Black Wall Street refers to the Greenwood District in Tulsa, Oklahoma, which was home to a thriving African American community during the early 20th century. It is known for its economic success and vibrant cultural life, making it a significant historical example of Black entrepreneurship and self-sufficiency. Understanding the key components of Black Wall Street can offer valuable insights into how it can influence contemporary Black businesses:

1. Entrepreneurship and Business Ownership: Black Wall Street was characterized by a high concentration of Black-owned businesses, including banks, grocery stores, restaurants, hotels, and more. This entrepreneurial spirit fostered economic self-sufficiency within the community. Today, it serves as a testament to the importance of Black entrepreneurship and ownership in promoting economic empowerment.

2. Community Support and Solidarity:The success of Black Wall Street was partly due to strong community support and solidarity. Black residents frequented and supported Black-owned businesses, which circulated wealth within the community. This support is a crucial aspect that can be emulated today to strengthen Black businesses.

3. Access to Capital:Access to capital was essential for the growth of Black businesses on Black Wall Street. Many residents deposited their money in Black-owned banks, which then provided loans and investments for local entrepreneurs. Modern initiatives, such as community banks and investment funds that focus on supporting Black businesses, can help recreate this aspect of economic empowerment.

4. Education and Skills Development:The Greenwood District had a strong emphasis on education and skills development. This enabled residents to acquire the knowledge and skills needed to succeed in business and other endeavors. Investing in education and workforce development programs for Black communities is essential for fostering economic growth.

5. Cultural Identity and Pride: Black Wall Street was not just an economic hub but also a cultural center. It celebrated Black culture, arts, and entertainment. Embracing cultural identity and pride can be a source of inspiration and motivation for contemporary Black businesses, helping them connect with their target audience and build a loyal customer base.

6. Resilience and Rebuilding:Despite facing significant challenges, including the 1921 Tulsa Race Massacre that devastated the district, Black Wall Street's residents demonstrated remarkable resilience. Many rebuilt their businesses and community. This resilience serves as a powerful example of overcoming adversity, which can inspire Black entrepreneurs to persevere in the face of challenges.

7. Community Leadership:Strong community leaders played a pivotal role in the success of Black Wall Street. Leaders like O.W. Gurley, J.B. Stradford, and others provided guidance and support for the community. Contemporary Black businesses can benefit from effective leadership that advocates for their interests and works towards economic empowerment.

8. Networking and Collaboration:Businesses in the Greenwood District often collaborated and formed networks, which helped them access resources and support. Modern Black business associations, chambers of commerce, and networking events can facilitate similar collaborations and partnerships among Black entrepreneurs.

9. Historical Awareness and Education:Recognizing and commemorating the history of Black Wall Street can raise awareness of its achievements and struggles. It can also serve as a source of inspiration for the current generation of Black entrepreneurs, encouraging them to build upon this legacy.

Influence of Black Wall Street on contemporary Black businesses lies in the lessons it offers about economic empowerment, community support, and resilience. By fostering a sense of pride, investing in education and skills, and promoting ownership and access to capital, Black businesses today can draw upon the legacy of Black Wall Street to create thriving and sustainable enterprises. Additionally, public policies and initiatives that address systemic barriers and promote economic equity can further empower Black entrepreneurs and help recreate the success of historic Black Wall Street communities.

Lillian Faye Spell, Managing Member BWS-ATX