NFTE: Injecting Entrepreneurship Into Inner City Education
The Huffington Post, November 2, 2010
While Americans focus on the results of the midterm election, something far more important is at stake. A large segment of America is in the midst of an economic and education crisis that threatens to relegate a vast majority of our future generations to the front seat of the bus: the driver's seat.
Consider the following data from the Census Bureau compiled by Scott Shane, Professor of Entrepreneurial Studies at Case Western Reserve University:
- One in five white-owned businesses employs at least one person
- One in 18 black-owned businesses employs at least one person
- Average revenue for an employer firm: 4 million
- Average revenue for non-employer firm: 45,000
- Decline in revenue for U.S. businesses: 1.6 percent
- Decline in revenue for black-owned businesses: 16 percent
- Average white-owned business revenues: 395,000
- Average black-owned business revenues: 62,000
Consider also these data represent conditions in 2007, before the economic earthquake in 2008 that shattered dreams and shuttered many businesses. Today, Black America is in economic turmoil.