African American Economic Development and Small Business Ownership

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Starting with the traditions of African American economic systems perpetuated during and after slavery to create their own institutions and enterprises, this study also reviews contemporary major policy initiatives intended to promote African American business ownership. The author uses both qualitative and quantitative research methods to examine the topic and to debunk the myth that African Americans do not have a history of entrepreneurship.The quantitative research in this book is unique in that it provides a detailed analysis of national samples of African American owned and white-owned businesses by industry and region. These industries include professional services, finance, insurance and real estate, manufacturing, and wholesaling. Characteristics of these firms and their owners are assessed to determine which ones are related to business survival. The study finds that the two key factors for achieving business success in African American-owned firms in these industries are the amount of the initial financial investment and the fact that the owner has graduated from college. For white-owned firms, the only factor that was found to be consistently important was start-up capital.Finally, the book sets forth recommendations for policymakers based on the findings of this study and on a comprehensive understanding of the history and dynamics of African American enterprises.