We always hear about why black owned businesses fail. In a recent study conducted by the CBC (Columbus Black Chamber) we found reasons for the success of black owned businesses. It is our belief that if you continue to focus and read about the failure of black owned businesses that is what it will be. In this article we focus on the opposite.
Strong motivation is one of the reasons for success of black owned businesses. Although it is no guarantee of success many businesses go down fighting. It is one of the essentials in african american people. One of the characteristics of a new business venture is that problems seem to arise continually. It takes a highly motivated manager (someone with drive and ambition) to resolve them day after day.
Black Businesses Reason’s for Success
- Strong motivation
- Experience in particular line of business
- Managerial ability
- Good market potential
- Business education/experience
- Good marketing effort
- Good formal controls and planning
- Good location
- Businesslike activities
- Capable employees
- Good credit management
- Good inventory management, good buying practices
- Strong cash flow, adequate working capital
- Earnings returned to the business
The same reason for the failures are the exact same reason for the success. If you would like to be a contributing writer please email us at email@example.com.