African American Digest is a educational website committed to preserving, developing and providing easy access to biographies, research and statistics about African Americans. The purpose of this website is to highlight the accomplishments of individual African Americans across a variety of professions, to pay tribute to those who have played a role in shaping American society, and to preserve this material for future generations. The Power Of Unity An Economic Powerhouse In 2007 the buying power of African Americans reached $845 billion. If African Americans were a country they would be the 16th largest economy in the world based on gross domestic product (GDP). The 25 Largest Economies In The World
Source: World Bank (2007) The Ten Largest African American Markets African Americans like most American families spend 80% of their disposable income within a 20 mile radius of home. In 2007 the 10 largest African American markets accounted for 61% of buying power. New York ($78 billion) Texas ($63 billion) Georgia ($58 billion) California ($58 billion) Florida ($57 billion) Maryland ($50 billion) Illinois ($42 billion) North Carolina ($38 billion) Virginia ($36 billion) New Jersey ($33 billion) Source: Selig Center for Economic Growth (2007) The Largest Transfer Of Wealth In Human History In 2002, more than 1.2 million African American owned businesses generated nearly $90 billion in revenues. African American owned businesses capture only 10% of the buying power of African Americans. Source: U.S. Census Ownership Is The Key To Building Wealth Ownership is the key to building wealth and succeeding financially. Whether it's a home, a business or a savings account, our economy rewards owners with access to credit necessary to participate in the mainstream economy. The investments we make in our education, homes and businesses, enable us in turn to have good jobs which lead to more saving and investing. Thus, we are ever accumulating the resources needed to provide for our families and ourselves. The Wealth Pyramid
In 2008 Forbes magazine ranked Warren Buffet as the richest man in the world. His holding company Berkshire Hathaway invests in more than a hundred public and private companies. Everyday millions of Americans at the base of the pyramid transfers wealth to Warren Buffet. When someone buys a scoop of ice cream from Dairy Queen, purchase a pair of Spalding tennis shoes or switch to GEICO insurance wealth is transferred to Warren Buffet because he owns the companies that sell the products and services. The key to amassing wealth is through becoming an entrepreneur and building your financial future through your own business. Facts About Small Businesses 99.7 % of all firms that have employees are small businesses Small businesses employ half of the private sector work force Small businesses pay more than 44% of all U.S. private payroll. Small businesses have accounted for 60-80% of the net new job growth in the United States over the past decade About 53 percent of new small businesses begin in the home with less than $10,000. Small businesses received more than $69 billion in federal contracts in 2004. There are 2.4 million firms owned by women of color in the U.S., employing 1.6 million people and generating nearly $230 billion in sales annually Clearly small businesses are important and critical to our communities. They provide jobs to residents revenue to the local governments and economic vitality. Source: U.S. Census
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Featured Scholarship
The Ron Brown Scholar Program annually awards twenty $40,000 college scholarships to extraordinary African-American high school seniors. No restrictions are placed on the students' choices of school or discipline. Since 1997, the program has awarded 221 scholarships, with Scholars studying at colleges and universities across the United States. Scholars' interests range from medicine to public policy, from the creative arts to business.
Ron Brown Scholar
Program CAP Charitable Foundation
1160 Pepsi
Place Suite 206
Charlottesville VA 22901
(434) 964-1588
(434) 964-1589 Fax
www.ronbrown.org
Featured Research Chemist
Dr. Reatha Clark King is the former Chairman, Board of Trustees, General Mills Foundation. She Holds a bachelor of science degree in chemistry and mathematics, master of science degree in chemistry, master of business administration degree in finance management, and a Ph.D. degree in thermochemistry. Prior to joining the General Mills Foundation in 1988, Dr. King held a variety of scientific and educational positions, including Research Chemist, National Bureau of Standards; Chemistry Professor, Associate Dean for Division of Natural Science & Mathematics, and Associate Dean for Academic Affairs, York College, City University of New York; President, Metropolitan State University.
Featured CEO
Mr. E. Stanley O'Neal is the former Chairman, Chief Executive Officer, and President at Merrill Lynch. He became Chief Executive Officer of the company in December 2002 and was elected Chairman in April 2003. Mr. O'Neal has held a series of increasingly responsible positions since joining the company in 1986 as vice president of investment banking. He was named President and Chief Operating Officer in July 2001 and served as President of Merrill Lynch's U.S. Private Client group.
Featured Scholar
Michelle Smith is a senior at Gateway High School where she is ranked in the top 4% of her class with a 4.17 GPA, making her the highest ranking African-American student in the senior class. Michelle is active in Student Council, National Honor Society, Future Business Leaders of America, and LINK Leaders. She is also on the Varsity Poms, Junior Varsity Tennis and Varsity Swimming teams. Exceptional success in advance placement classes, honors level courses, athletics, and her participation in numerous extracurricular activities, has earned Michelle a 2006 Boettcher Scholarship,one of the most prestigious honors that can be given to a Colorado high school senior.
Five Steps To Starting Your Business:
Choose Your Business Structure
Visit SBA's Small Business Planner for more info
Source: Business.gov
Featured Channels
Featured Surgeon
Dr. Claudia L. Thomas is an orthopaedic surgeon and assistant professor of orthopaedic surgery at The Johns Hopkins University School of Medicine. Dr. Thomas is the first African American woman orthopaedic surgeon and the first woman graduate of Yale University Orthopaedic Program. While serving at Johns Hopkins University School of Medicine she assisted in recruiting the largest number of minorities ever to train in orthopaedics at Johns Hopkins.
Dr. Thomas received her medical degree at Johns Hopkins University School of Medicine and completed her orthopaedic surgical residency at Yale University - New Haven Hospital. She completed a trauma fellowship at Maryland Institute for Emergency Medical Services, University of Maryland, Baltimore.
Featured Entrepreneur
Ernie Adair is Chairman and CEO of the National Black McDonald’s Operators Association (NBMOA) which was founded in 1972 as a self-help organization for African American Owners of McDonald’s restaurants. Today, NBMOA boast a membership of more than 340 Owners operating nearly 1,300 restaurants throughout the United States, South Africa and the Caribbean. It is one of the most distinguished and impressive business organizations for African Americans in the country today. Its membership reported combined sales of $2.4 billion dollars in 2005.
Featured Author
In Daughters of Men, author Rachel Vassel has compiled dozens of stunning photographs and compelling personal essays about African-American women and their fathers.
Daughters of Men provides an intimate look at black fatherhood and the many ways fathers have a lasting impact on their daughters' lives. From actress Sanaa Lathan to Georgia State Supreme Court chief justice Leah Ward Sears, many African-American women attribute much of their success to having a positive father figure.
Featured Child Genius
Renata Glusker was awarded the Nicholas Green Distinguished Student Award by the National Association for Gifted Children.
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