When the CEO of Megen Construction Co. was asked last Tuesday if his firm had an employee-retirement plan, Evans N. Nwankwo (pdf) immediately replied, “Of course.” He then summarized why black entrepreneurs should, if possible, follow his lead.
“We may be a minority company, but we compete with majority firms all the time and must make sure that our own staff has the education, capabilities and experience to excel. Providing a retirement package, and a salary that is attractive, is crucial,” Nwankwo said.
As has been noted in this column previously, blacks are creating businesses at triple the rate of other groups, and one poll suggests that more black children contemplate starting companies than do white children.
Selling good products or services is not enough, however. A company’s success also depends on consistently attracting, hiring and retaining good employees. So it was important when a Nationwide Financial small-business survey revealed that 78 percent of black business owners said that they were concerned enough about their employees’ financial retirement situation to call the situation a crisis.
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(Photo: The Root)Category: Entrepreneur | Tags: African Americans, black, Business, companies, Entreprenuers, minority owned