By Pon Angara, VisionReady storyteller
“Despite the ingenuity and striving of generations, Black Americans have found their opportunities systematically limited by racial inequities in virtually every aspect of society and the economy.”
— Senior partner Shelley Stewart and senior partner emeritus James Manyika from their report “Building business ecosystems that support Black entrepreneurs” published by McKinsey & Company
Dismantling the barriers that have kept Black Americans from fully participating in the US economy could unleash a wave of growth, dynamism, and productivity. One of the most important pillars in this effort, according to authors Stewart and Manyika, is building business capabilities and facilitating knowledge sharing.
Organizations working to support equity in entrepreneurship can compensate Black service providers to lead these capability-building efforts. This work would protect and strengthen Black-owned businesses and build business networks with Black-owned SMBs as hubs.
The private and social sectors—particularly anchor institutions—could provide resources, including help with re-skilling and up-skilling Black-owned businesses’ workers, to make Black-owned SMBs nimbler. On-the-job training and web-based courses are both resources that can be easily shared among multiple businesses. Business-services providers could also facilitate digital transformations to help Black business owners identify new market opportunities.
VisionReady works with communities of color to guide them in digitizing their businesses. Learn how we can provide strategic planning that creates a blueprint for your company’s digital transformation, capacity building, and market share growth.
For more information, send an email to firstname.lastname@example.org or call (305) 791-2610. You can read the full report at www.mckinsey.com.