The 2025 Black History Month theme, “African Americans and Labor,” offers a profound opportunity to reflect on the transformative role of African American entrepreneurship in shaping vibrant, self-sustained communities. Among the most iconic examples of this entrepreneurial spirit is the historic establishment of “Black Wall Street,” a testament to the brilliance, resilience, and collaborative strength of African Americans in the face of systemic adversity. This year, we celebrate the principles of Ujamaa (cooperative economics) and how they continue to provide pathways to economic independence and community empowerment.
The Legacy of “Black Wall Street”
In the early 20th century, Tulsa’s Greenwood District, famously known as “Black Wall Street,” emerged as a beacon of African American economic success and community self-reliance. The district was home to thriving businesses, including banks, grocery stores, theaters, and professional services, all owned and operated by African Americans. These enterprises not only fostered economic growth but also created a sense of pride and purpose within the community. Black Wall Street demonstrated the power of collective economics, where resources were circulated within the community to uplift and sustain its members.
Despite its destruction during the 1921 Tulsa Race Massacre, the legacy of Black Wall Street endures as a powerful symbol of what African Americans can achieve through unity, innovation, and entrepreneurship. It serves as an enduring reminder of the importance of self-sufficiency and resilience.
Ujamaa: The Power of Cooperative Economics
The principle of Ujamaa, or cooperative economics, underscores the significance of pooling resources and working collectively to achieve shared goals. Rooted in African traditions, this concept has long been embraced by African American communities as a strategy for economic autonomy and empowerment.
From cooperative grocery stores and credit unions to modern investment collectives, Ujamaa has provided a framework for Black entrepreneurs to support one another in building wealth and opportunity. By fostering a spirit of collaboration, cooperative economics enables communities to overcome systemic barriers and create sustainable models of growth.
Entrepreneurship as a Pathway to Economic Independence
Entrepreneurship has been a cornerstone of African American resilience and advancement. From the skilled artisans and tradespeople of the post-emancipation era to today’s tech innovators and creative professionals, Black entrepreneurs have consistently demonstrated ingenuity and determination.
Key Contributions of Black-Owned Businesses:
- Economic Growth: Black-owned businesses contribute billions of dollars to the U.S. economy annually, providing jobs and services that strengthen communities.
- Cultural Preservation: Through industries such as fashion, art, and culinary arts, Black entrepreneurs celebrate and preserve African American heritage.
- Social Impact: Many Black-owned businesses prioritize giving back, investing in education, mentorship, and community development initiatives.
Despite systemic challenges such as limited access to capital and discriminatory practices, African American entrepreneurs have continued to thrive by leveraging networks, embracing innovation, and fostering community support.
Celebrating Contemporary Black-Owned Businesses
Today, Black-owned businesses across diverse industries are driving change and creating opportunities. From tech startups to sustainable fashion brands, these enterprises embody the spirit of Ujamaa by uplifting their communities and inspiring future generations.
Examples of Modern Black-Owned Business Success:
- Community Impact: Companies like The Honey Pot Company and Partake Foods not only provide innovative products but also advocate for diversity and inclusion in their industries.
- Cooperative Models: Organizations like The Black Cooperative Investment Fund enable collective financial growth and community reinvestment.
- Cultural Leadership: Businesses such as Essence Communications and Black Girls Code empower African Americans through media, technology, and education.
Moving Forward: Empowering the Next Generation
As we celebrate the achievements of African American entrepreneurs, it is essential to continue building pathways for economic independence and growth. This includes:
- Expanding Access to Capital: Advocating for equitable funding opportunities for Black-owned businesses.
- Mentorship and Education: Providing resources and guidance to aspiring entrepreneurs.
- Policy Advocacy: Supporting policies that address systemic inequities and promote economic justice.
By embracing the principles of Ujamaa and celebrating the entrepreneurial spirit, we can honor the legacy of Black Wall Street and ensure a future where African American businesses continue to thrive. This Black History Month, let us commit to fostering cooperative economics, supporting Black-owned businesses, and building vibrant, self-sustained communities.
Together, we can walk boldly in our Nia (purpose) and create a legacy of empowerment and prosperity for generations to come.
Yolanda Goodloe
Consultants, Cowart, Government Contracting Consultants, PinellasSpecialty: Procurement Yolanda Goodloe has more than 20 years of experience in public service at the local and municipal levels. Early in her career, she worked as a human resources and relations professional while serving as a liaison to the business community and advocacy groups. Her prior experience includes being a human relations specialist for Lee County Government, and an equal opportunity director for the City of Fort Lauderdale. Her background combines public service and human relations experience with hands on leadership in equal opportunity, supplier diversity, business certifications programs, organizational training and development, and managing workforce diversity principles. Goodloe is the procurement specialist for the Florida PTAC at Pinellas County Economic Development. She connects businesses to resources and tools for state, local, and federal contracting opportunities. She is a Certified Procurement Professional (CPP), a Supply Chain Management Professional (SCMP), and a Certified Verification Counselor. She graduated from Florida State University with a bachelor of arts in political science and history.