What's Happening?
Deloris Thomas, president of the Joseph Business School, emphasizes the need to build the next generation of million-dollar Black enterprises. Reflecting on the legacies of George E. Johnson Sr. and Rev. Jesse Jackson, Thomas highlights their contributions
to Black economic empowerment and the challenges faced by Black entrepreneurs today. Despite a surge in Black-owned businesses, many struggle to scale due to limited access to capital and systemic barriers. Thomas calls for a collective effort from banks, corporations, and communities to support Black entrepreneurs in achieving significant business growth.
Why It's Important?
The push to scale Black-owned businesses is crucial for economic equity and community development. Achieving million-dollar revenue milestones can enable these businesses to hire employees, expand operations, and contribute to generational wealth. Addressing the systemic barriers that hinder growth is essential for closing the racial wealth gap and fostering a more inclusive economy. The initiative led by the Joseph Business School aims to provide the necessary training and resources to empower Black entrepreneurs, potentially transforming economic landscapes and creating sustainable opportunities.
What's Next?
The Joseph Business School is actively working to support 100,000 Black and brown entrepreneurs in scaling their businesses to $1 million. This initiative involves providing business education, mentorship, and spiritual grounding to help entrepreneurs overcome challenges and seize opportunities. The broader community, including financial institutions and government agencies, is encouraged to collaborate and invest in these efforts. The success of this initiative could serve as a model for similar programs nationwide, driving systemic change and economic empowerment for marginalized communities.
