Why is black wealth so concentrated in sports & entertainment?

[BlackJesus]

All the things said in this thread, but I will add one more: exposure and encouragement.

Working in business I came to realize there are so many types of businesses we are not exposed to and I grew up middle class and got a good education. Light manufacturing, distribution, and some others don't really make it onto Black folks radar to start a business both because of capital hurdles and exposure. When most Black folks who can get capital want to start a business, they already usually have exposure, and a social network, for sports, entertainment, and to a lesser extent real estate and some fields in finance. There is an established Black presence and network you can capitalize on.


You notice how other ethnic groups focus in on certain businesses. It isn't because they all have some brilliant idea, they funnel into what they are exposed to and then the next generation goes into something bigger---or not.

Best response of the whole thread

 

[get these nets]

True. But when there were less than 10 white billionaires in this country they were not primarily concentrated in entertainment.

My theory is: lack of capital. Starting a business with higher margins for blacks is a neccessity not a luxury as we don't have access to borrowing or they give us higher interest rates.

Is this a troll thread?

Billionaire threshold is being used as a barometer in a discussion about wealth and race? Seriously?

The story of AA business success DESPITE social barriers involves several industries outside of sports and entertainment.
@boy created an entire thread about those families
https://www.thecoli.com/threads/americas-most-powerful-black-families.619760/

pbs aired a documentary about part of that history
https://www.thecoli.com/threads/boss-the-black-experience-in-business-airing-on-pbs.704530/


Black Enterprise has had a list of the top Black owned firms in their magazine for decades
Home - BE Top 100 List

Speaking of which, African American business legend, the late Reginald Lewis made waves decades ago for controlling a billion dollar conglomerate

People on these lists acquired wealth through education , innovation, and business acumen in several different fields.

Robert F. Smith, who was mentioned earlier, is using his resources to promote future Black wealth through education and innovation. Most of the people in boy's thread have done the same thing, and used their resources to lift up the Black community through education.

 

[Unknown Poster]

Remember most white families are passing down money to give their kids the wiggle room to start businesses whereas black families aren't passing down shyt and can't while also having trouble creating capital out of thin air with the expenses of life draining their pockets.

They had a 400 year head start.

 

[Mowgli]

They had a 400 year head start.

And everytime cacs went broke they provided them with a bounce back at our expense.

 

[keond]

white folks had a 400 year head start on building and passing down wealth.

 

[badboys11]

Because you cant be born into sports, u have to earn your spot. Racism tends to takes a back seat if u want your team to win a championship.

 

[skeetsinternal]

Insert Daffy Duck dancing gif

 

[get these nets]

oh, yeah

If you were recently encouraging/justifying the destruction of businesses that Black people worked in or owned, don't come in here and front about being concerned about "Black wealth"
Get all the way the fukk outta here because the Black employees are out of work and the Black business owners have to find ways to sustain themselves until they decide if rebuilding is worth it.

 

[010101]

also the neighborhood supports athletes & entertainers

right behind hustling it's the fastest way to a payday

also doesn't require too much uptop mentally to be real

*

 

[Rocket Scientist]

Growing up in our communities sports is big deal. "You are tall why don't you play basketball" "You are fast why don't you run track" . You hear that from time you are little until you are in high school. However if most of the adults told the kids "Don't become an athlete ,become a general manager . Find a way to own the team 'or be a "Commisoner " you wouldnt see us so much of us as athletes.

 

[jerzboy]

Robert Smith black American worth 5 Billion.

He is rare in that he is a black American who ancestors multi ggenerational with advanced degrees.
He is groomed to do big things.

Or Black American

big facts

 

[Strapped]

The maga coalition will not allow blacks to abtain the necessary skills to better themselves

 

[jerzboy]

We need more black doctors. In the hospital I work in i’ve seen only one ados doctor. The other black doctors are from other countries. shyt I only know two male ados nurses. Healthcare is something more black Americans should go into. There will always be a demand for healthcare workers. You can make a lot of money in that field with an associate’s degree. We can start there and pass the money and instill education to our children. Before you know it we’ll see many black multimillionaires and billionaires.

very true... wish I would’ve taken a bigger look into the medical field as a kid. My wife is an NP and her mother started out in nursing as well. The consistent money in a field that will always be needed, shyts just common sense that I looked-over.

I think a bunch of us get locked into the quick hit million dollar dream, but forget that slow and steady wins the race.... lol, side note, having kids now and reading them books, it’s funny how some of the biggest life lessons are in books for 3-5 year olds.

 

[UpAndComing]

Lack of Financial Education and a horrible culture of not focusing on generational wealth

 

[jerzboy]

All the things said in this thread, but I will add one more: exposure and encouragement.

Working in business I came to realize there are so many types of businesses we are not exposed to and I grew up middle class and got a good education. Light manufacturing, distribution, and some others don't really make it onto Black folks radar to start a business both because of capital hurdles and exposure. When most Black folks who can get capital want to start a business, they already usually have exposure, and a social network, for sports, entertainment, and to a lesser extent real estate and some fields in finance. There is an established Black presence and network you can capitalize on.


You notice how other ethnic groups focus in on certain businesses. It isn't because they all have some brilliant idea, they funnel into what they are exposed to and then the next generation goes into something bigger---or not.

this is another big issue that I wish high schools would prioritize more. Of course this affects the black community but it’s even more prevalent from a class issue.

access and information is key. I come from a pretty diverse community and our schools did a good job teaching students about careers, but even then, there was a wide whole into information regarding careers. Once I got to college is when I got a much bigger grasp on career choices. Also teaching is key from all aspects. Public speaking is a skill, and I do feel if we had more doctors and engineers that could relate to the youth and relay a message we will be much more along than we already are. We’re getting there, but it’s a process. My father told me, the way Malcolm spoke to people on the street was different than how he spoke when in the media. While you never want to dumb down, I think it’s a great approach to getting the younger generation to digest what you’re saying to them.