Why is Diversity in Business Important? - #S104

In the sales and procurement positions that the SpotzCity owners have held, we have probably seen, spoken with, trained, sponsored, and assisted in contracting, with hundreds of suppliers who were of every minority (Black, Asian, Latino, Native Americans), and our advocacy also included Women, Veterans, Persons with Disabilities, and LGBT+. We even engage with several boards that advocate for the growth of these very groups. Our passions are that our roles in organizations have been specifically geared towards helping these populations. If you are tuning into SpotzCity’s Blog for the first time you are probably wondering why dedicate a blog to Diversity in Entrepreneurship. Outside of the knowledge from our backgrounds, research also shows that there is power behind diversity. 


Racial Inequality

According to Forbes Magazine, the median white household owns 86 times more wealth than its black counterpart and 68 more times than its Latino one. The World Economic Forum reflects, for every dollar of wealth held by the average white household, black and Mexican households have 1 cent, Koreans 7 cents, other Latinos 12 cents, and Vietnamese 17 cents. A study by The Balance, in 2014 held that the median net worth of non-Hispanic white households was $130,800. The median net worth of black households was $9,590 and $17,530 for Hispanic households. Native American wealth has not even been measured since 2000. At that time, their median household net worth was just $5,700. So, the answer is simple, income inequality is one of the most significant issues facing communities of color at this time. It is directly connected to the reason why most poverty has a brown face, the reason educational systems primarily under educate brown children, the reason why most prisons are filled primarily with people of color. Now we know there are other systemic societal issues associated with these facts, however, if those systemic issues are the fabric, income inequality is the thread. It is SpotzCity’s, educated opinion that one way to effectively deal with income inequality is through Entrepreneurship.

Economic Impact

One can build wealth and develop a standard of living well beyond the simple 9 to 5, by being an entrepreneur. Through entrepreneurship business owners can hire within the communities where they live and create a multiplier effect, where every dollar that enters the community circulates multiple times before it leaves. This has happened before in communities where people of color have lived. Research Tulsa, Oklahoma, where it was reported that the dollar circulated 36 to 100 times before leaving. Today, a dollar circulates in the black community only 6 hours, before it is off to another community. What this simply suggests that certain minority populations do not own anything in their communities.

Ownership allows for communal growth, which can level those playing fields in the income gap for minorities and women. Your business could be the next big idea, which could lead to solving major problems or just to fulfill a basic need. Finally, entrepreneurs can leave a legacy to their children and grandchildren, which could create generational wealth. Just think, YOU could be the start of it! Baby you got this!!!  

If you are ready to start taking the steps to foster your talents, creating opportunities for your life and your community, claim your dream and attend the SpotzCity Launch Party, on Friday, March 26th, where we will give away 100 items including a small business grant, and sign up at www.spotzcity.com. SpotzCity is a solution for small business owners to market and grow their businesses. It is also a platform where customers and other companies can find and buy your products or utilize your services.

Bye for now until next post!