Magazine article Black Enterprise

Chronicling the Evolution of Black Business

Magazine article Black Enterprise

Chronicling the Evolution of Black Business

Article excerpt

When BLACK ENTERPRISE unveiled its first report on the state of black business back in 1973, the largest company on the list, Motown Industries, generated $40 million. In the years that followed, black business has evolved to touch virtually every major industry within the United States and grown to the point where generating $1 billion a year is no longer a pipe dream, it's a milestone that African American entrepreneurs--among them Kase L. Lawal, CEO of CAMAC International, this year's Company of the Year--have managed to attain.

The face of business continues to change, and at a much faster rate than decades past. Technology, consumer trends, political forces, and many other factors contribute to a business climate in which today's entrepreneurs must either adapt quickly or go the way of the dinosaur. This is something Ed Fitzpatrick, CEO of Fitzpatrick Dealership Group, our Auto Dealer of the Year, and Deborah C. Wright, CEO of Carver Bancorp, our Financial Services Company of the Year, understand. Fitzpatrick is riding the wave of the red-hot luxury car segment, while Wright completed a strategic acquisition of a Brooklyn, New York bank.

Just as black business has progressed and changed over the years, so has BE. Throughout our 35 years, we've had several major redesigns and expanded our coverage to keep our readers informed of the latest trends, as well as the many ways to build wealth. In this issue, we've reformatted and redefined our industry overviews to give a clear, easy-to-read synopsis of the state of black business. …

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