Tag Archives: Black owned businesses

Three Benefits of Boycotting Black Friday.

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A lot of attention has been set on boycotting stores and corporations this Friday, having a split decision on folks who will and will not do it. Some believe that the boycott does not have a direct correlation of the indictment decision, while others will not spend a dime AND protest these stores. But how beneficial can this boycott really be for an individual? AfroMadu is here to break down how effective boycotting can be in regards to our Black dollar.

1. SAVING MONEY: Statistics prove that our generation has a hard time saving money. With college debt sky rocketing and the price of living increasing, it is nearly impossible for millennials to work, pay off their bills, and live the “American dream” (I’m referring to the buying a house with a white picket fence and dog idea). We also have hard time saving money and investing because of these factors. We fail to gain net worth because we can’t afford to. In saying all of this, can this boycott allow us to potentially begin the habit of saving our money when big consumer sales occur? If we gain enough willpower to actually stay home and not shop will forces say otherwise, how much money can we keep in our pockets? Save your money today! Boycotting will keep that extra hundred dollars in your pockets and really make you question why you “need” that 50″ flat screen in the first place. 

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2. EDUCATING OURSELVES: Statistics also show that the Black dollar, compared to other communities, are the quickest spent, having the money in our pockets in average of 6 hours before buying and spending as opposed to months and days in the Jewish and Asian communities. This is beyond disturbing. Information as such needs to be shared, especially if we are knowledgeable of how we spend our money. Understanding the value of a dollar is super important and if we are ignorant to how to spend the money we work so hard for, we can seriously be in trouble with our finances. Find a few articles or a couple books about managing finances and money and see how much you can learn with gaining the information.

3. HELP WANTED: This boycott also advertises the desire for potential buying during Black Friday. Instead of buying from corporations, invest in Black-Owned businesses. The problem here lies in the realization of actually finding necessities in the hands of Black-owned businesses. While preparing and researching for the boycott, I began to research places that I might be able to buy things that I would have to buy if all else fails. Some things would not be able to be bought because they are not Black owned. With learning all of this, it was pretty clear that more industries that provide necessities are not Black-owned, and thats a problem. At this rate, we are not able to function without White businesses and corporations. This boycott should allow future Black business owners to realize that we need capital in many different industries like agriculture, banking, and much more if we plan to devalue power in corporations. Let’s start creating these stores and own competitive markets. If you are a future Black entrepreneur, help is definitely wanted by creating trade in these areas. This boycott is allowing us to see the disconnect. 

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In the end, this amazing movement will allow us to serve two purposes: showing the world how much we matter, and showing ourselves our dominion over our finances and business. 

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Kwanzaa: Ujamaa, The Power of the Dollar.

“To build and maintain our own stores, shops, and other businesses and to profit from them together.”

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During the segregation period, It has been said by many African American scholars that the independence of wealth in the Black community was the best time to keep Black money within Black people. Because many grocery shops and hardware stores were for Whites only, many Black people opened stores that gave African-Americans the same privilege of buying meat and other supplies. During this time, these stores were not only build to help give materialistic items to the community, but it instilled a sense of wholeness in Black people. 

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Since segregation has ended and businesses have integrated, the Black community has lost the Cooperative economics that was once built in the 50’s. Ujamaa, the fourth principle of Kwanzaa is to reflect upon the money that is needed to be kept in the community. 

There are many Black owned businesses and shops that are struggling to continue to maintain revenue and keep their businesses. These businesses not only help keep Black entrepreneurs in competition with the rest of the world, but ultimately allows the Black community to profit from them as well. Not only shops and stores, but websites and online boutiques as well. The idea of making money has been progressed through technology and online money. 

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Today, AfroMadu not only challenges you to continue supporting those Black owned businesses and shops, but to tap into your very own entrepreneurial skills and find something you are good at to profit from. Without the desire to care about the Black community, for example, AfroMadu would not continue to function. We taped into our skills, so should you! 

Ujamaa: Cooperative Economics.