Hanging On In the New Economy -
Technology Can Make the Difference

Women today earn over $1 trillion annually, make up 43% of wealthy Americans, out-earn their husbands at Fortune 1000 companies, and are starting businesses at twice the national rate.

Today of that population, African American women have over $400 billion in buying power, have started over 405,200 businesses, generating over $25 billion in sales and over 262,000 jobs.

In the last decade, the buying power of Black America increased by 15%, and recent studies show that the African American middle class is spending an increasing amount of their income for online services. Today, there are over 8 million African American women online, 60% of the African American population online, and this year they are projected to account for half of online sales.

Recent economic prosperity has given African American women a chance to participate in the workforce in a number of different areas. Not only did we enter the corporate ranks and non-traditional industries like technology, but we became entrepreneurs as well. Between 1997 - 2000, the number of African American women owned businesses increased by 50%.

But now what? The economy has turned around. We're in a downturn. African American unemployment is rising again. In March, our rate of unemployment shot up to 8.6 percent, double the national rate for that month.

How will African American women fare? There's no question that we're vulnerable, but not as vulnerable as some would think. Our foray into the business world has given us an edge. We've got experience. The flexibility and agility that we had to learn in order to run our businesses has in fact prepared us for today's marketplace.

In the new economy, we are all contractors. Most business owners, African American women or otherwise, are no more insecure in their situation than those who are employed full-time.

This downturn has shown us that it doesn't make any difference where you are on the spectrum in the workplace for your economic security to be destroyed by influences outside of your control. For years, we have been lulled by corporate paternalism where corporations took care of people (like Bell and IBM that used to have no-layoff policies). That is no longer true. Nothing is permanent out there. No job is secure today. If the company's stock takes a dive or gets bought out, you're out of a job.

There is a bright side to this, however, even though it may take some time to realize, comprehend and take advantage of it. Technology now allows workers to own the means of production. The tools that you need to create wealth used to be extremely large, expensive and difficult for one person to operate. Now, they're exactly reverse; they're small, affordable and anyone can operate them.

So, what tools do you have at your disposal to increase your economic viability? Take stock. With a little creativity and a lot determination, we can weather this downturn and be among the women who over the next decade raise our buying power level to $500 billion! Our experience in business has enabled us to be the creators of our own wealth, and technology will enable greater numbers of us to do so in the future.

Business and Professional Development