The State of Black Entrepreneurship in America 2019 Report by the Congressional Black Caucus Foundation informed us that there are:
Two factors have been deemed essential to a successful business launch and a firm’s ultimate longevity:
- access to human capital and
- financial capital
The State of Black Entrepreneurship in America 2019 Report defines human capital, financial capital and social capital as follows.
- Human capital refers to the personal characteristics that facilitate an individual’s economic advancement, such as education and work experience.
- While financial capital represents formal and informal monetary resources that support the establishment and sustainability of a business, another form of business capital that has been examined as an ancillary resource is that of social capital.
- Social capital refers to the networks and relationships that individuals form in a given society that aid in effective functioning or norms of reciprocity. The importance of human and financial capital to the entrepreneurial process is undeniable, but social capital is equally crucial to business success.
Illinois Black Chamber of Commerce (ILBCC) provides education on access to human capital, financial capital as well as social capital. Focusing on these three business necessities is the building block for an economic power base for businesses throughout Illinois to affect positive social, economic, and political change.