Blacks remain statistically under-represented in Corporate America. In 2020, there are only 4 Black CEO’s at the top of Fortune 500 companies. However, companies need to realize that they are likely missing out on their most valuable asset to growth.
1. In some cases, an African-American person that has experienced poverty understands how to value a dollar. They may help a corporation reduce waste and maximize a dollar.
2. The less experience a person has can actually add value. Many blacks are the first in their family to work in an industry, so their only experience is from the perspective of a customer. This is the most valuable perspective.
3. Not having previous experience leaves opportunity to creatively imagine a business model that can offer unique concepts that improve efficiency, delivery, pricing and marketing.
So instead of being under-valued, under-paid, and under-represented they are ditching corporate America and using their assets to become entrepreneurs. They have creative cost-efficient business models that are able to survive COVID-19 where others are not. with creative business models. A new business model can be designed to consider the changes in consumer behaviors and advancements in technology.
Black-owned businesses are often built from identifying a need that has not been met in a community. Black-owned businesses often start with little resources, so supporting a new small business is very important to a communities’ economic growth.
To find a list of Black-Owned business to support visit: buyblackchambana.com.