How Black Business Men Are Tackling The Current Fiscal Crisis
The current fiscal crisis has caused unrest for black business men in across all sectors, from real estate to entertainment. In response to this crisis, a number of sectors of society have risen up in order to help the country weather this troubling time. Black business men, in particular, have been active in driving the country’s recovery and stabilizing the economic gains made.
Take the example of black business men like Gerard Murray. In the late 1990s, Murray started a small t-shirt company known as the “School of Hard Knocks.” Using a down-to-earth style and honest hard work, Murray was able to get his t-shirt line into local stores and finally onto a national scale. By 2001, Murray was turning over $27 million in sales, and his line is now sold in over 3000 stores. Murray has also diversified across countries while still retaining an American focus, helping to further drive the country’s recovery. In addition Murray, like many black business men, is giving back to the community by holding seminars to help educate the community in how best to begin their own small business.
Other examples include black business men like Boyd Stephens, Director of the Black Data Processors Association’s (BDPA) Entrepreneurs Advisory Group. For 20 years, Boyd has been in the IT industry and for the past 13 years, he has been helping other black business men make their mark in it. In his two decades work with white, Hispanic and black business men alike, Boyd has seen that the IT industry runs primarily on knowledge, and that regardless of age, those with training can be effective partners in the IT field or can create their own company. Black business men like Boyd Stephens are one of the reasons that the country is starting to come out from the under the specter of the current fiscal crisis.
As effective as the example of a successful business model can be for black business men, there is also a need for action in the current marketplace to help address the problems of the current fiscal crisis. While black businessmen have made a large number of strides in the direction of setting this fiscal crisis right, challenges still remain. The government’s current infrastructure rebuilding plan, the American Reinvestment and Recovery Act, called for $50 billion to be pumped into the nations road and rails. In July of 2010, Minnesota received $600 million to be disbursed, but none of it went to businesses owned by black business men. A number of arguments for that fact have been made, but the simple truth is that the government and those responsible for fund disbursement will often overlook the contributions black business men can make to the economy’s recovery.
While there are still challenges left to solve and problems to overcome in the nation’s fiscal crisis, black business men are dedicated to helping the country rebuild, and with time will become more effective in that endeavor as they are properly recognized.