The Power of Group Economics

It’s always been a dog eat dog world, the survival of the fittest.  Companies that can gain a competitive edge against rival competition will ultimately control greater market share and sustain long term profitability and success.  This has been the standard since the begging of traditional business principles, and it will continue to be the standard.  It seems relevant to mention that as we are in the midst of an ever changing economic and technological world that has been impacted by the effects of the current recession, one thing remains constant.  Consistent in any economic climate is the ability of various racial classes to patronize and support their own businesses, a term that has been referred to often as “group economics”.  A top the leader board in this spectrum is the Jewish community where they circulate their money 18 times before it even leaves their community.  Following closely after is the Arab and Asian community at 12 to 13 times before leaving their group. And of course the white community is well within the other groups where the dollar exchanges hands within their community at least 8 to 12 times before leaving.  Unfortunately, dead last the African American community circulates their money 8 hours before it goes out into another source.  Even more disappointing, African Americans are the second largest consumer group in America with a combined buying power of over $892 billion currently and likely over $1.1 trillion by 2012.  In 2002 African-American owned businesses accounted for 1.2 million of the US's 23 million businesses.    There is strength and power in numbers, could you imagine given the staggering afore mentioned data what the African American community could do for its own people just by merely supporting each other.  Is there really a need for me to go on and continue a discourse on how disappointing this is?  No.  Yes I know about our history, the divide and conquer and the prevailing crab mentality we have allowed. However the numbers don’t lie.  No need to lay this one on the MAN!  We must continue to fight to change our current reality and reverse our current situation. Do your own self assessment, where does your money really go?  Are you apart of the problem or becoming apart of the solution?