- Black business leaders are still trying to understand why Vice President Kamala Harris lost the presidential race.
- Many are also planning their next moves and how to approach a second Trump administration.
- “Making this a crisis is really not going to serve the business. Instead, focus on improving skills, focus on improving services,” says Angelina Darrisaw.
Black business leaders are still trying to understand why Vice President Kamala Harris lost the presidential race and how to approach the next administration of the President-elect Donald Trump.
“This certainly means change. This is what the voters wanted and this is what they thought President Trump stands for,” said Charles Phillips, co-chair of the Black Economic Alliance and co-founder of Recognize.
“What contributed to Trump’s victory is that people are tired of cultural battles … people are more interested in kitchen tables and economic issues,” he told CNBC in an interview.
According to NBC News, Trump’s economic policies were a major reason he won support from black voters in battleground states like North Carolina and Wisconsin.
But Ryan Wilson, co-founder and CEO of Gathering Spot, believes Harris’ race and gender were the main reasons for her loss.
“I don’t know another way to discuss it, but to point out America’s old enemies, racism and sexism. We have to continue to fight this,” Wilson told CNBC.
US Vice President, Democratic presidential candidate Kamala Harris and Jennifer Lopez attend a campaign rally in North Las Vegas, Nevada, US, October 31, 2024.
Several black business leaders took to social media to respond to the election results.
Blavity co-founder Morgan Debaun wrote in X that she had concerns about women and minority-owned businesses. “We’re about to enter a political climate in which any of the DE&I funding, things that have been set aside just for people of color or just for women could be at risk.”
Overall, there was a dramatic shift from the strong support for Harris and her administration’s possibilities that were being expressed online in the days leading up to the election.
Global Black Economic Forum CEO Alphonso David said he was disappointed by the results but encouraged by the turnout of black voters.
“As the dust settles, we — advocates for economic equality — will continue to do the hard work of understanding that a nation reflects its written principles of justice, fairness and equality,” David told CNBC.
But black business leaders are not monolithic, and there are some who see Trump’s second term as an opportunity.
The National Alliance for Black Business released a statement Thursday saying it has mobilized 100 black organizations to support the president-elect’s economic agenda.
“Based on previous experience, [Trump] has a successful history of working with and supporting black business owners,” said Dr. Kenneth Harris, CEO of the National Business League, a NABB member. Harris says NABB is nonpartisan, but cited the ‘moment’ under the first Trump administration .
“We had tremendous success in terms of federal contracting opportunities … we were able to work very closely with the United States Small Business Administration and the White House Executive Office to support black businesses.”
Economics over emotions. That’s the message John Hope Bryant, founder and CEO of Operation Hope, sends to members of the black business community.
“We have to be about the bottom line. Social justice through an economic lens,” Bryant told CNBC.
“The color now is green. It’s really green. It’s not black or white or red or blue.”
That’s the message Angelina Darrisaw, founder and CEO of C-Suite Coach, plans to deliver to her clients.
“Making this a crisis really isn’t going to serve the business. Instead, focus on improving skills, focus on improving services. The fear is there, I feel it myself. But that’s not going to move us forward.”