I shared some facts and figures in my last post. I want to share a few more before I begin.
- As of 2007, BOBs generated $136 Billion in economic output in the US economy and created about 910,000 jobs.
- As of 2012, BOBs generated $150 Billion in economic output in the US economy and created 975,052 jobs.
- As of July 2015, the US population is 321,418,820 and African Americans comprise 13.3% or 42,748,703.
- Nationally, BOBs has grown from 1.9 million in 2007 to 2.6 million in 2012. African American women are the fastest growing segment in this category.
- Lastly, entrepreneurial parity remains elusive for BOBs.
NOTE: BOBs is short for Black-owned Businesses
As I read these facts and figures, the need for Bobspotter seems even more impactful.
My last post highlighted the purchasing power of OUR community at $1.3 Trillion by 2017. When we compare this to the revenue generated by BOBs, we can see a vast discrepancy between what they generate and what is possible. Furthermore, the the revenue of OUR businesses only grew by 10% and the amount of employees WE employed grew by 7% from 2007 to 2012. There are several sources that will tell you that Blacks were the hardest hit by the downturn in the economy. It becomes apparent that being Black and successful in business continues to be a struggle in good times and even more so during bad times.
What do we do now? TAKE ACTION!
Bobspotter was a created to serve as a place to bridge the gap between BOBs and the conscious consumer. We firmly believe that a financially stronger community is good for everyone.
Here are things you can do that will make a difference TODAY.
- Download the app. It can be found on Google play and in the Apple store.
- Share this information with others. The more WE know…the more WE grow!
- Use the app to locate where YOU can spend money with US.
- If you know of a BOB, please let us know or make sure to add them to the directory.
Click here to submit BOBs
I want to leave you with this thought. If OUR community made a commitment to spend $20 a week with just the current BOBs, it would generate an additional $854,974,060 on a weekly basis to businesses that serve US and are owned by US. The power to reshape OUR community lies within US.
This week I want to plant a seed. I just want to share some facts and allow you to draw your own conclusions. I will follow up next week and share my insights.
Source of information Nielsen African American Consumer Reports (2013 & 2015)
- Black buying power is forecasted to be $1.3 Trillion by 2017.
- Blacks commit 18% of their annual retail dollars to store brands.
- Blacks spend nine times more than any other ethnic group on ethnic hair and beauty aids.
- Black watch 37% more television than other ethnic group. Black women outpace Black men in this area.
- 29.4% of the Black population is under the age of 18 compared to 24.6% of the total population and 23.3% of the white population
- In 1976, only 41.6% of Black high school graduates were enrolled in a college university. That percentage rose to 70.9% in 2014, exceeding the rate of non-hispanic whites and the total population.
- Real median househould income increased among Black households (+$793) than among white households (+$433) and more than the total population, according to the US Census.
- The percentage of Black households earning $200,000+ increased 138% from 2005-2015, far outpacing the rate for the total population (74%).
- 31 million Blacks are reached each week through radio.
- 55% of Blacks live in the South
- Only 3% of advertising dollars is spent with media focused on Black audiences.
- Smartphone penetration is 83% in the Black community compared to 78% for the total population.
This is just a sample of the wealth of information shared in the Nielsen African American Consumer report.
So, what do you think? Share your thoughts and leave a comment below. We would love to hear your feedback.
Have you been Bobspotting? Submit their names below.
Greetings Bobspotter family!
We want to share a few words of encouragement and uplift today. This message will apply to our conscious consumers and BOBs. Today, we are talking about the fear of change.
Let’s face it nobody likes change. It is uncomfortable, nerve-wracking, scary. There is a battle between the known and the unknown. Are we willing to move beyond our current circumstances to a newer situation that may OR may not be better for us? Quite frankly, the scariest part is the transition period. It is a place of limbo between Sight and Faith.
Why is that important to you?
We are working toward a paradigm shift within OUR community. It is scary for us and it’s probably scary for others as well. There are a lot of unknown factors that have to yet be discovered. We are walking by Faith, not by SIGHT. We are motivated by the possibilities and opportunities to see OUR community embrace OUR riches, both culturally and financially. This is what gives us courage during the transition period.
A single step followed by another….and another….and another until OUR community is better and stronger.
We want to encourage and invite you to join us on this journey. If you know of a Black Owned Business (BOB), make sure to fill out the link below. It makes OUR community stronger and YOU stronger as well.
We appreciate your feedback! Leave your comments below.
My name is Bert Wright. I am a social entrepreneur and I love Black people.
As you read that previous statement, I understand the confused look on your face as you are scratching your head. I get it all the time. I invite you to join me as I explain it it in simple terms. I believe that entrepreneurship and an entrepreneurial mindset is necessary to make a difference in our community. It is more than the concept of assuming risk to start a business, but it is expanding our definition to understand that it is a way of thinking, whether you are an employee or entrepreneur. At their core, entrepreneurs are problem solvers and innovators who use these principles to make a difference. Ultimately, I believe helping our community to thrive economically is good business for everyone.
I come to you with a couple decades of experience in the public and private sector. Initially, as a school teacher working with students in alternative schools, before entering corporate America for a major restaurant chain. My first exposure to a Black owned business was through my parents. My dad operated as general contractor for years and eventually leveraged that knowledge into a real estate inspection and appraisal business before he passed away. My mom owned and operated a daycare until I was in the sixth grade. My father always said one of the ways to get ahead and to have greater control of my income was to start my own business. Four years ago, I took the leap of faith and I have never looked back.
Over the past 20 years, I have developed a deep passion for economic empowerment and knowledge for the Black community. This sentiment was strengthen during my last job, because I worked with several small business owners. Unfortunately, I did not see a lot of familiar faces that looked like me in meetings. It strengthen my resolve to ensure that our community is educated on the power of recycling our dollars in our community and to see business ownership as a viable reality for us.
My role here at Bobspotter is to bring information that will educate, inspire and support economic empowerment in OUR community. It does not matter if you are a consumer or a business owner. I invite you to join us as we move to empower through education and economics.