As we commemorate the 150th anniversary of the Civil War, the war that ended slavery, we should by very proud of our monumental progress in a country that was riddled with racial hostility. At the same time, being mindful of our contemporary challenges, we should be vigilant in charting a new course to address our current needs.
I am of strong opinion that the new frontier includes Economic Empowerment and Financial Literacy. Good credit, adequate savings, wise investment and sound entrepreneurship should be taught at a very early age. We live in a competitive global market and by not providing our youth with financial education hampers their progress - which in turn retards the progress of our community.
The following is a list of suggestions from business motivational speaker Felica Joy:
Increase our financial literacy;
Start with a business plan;
Constantly train, study and execute to become smarter, more skilled entrepreneurs;
Grow our businesses with the intention of creating jobs because employer firms vastly out earn sole proprietors;
Operate our businesses based on principles and numbers, not emotions;
Learn to do business internationally;
Prepare and compete to be number one period (not just in our community);
Start or buy defensive businesses, which are ones that provide products and services that people need regardless of economic conditions;
Start or buy businesses in the biggest wealth creating industries—such as technology, engineering, manufacturing and energy; and
Spread this mentality and these behaviors among our family members and throughout our communities.
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