How To Grow MN African Heritage Wealth June 28, 2014

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1 To a greater degree than any other major ethnic group, African Presented by Lea Hargett, President of the Minnesota Black Chamber of Commerce, at the Council on Black Minnesotans Power of Unity Economic Summit. Panel presentation How to Grow MN African Heritage Wealth ; June 28, 2014 at the University of Minnesota, Carlson School of Business. Americans are ensnared in poverty, unemployment, failing schools, low-wage work and crime-ridden neighborhoods. Although local African American leaders and the philanthropic and non-profit community have made significant and meaningful progress in addressing many of these problems, much work remains to be done. For many, pathways to meaningful participation in the economic life of the metro remain blocked. This leaves many potentially productive individuals unprepared to survive in the new global economy and puts them in danger of falling into the ranks of a permanent underclass. This economic underclass, increasingly isolated from education and the skills-oriented knowledge economy, will continue to create tangible and increasing costs that will weigh down economic growth and subtract spending from other priorities. The costs will be most apparent in rising social service spending, as well as rising state spending associated with a wide range of remediation. Among the most costly is criminal justice. The question is will the city, its political leadership, its African American citizenry, and its private sector and civic community find the know-how, the political will, and the resources to address its economically lagging communities? And if so, what methods will be used to solve these problems? These are the most critical questions facing the metro as it moves forward into this crucial time. 1 P a g e

2 In a Nielsen Opinion Poll of African Americans Entrepreneurship and job training/worker support were strong and recurrent themes in connection to achieving a strong economic future. Knowing that there is no single answer for this panel to the question How to Grow MN African Heritage Wealth, my response to the question is to Encourage Entrepreneurship. Before I share my perspective, we should first consider the significance of the barriers of small business like 1) the crisis of Black unemployment, 2) the increasing reliance on small business as a source of employment, 3) the causes of racial disparities in business performance, and 4) the positive impact of small business within our inner city. But for the sake of time, I d will edit my comments, fast forward and focus on racial disparities in business performance and the positive impact of business within our community. Racial Disparities in Small Business There are several important determinants of success in small business ownership. Racial disparities create barriers to small businesses that directly impact business performance. The relative lack of success among African American owned businesses is attributable in part to three potential barriers financial capital, family business background, and human capital. Over the past several years, the chamber has surveyed its members to identify the top three barriers to sustaining and growing their business, and all respondents identified access to financial capital as the number one barrier. Financial Capital The level of startup capital invested in any business is strongly associated with business success. Estimates from the data analysis conducted by the U.S. Census Bureau, Characteristics of Business Owners (CBO), indicate that firms with higher levels of startup capital are less likely to close, have higher profits and sales, and are more likely to hire employees. 2 P a g e

3 Differences in startup capital may be due to differences in the personal wealth of the entrepreneur because this wealth can be invested directly in the business or used as collateral to obtain business loans. Personal wealth among African-Americans is one eleventh that of whites. The median level of net worth for black households is only $6,166 implying that half of all black households have less than $6,166 in total wealth. Part of these disparities in wealth are due to blacks being less likely to own homes, having lower home values, and having lower equity to debt ratios in their homes. Many black businesses face lending discrimination, and black people typically have less access to family wealth through inheritances, loans and equity investments. Family Business An examination of determinants of business outcomes reveals a nuanced role for the owner s family business background in contributing to success in business ownership. Simply having a self-employed family member has no significant effect on business outcomes. In contrast, working in that family member s business leads to a more successful business. Black business owners have a relatively disadvantaged family business background compared with white business owners. The lack of prior work experience in family businesses among black people, perhaps because it restricts their acquisition of general and specific business education, limits the successfulness of their business compared to whites. Human Capital There is a strong positive relationship between the educational level of the owner and business performance. Although African Americans have made substantial gains in education, large racial disparities remain. Roughly one-third of white business owners are college educated whereas only one quarter of black business owners have the same level of 3 P a g e

4 education. Lower levels of education among Black business owners translate into disparities in business outcomes. Small Business Impact on Inner Cities A study by the Joint Center for Political and Economic Studies (JCPES) found that the creation of minority-owned businesses has a significant impact on minority employment. It sited that minority-owned businesses were more likely to recruit workers from inner-city neighborhoods than non-minority firms. Other researchers also have found that small, white-owned businesses were less likely to hire minorities, as compared to small, black-owned businesses. Lets examine entrepreneurialism. African-American entrepreneurship is on the rise at rates greater than the general population, according to data from the Census Bureau. Due to high unemployment, many African Americans have turned to entrepreneurship out of necessity where job growth has slowed or disappeared. This trend is likely to continue for all Americans as we continue to shift to a new, globally competitive economy. In 2007, nearly four in ten of African American startups operated in the healthcare and socialassistance sectors, as well as repair, maintenance, personal and laundry services. Consistent with the type of businesses being started, the majority of the African-American businesses employed between one and four people. Supporting job creation among African American business owners and starting more African American businesses are two solutions to stagnant unemployment numbers in the African American community. 4 P a g e

5 David Smith II of the US Black Chamber recently stated that there are 1.9 million Black businesses in America and 1.8 million of them are sole proprietors, only 100,000 Black businesses have employees. The challenge is growing these businesses to hire at least one employee, that s 1.8 million jobs. During the release of a new report by the Association for Enterprise Opportunity, Bigger Than You Think : Gina Wood commented that businesses with fewer than 5 employees are called microbusinesses. Since 2002 they have created 5.5 million jobs. While large businesses (500 plus employees) lost jobs between 2009 and 2011, microbusinesses were the only ventures creating jobs during the same period. African American microbusinesses employed almost 117,000 people in 2007; the latest year data was available, for a total payroll of about $3.5 billion. Most of these microbusiness owners (1.68 million) were working owners. These African American owned microbusinesses ranged from professional services to health care and social assistance to administrative and support services and manufacturing, which was the fastest growing sector for African American businesses, the report found. Microbusinesses are described as a viable option for unemployed persons, persons 50+ and underserved groups such as women and Blacks to attain self-sufficiency amidst a mercurial labor market, and as long-term job stability becomes more elusive. For these demographics, self-employment offers a pipeline to wealth-creation that might not otherwise be possible. 5 P a g e

6 In the July 2013 online publication, Entrepreneurship.org, Mark Marich wrote Where do millionaires get their fortunes? Passed down from generation-to-generation through family inheritance? Wrong. A new report from Barclay s examines recent shifts in the creation of wealth and finding that in established economies long-established models of inheritance have given way to entrepreneurial activity as the preeminent source. Shane Schulte for realbusiness, wrote The global landscape of wealth is changing as entrepreneurship becomes the most prevalent source of wealth, ahead of inheritance. Overall the potential benefits of entrepreneurism within the MN African Heritage community may be great and if it is embraced by the masses, the community will experience great influence and control over its destiny. 6 P a g e

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