Published in the Wall Street Journal, January 13, 2007
Re “
While Jesse Jackson's effort to direct more corporate investment into minority communities is worthwhile, those communities are best served by nurturing entrepreneurism and ownership of independent business, not increasing dependence on outside corporations with no loyalty to any community -- especially those lured by government subsidies).
Outside investment can help boost a local economy, but plugging leaks through which money leaves town after being spent at absentee-owned businesses -- often for products and services that independent local businesses could provide -- is crucial to building sustainable community economic health.
A growing number of communities are recognizing that long-term prosperity is best achieved through a strong base of independent locally-owned businesses, not global corporations. Programs to help entrepreneurs own their own buildings, identify emerging business opportunities, and Independent Business Alliances that help local businesses compete effectively are among the tools employed with success by various communities.
Those who seek to help minorities build economic prosperity should explore such successful grassroots efforts before pursuing outside investment strategies that have shown limited results.
Jeff Milchen
Co-founder, American Independent Business
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