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Economic Empowerment through Entrepreneurship December 27, 2019
Economic Empowerment through Entrepreneurship
The career paths of college graduates have grown to be a routine. First you must find an entry level job with hopes that it actually relates to what you studied in college the last four years. Then, you slowly climb the corporate ladder until you’re actually able to make the moves and decisions of someone with authority. That process could and most likely does take years.
However, in the past few years this routine has received a much needed, modern update. College grads are ditching the system as a whole and exploring new ways to become self- employed. Employees are switching their jobs more often, sometimes as often as once per year to feel the sense of growth most companies fail to provide. As the economic environment continues to shift, we took some time to explore how the rise of entrepreneurship will effect our communities in 2020.
Looking at African-American business growth in particular, there has been a substantial growth in business owners and economic contribution over the past few years. According to the Federal Reserve Bank of Kansas City, African-American business has grown from 823,499 in 1997 to 2,593,168 in 2012, nearly tripling the numbers in a matter of 15 years. We’ve taken full advantage of the slight increase of opportunity we’ve been provided, to push for something more. In most cases the increase in African American business growth is a result of the want to break away from the norm, and establish something new that appeals to our community.
By starting more companies/brands, we are able to level the playing field when it comes to competitive business - benefiting both owners and consumers. A healthy competition in the marketplace creates lower prices, and an increase in diverse products for more consumers. Smaller niche businesses are able to listen to the needs of the individual and create solutions that are unique to those needs. This drives the economy upwards as it’s fulfilling the product needs of more people at the right price points. A greater number of companies bring out an equal power between the business and consumer.
Entrepreneurs targeting niche markets are also able to profit more off of smaller-voiced needs, as they cater their products to their audience. This unique value proposition allows small businesses to build loyal consumers quicker, aiding in their speed of their overall business growth. The quicker they can attract early adopters, the quicker those early adopters can spread the word, and get members outside of the community to recognize the business’ offering. By creating a steady partnership with a small audience, the profitability received will stabilize a smaller entrepreneur, strengthening them and others to continue on with their ventures.
Entrepreneurs have the greatest impact on their local communities. Towns housing these smaller business will see an increase in foot traffic and city recognition, which will then create an increase in money flow. Instead of shopping with larger brands, the money received within the community can be reinvested into its overall growth. We’ve seen major artists and entrepreneurs bring business back to their cities in an attempt to “put their city on the map” and create more economic opportunity for those living there. Every entrepreneur has the ability to do this on a more personal level in their own environments, given that they actually focus on giving back.
Despite the impact that entrepreneurship can have on your community, it also brings great joy to your own life. The freedom and control that comes with entrepreneurship allows for an individual to make choices on their own terms, and grow accordingly. The journey is sure to bring hardships, but those hardships build character and teach you lessons you may have never learned climbing up the ladder in corporate America.
Are you interested in getting started as an entrepreneur but don’t know where to start? Or maybe you already have a product you’re trying to sell online but need help getting it out to the masses. Reach out to us with your questions, ideas, concerns, and we’ll be happy to help in any way we can!