August is National Black Business Month
National Black Business Month reminds us of the crucial role of Black entrepreneurs and business owners in fostering economic growth, creating jobs, and enriching communities.
“At David Lerner Associates, we recognize the importance of diverse business communities. Join us as we delve into the significance of National Black Business Month and explore ways you can participate and support Black-owned businesses,” says David Neuwirth, Senior Vice President, Investments at David Lerner Associates, Inc.
When is National Black Business Month 2024?
National Black Business Month is celebrated every August. In 2024, the month-long observance begins on Thursday, August 1, and continues through Saturday, August 31. During these 31 days, everyone is encouraged to spotlight and support Black-owned businesses in various ways, recognizing their contributions and fostering a more inclusive economy.
History of National Black Business Month
National Black Business Month was founded in 2004 by Frederick E. Jordan, an engineering entrepreneur, and John William Templeton, a historian and journalist. They aimed to highlight the achievements of the then 2.6 million Black-owned businesses and advocate for policies that support their growth and sustainability.
Over the years, this observance has gained traction, with increasing participation from individuals, communities, and organizations committed to economic equality and empowering Black entrepreneurs.
The history of Black business in America is rich and varied, dating back to the nation’s early days. Despite systemic challenges and discrimination, Black entrepreneurs have made remarkable strides, contributing significantly to various industries.
According to the Pew Research Center, about 3 percent of American businesses are Black-owned, and most Black adults believe supporting Black businesses is highly effective in advancing equality for Black individuals in the United States.
Black women reportedly start businesses faster than any other demographic, primarily out of necessity. According to ProjectDiane, a biennial demographic study by leading non-profit digitalundivided, women represent 35 percent of Black-owned businesses, compared to 27 percent of female-owned businesses of other racial identities.
Because black entrepreneurs are often underrepresented, National Black Business Month honors their legacy and encourages ongoing support and advocacy for Black business owners.
National Black Business Month Participation Ideas
Supporting Black-owned businesses can be both rewarding and impactful. Here are some practical ways consumers can get involved:
- Shop at Black-Owned Businesses: The next time you consider making a purchase, make a conscious effort to purchase goods and services from Black-owned businesses. This can range from dining at Black-owned restaurants to buying from Black-owned online stores.
- Promote on Social Media: If you’re interested in (or already use) a product or service from a Black-owned business, use your social media platforms to highlight and promote Black-owned businesses. Use hashtag #BuyBlack in your social media posts.
- Leave Positive Reviews Online: Consumers use the internet to broadcast bad encounters, but why not do that for Black-owned businesses you want to succeed? Help Black-owned businesses gain more visibility by leaving positive reviews on Yelp, Google, and TripAdvisor platforms. Your feedback can make a significant difference.
- Attend Events and Workshops: Participate in Black business networks’ events, workshops, and webinars. These events often offer valuable insights and networking opportunities.
- Recommend to Friends and Family: Word of mouth is powerful. Recommend your favorite Black-owned businesses to friends, family, and colleagues. By sharing information within your social circles and among colleagues, you can help amplify the message of Black-owned businesses, extend their reach, and introduce them to new customers.
- Acknowledge & Support Black Creators & Artists: Buy art, books, music, and other creations from Black artists and creators not only during Black Business Month but year-round. This not only supports their livelihoods but also enriches their cultural experience.
- Educate Yourself: Take time to learn about the history and contributions of Black entrepreneurs. Understanding the context can deepen your appreciation and commitment to supporting Black businesses.
National Black Business Month celebrates the resilience, creativity, and contributions of historically underrepresented black entrepreneurs. By supporting Black-owned businesses, consumers can help foster a more equitable and inclusive economy.
Join us this National Black Business Month to support Black-owned businesses. Visit our website to learn more about investment opportunities and how you can make a positive impact through informed and conscious financial decisions. We can build a more robust, inclusive economy for everyone.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.