Business Development is the pursuit of strategic opportunities that provide long-term value for a business or organization. This strategy can be done through procedures and tasks to develop and implement growth by cultivating partnerships and identifying new markets.
Famously known as "Black Wall Street," an area of Tulsa was the hub of black-owned businesses thanks mainly in part to black American entrepreneurs, J.B. Stradford and O.W. Gurley. Stradford believed that black people had a better chance of economic progress if they pooled their resources, worked together, and supported each other's businesses. Buying large pieces of real estate, he would divide them into smaller lots and sell exclusively to other blacks. When Gurley bought 40 acres of land there in 1906, he did the same. O.C.O.A. believes that if this concept is utilize based on a neighborhood and a network of struggling working Americans, then financial hardships can be prevented.
Even with the exponential growth of minority-owned small businesses since the 1970s, they still have not kept pace with the growth of their communities. Great partnerships for business development can grow opportunities in urban communities.