In order for our communities to survive, we must begin to practice “Group Economics.” Just what is group economics? Group Economics defined, is creating and exchanging resources (e.g., currency, talents, gifts, skills, goods and services) that a group deems valuable amongst another. It is time for the black community to pool our resources in order to produce community wealth.
Doctor Claude Anderson in his book entitled PowerNomics, talks about how community groups must come together and leverage their resources. Investing in someone else’s idea shows great support, but we are not just limited to investments.
The structure of any business is based off of a well-known economic principle of supply and demand. Group economics presents an opportunity to address both ends of that spectrum.
Here’s an example. In our community, we have a tailor and clothing retail establishment. If the two join efforts and pool their resources, the tailor can supply to the retailer and even grow his business to mass-produce clothing items sold in that establishment. The retailer can also refer the tailor for alterations after the goods are sold. Hence we see in this simple example an opportunity for collaboration that fosters growth, expansion and job creation, while the dollars continue to turn over in the community.
We can take the same example and add in a fabric storeowner, who can provide the textiles and embellishments for the items being made, and the lists of opportunities grow on.
Another example is the local baker who can service restaurants and catering establishments. Instead of purchasing baked goods outside of the community, solicit the service from the local baker(s), which will allow for the same growth potential outcomes listed in the example above.
There are some very unique partnership dynamics that can join forces, pool resources and leverage growth.
My daughter and I, co-owners of DeeClare Publishing produced a children’s book, “School Days” and developed a fundraising program available for nonprofit groups to raise money with minimum outlay. We target groups who work with the youth in order to promote the idea of creative economics within our community. This way, while raising funds for their group or organization, the young people, our children, can get involved and learn the dynamics of sales and marketing.
I’ll close this week with this thought, “If we don’t, who will?” If we don’t come together and leverage our resources, what will be the outcome?
A video insert on Group Economics by Dr. Claude Anderson:
Til next time…
Clarence Matthews
Elder's Ledger
Reclaiming the Village, One Topic at a Time!
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The blog post this week is directed toward the consumers, yes, the customers. We have a tendency to be very hard on the merchants in our community. We place more stringent rules and guidelines for patronage on our local merchants than on the larger stores and mall merchants we often frequent.
