Black Entrepreneurs Journal

Black Wall Street Beyond the Fire

By: Greg Davis

100 years ago, this May, one of the most horrific acts of ethnic cleansing took place on the streets of Tulsa, Oklahoma. Hundreds dead, hundreds more unaccounted for, millions of dollars in lost property. Renewed systemic policies touted ‘community betterment’ as their goal, but in truth were geared to shatter the long-term economic wellbeing and psyche of upcoming Black entrepreneurs. As tragic as the events of May 31, 1921, were, there is a lot we can still learn from the marvel and splendor of what was Black Wall Street.

Black Wall Street is best described as a Business Revitalization Zone (BRZ) or a Business Improvement Area (BIA). Started in 1906 by O.W. Gurley, a wealthy Black entrepreneur who purchased 40 acres of land, which he then sold and financed exclusively to the Black community. This gave rise to a thriving community of Black-owned business representing varying industries including, hotel, trade, retail, dining, legal services and more. As a result, the average dollar circulated within the community for around 36 days, which made the area one of the most financially affluent Black communities in America.

What should we learn from the example of Black Wall Street? The answer lays in working to create an eco-system that allows for the Black dollar to stay within the community for more than 6 hours. This system is anchored in a diversity of enterprises each supporting the other.

Part of the sophistication of systemic racism is ensuring that Black businesses are pigeonholed into groups throwing off the balance of supply and demand, while discouraging true innovation. To see long term financial success, our community must recognize the value in diversifying the enterprise pool to include artisans, designers, trades men/ women and pairing this diversity with innovation.

Let us look beyond common media narrative around Tusla and focus instead on the true brilliance of Black Wall Street. In doing so, our community will find the path to long-term financial sustainability.

... working to create an eco-system that allows for the Black dollar to stay within the community for more than 6 hours...

Images courtsey of Tulsa Historical Society and Museum.