Updated: Aug 30
Everyone knows that Black people writ large don't have the capital we need to invest in our businesses in the early stages. This Fed Reserve chart below brilliantly makes that point with white family wealth being 10x greater than Black family wealth. If you look at the 75th percentile of Black family wealth (the purple line) you see Black folks who are "well-to-do" still don't even measure up to the median white family wealth.
After you look at the Fed chart, please stop telling Black people to have their friends and family give them seed capital to start their businesses. Their friends and family don't have the money!
So, knock it off.
Lack Of Social Capital
Even worse than not having financial capital to start a business is the insidious lack of social capital. Everyone knows you can't be what you can't see, but if you don't have adequate social capital, you can't even imagine what's possible.
Let that sink in.
Black people can not afford to deprive our descendants of the results of our brilliance because we can't imagine what's possible. We just can't.
LinkedIn As A Tool To Increase Social Capital
Knowing how to use LinkedIn effectively can help you make connections and build relationships to grow your business. But too many times I see people making crucial mistakes like an incomplete or non-compelling bio, or my favorite, sending a connection request without a personal note.
LinkedIn expert, Bianca J. Jackson, will come thru the ParentPreneur Foundation community and bring the smoke to help you level up your LinkedIn game and increase your social capital. Your descendants will thank you for joining us when she does.
The event is on September 10th at 8 pm EST. RSVPs will be limited to 99 people, so if you're a Black ParentPreneur, join our free community, then find the events menu in the navigation bar, and RSVP.
Watch this video of Bianca, below. Tallyho!