agency co-founded by blogger Karen Civil and Jorge Peniche.
The Marathon Agency, which was heavily involved in the 2016 United States presidential campaign, reportedly received “a hefty sum” from Nipsey to help with start-up and operating costs. What’s more, according to Steve Carless, the head of the Marathon Agency, the company looked at Nipsey as a “silent partner” because he’d invested close to “six figures” in bringing the Marathon Agency to life. Hussle also reportedly invested, heavily, in cryptocurrency.
He was all about owning his own shit
Everyone knows industry rule #4080. Nipsey promised he’d never go down that path if he could help it: He created his own record label, All Money In, in 2010, following terrible record deals. He was inspired by the paths of Jay-Z and other music moguls who have ownership of their content. He told The Fader, “It’s really following the rules you learn coming up playing with money and bringing that mentality into music…just spend it all on growing what you’re doing. I bought equipment, built studios, and bought infrastructure. It might have been time to buy cars and jewelry for the age I was and the mindset of that age but it’s about believing in what you’re doing to the point that you invest in it.”
He Co Founded a STEM Hub
Vector 90, which is located in the Crenshaw district of Los Angeles, not only provided co-working spaces for the inner city youth, but it provided STEM (which stands for “science, technology, engineering, and mathematics”) opportunities and seeding (read: money) potential for inner-city kids (especially those who otherwise don’t have the ability to approach major investors for their ideas). “We’re going to be able to really do some next-level things once we start utilizing the technology with content. So, it’s just a theory right now. We got one piece of content that we engraved into the products, but it’s so much we’re going to do so that we really see the potential of it over time,” he told Black Enterprise Magazine.
New Black-Owned Line of Ready-to-Bake Frozen Cookie Dough
Megan Mottley, a mother, baker, and entrepreneur from Memphis, Tennessee, has recently debuted her line of Goodness Gracious Luxe Cookies frozen cookie dough at a grocery store in her hometown. The cookie dough, which is ready-to-bake, has no preservatives, and has the same taste as her delectable homemade, freshly-baked cookies!
Mottley has always loved baking since she was a teenager. So when her daughter asked her if she could go on a mission trip to Japan, she thought she could use her baking skills to raise some funds for her daughter’s trip. Thus, she started baking and selling cookies to her family and friends.
Her initial goal was to raise just $3,500 for her daughter’s trip, but her cookies became an instant hit and generated multiple repeat orders. Word spread fast and it also became viral on social media that in under 8 weeks, she and her daughter already raised $5,000.
Since then, Mottley decided to take on the cookie business she aptly named Goodness Gracious Luxe Cookies. Her homemade cookies became available at pop-up events and local farmers’ markets, and for delivery all over Memphis and the Mid-South.
Black-Owned Mobile Barber Shop is Just Like Uber, But For Haircuts!
In today’s fast-paced world, most people would want convenient and quick service whether it be transportation, food, or anything so as to not waste too much time. Darren Tenkorang, a 24-year old Black entrepreneur from England, thought it would be profitable to use the same idea for male grooming. So, he co-founded Trim-It, a barber-shop-on-wheels that people can book via an app, basically like Uber!
Darren, a Ghanian native who grew up in Brixton, South London, always had a passion for male grooming. He would personally look for a barber that specializes in Afro-Carribean hair to make sure his hair would be cut well. But he did not initially imagine he would actually make money from it.
Primarily, his mother and father, who worked as a cleaner and security guard respectively, had dreams of him becoming a banker, lawyer, or accountant. He did study Business Management at Sussex and even got a one-year placement at a reinsurance firm. However, when he discovered he was dyslexic, he had to reassess his career plans.
SUPPORT BLACK OWNED BUSINESSES
Not only is it important for black people to support black-owned businesses, it’s important for non-blacks to support black-owned businesses.
Rather than putting money into brands that are already multi-million dollar corporations and inconsiderate of those who financially support them, discover places that actually support persons of color; money speaks volumes, and even your $10 truly has its own significant voice.
We need to make a conscious shift in thinking and support black-owned businesses because it can create jobs, build up communities and provide economic prosperity. In turn, this can help decrease crime by infusing money into communities, which can then support schools, libraries, community centers and more.
Supporting black businesses allows black families to grow and keeps the big name corporations from stepping in between smaller businesses and constantly apologizing for their “mistakes.”
Not only that, what is good for Black communities, and all communities of color, helps to strengthen the American economy and allows the United States to remain competitive in the global market.
So, we ask you, please support a black-owned business.
From Homeless and Incarcerated to Becoming a Super Chef That Owns Three Restaurants!
Darnell Ferguson, founder and owner of Super Chef’s Restaurant, knew early on what he enjoyed and wanted to do. It was while attending vocational school that he realized how much he enjoyed cooking. His inspiration was watching celebrity chef, Emeril, on TV, and that’s when he decided he wanted to own his own restaurant. But getting there was a lot more difficult than he ever imagined!
Starting out on the right foot
Darnell started out in the right direction, attending Kentucky’s Sullivan University to study culinary arts. He was one of only two black students who were chosen out of thousands to be a part of the 2008 Olympic Team in Beijing, China. Now, it might seem like the rest of his life would unfold from here, but it didn’t.
Turning the wrong direction
Darnell was struggling to make a living as a chef and started selling drugs on the street to make money. It resulted in his arrest 8 times and losing everything, even his home. It was after his last incarceration that he took a good look at himself and realized he had become the person he never wanted to be. After his release, he managed to get work at local restaurants, but his temper got him fired, and he was unemployed for a year. read more…
Papa John’s Pizza Partners With Local Black-Owned Company to Offer Mambo Sauce Wings
Capital City, a Black-owned company based in Washington, D.C., was chosen by Papa John’s to be their partner in serving up wings covered in their signature mambo sauce. Wings and poppers with Capital City’s mambo sauce are now available in most Papa John’s locations in the Washington DC area.
The famous pizza chain’s move to partner with the Black-owned company came about a year after they have been involved in a racial discrimination incident. Its founder, John Schnatter, eventually resigned as chairman after admitting he used the N-word during a conference call.
Capital City’s owner Arsha Jones and her husband, Charles, said they were initially nervous and excited when the company approached them due to the incident with Schnatter. But they decided to push through with the partnership after a number of meetings and conversations and they saw that Papa John’s is comprised of “a lot of really great people.” read more…
It could all be so simple… but apparently, some luxury brands are intent on making it harder for themselves. Instead of hiring diverse teams, listening to members of their staff who raise red flags about potentially offensive merchandise, or considering the full breadth of consumers who may be shopping for or viewing their products, more and more labels are being forced to lose money on already-produced merchandise.
In December, Prada was forced to remove several accessories from their collection after outcry about several monkey-themed items closely resembled racist caricatures. Now, fellow Italian label Gucci is apologizing for a balaclava-inspired black turtleneck with a vivid red trim around its cutout mouth.
Though the model wearing the sweater in ads was white, critics quickly cried foul, pointing out the strong similarities to blackface imagery in the design. Not surprising, since while blackface may not be a current cause for concern in Italy, it is at the forefront of a major cultural conversation in America—now including a growing gubernatorial scandal in Virginia. And honestly, a nearly 100-year-old brand should simply know better. Instead, they found themselves issuing a formal apology.
But is the sweater itself really racist?
We’re guessing it never even occurred to Gucci’s design team, marketers or the many others who were involved in the approval process that what they likely considered an “edgy” design would have deeply racist connotations. In fact, we doubt they ever considered us at all—and that’s really the most racist element here, in our opinion. Also offensive is the fact that, despite a partnership with Dapper Dan once again giving Gucci black cultural cred, there are seemingly no—or very few—black people within the higher ranks of the label; black talent that might’ve very well checked this before it even left the sketch phase. read more…
“As a 7 figure/yr customer & long time supporter of your brand I must say…Y’all GOT US f—ed UP!!! APOLOGY NOT ACCEPTED!!!!” Tip wrote on Instagram alongside a Gucci logo. “We ain’t going for this “oops my bad I didn’t mean to be racist and disrespectful towards your people” shit!!! Y’all knew wtf y’all was doin and WE AINT GOING FOR IT!!!”
Soulja Boy, who is often seen wearing a Gucci headband, also took to social media to share his frustration over the blackface sweater.
“Smh what is this man? —-♂️ no more @gucci headbands for me. Who’s responsible for this? Because it’s not funny! At all!” the rapper posted on Instagram alongside a photo of a model wearing the sweater.
Earlier this week, Gucci apologizes for the clothing item, writing in a statement: “We consider diversity to be a fundamental value to be fully upheld, respected, and at the forefront of every decision we make.” read more….
is the education and understanding of various financial areas including topics related to managing personal finance, money and investing.
An analysis of financial competency of everyday Americans was conducted by TheKnowledgeAcademy.com back in September. The company analysed findings from YouGov, who surveyed 1,135 American adults to see how confident they are with the definitions of a range of financial words and phrases. While some common terms were widely understood, others caused confusion or were not understood by a majority of respondents. These findings show that the financial services sector and everyday Americans both have work to do to when it comes to financial literacy in this country.
Just 36% of people can define amortization. Amortization is the paying off of debt or other expenses with a fixed repayment schedule in regular installments over time like with a mortgage or a car loan. Only 39% knew what a mutual fund is. A mutual fund is an investment vehicle made up of a pool of money collected from many investors for the purpose of investing in assets like stocks or bonds. Mutual funds are operated by professional financial managers who oversee the fund’s portfolio and attempt to produce returns for investors.
Dr Claud Anderson
Dr Claud Anderson is one of the best economic minds in Black America. He is the author of "PowerNomics" , one of many of his Black empowerment books. Dr. Anderson is also President of The Harvest Institute, a nationally recognized think tank that works to help Black America become self-sufficient and economically competitive.
Dr Boyce Watkins
Dr. Boyce Watkins is one of the world's leading financial scholars and social commentators. He advocates for education, economic empowerment and social justice and has changed the definition of what it means to be a Black scholar and leader in America and beyond.
Jay Morrison is a business mogul, social activist, and best-selling author, defied the odds of growing up in poverty to become a multi-millionaire businessman, celebrity realtor, real estate developer, and national influencer while empowering the Black community through real estate.
Professor Devin Robinson
Professor Devin A. Robinson is a Pulitzer prize-winning newspaper columnist, social activist, author, and an Economics Professor at Oglethorpe University in Atlanta, Georgia and the founder of The Urban Business Institute to assist urban entrepreneurs develop their ideas or improve their businesses through the company’s SMART Business Academy.
RAQUELLE “ROCKI” HARRIS wrote an interesting article outlining obstacles that Black owned businesses face. She really breaks it down for those of us who are “not” Black business owners to understand the realities that are faced. The article reads…
| “You know how your cousins are.” Sound familiar? You have either heard or said this about a janky product or poor customer service at a Black-owned business (BOB). All businesses encounter common issues, but the impact is greater for BOBs. Our history is filled with the reality of facing stereotypes, unfair biases, and unethical and illegal practices. Growth continues, but numbers and profits still lag behind businesses owned by other races. White-owned companies account for 81 percent of U.S. businesses, while Asian and Hispanic-owned are at 9.7 and 5.8 percent, respectively.
Here are 11 common realities that Black-owned businesses encounter: Read more
THE LIFE SPAN OF THE DOLLAR IN THE BLACK COMMUNITY
Journalist Roland Martin, host of NewsOne Now, cited a figure that has often been used to show how little blacks spend in their neighborhoods compared to other racial and ethnic groups.
The lifespan of a dollar in the Asian community is 28 days, in the Jewish community the lifespan of a dollar is 19 days and the lifespan in the African-American community is approximately six hours, Martin said during his news talk show on the black-owned cable network TV One.
Three years ago, We Dat’s founder, Greg Tillery started We Dat Food truck and began selling wings from the truck, outside nightclubs. Today, that food truck has grown into We Dat’s Chicken & Shrimp and has three locations. Greg also has his own seasoning line and has signed a partnership with the NBA’s New Orleans Pelicans.
Inspired by the legacy of Tulsa, OK (Black Wall Street) De’Von and Sinclair created a family fun way to teach financial literacy while learning Black History! Black Wall Street The Board Game. The couple wants to get this board game into the hands of the Black community. The game is truly inspired by history using real businesses from the time of Black Wall Street in Tulsa,Oklahoma.
Ariell Johnson, founder Amalgam Comics & Coffeehouse, is the East Coast’s first Black female comic book store owner. She made waves in the comic world when she opened the store in December of 2015, and immediately caught the attention of ABC News, CNN Money, MSNBC, and tons of other web sites and blogs.
How it all started: ” Zachary, our youngest child suffered from terrible seasonal allergies and we sought out natural remedies to alleviate his symptoms. We found ourselves buying lots of raw honey and a neighbor suggested we keep bees and harvest our own honey on our 5 acre farm in Hunterdon County. We started with our first hives three years ago and once we had our first honey harvest, we were hooked!”
Dondre Anderson and his two daughters, Amina and Amari, love quality time, but most days, you’ll likely find them in the kitchen cooking up potato chips for their new black-owned business. Anderson launched All A’s Spice seasonings back in 2010. He sprinkled the spice on his homemade potato chips, so potential buyers could taste it. Pretty soon, he had sold out of his products thanks to the chips and decided to create his own line with the help of his daughters.