Black and Hispanic Entrepreneurship

The American Express OPEN Forum recently reported on the state of entrepreneurship among African-Americans and among Hispanics. Here are some highlights.
With regard to African-American entrepreneurs, Anthonia Akitunde notes that:
“Black entrepreneurs may struggle with challenges that are both common to small-business owners—access to capital and contracts, finding reliable employees—and unique, due to racial and socioeconomic barriers. And while more than 2.5 million businesses are owned and operated by African-Americans, according to the Census’ most recent survey of business owners, only 109,137 (or 4 percent) had paid employees—a data point that highlights just how many black entrepreneurs are trying to run a business entirely by themselves. (For comparison, there are 21.5 million businesses owned by white entrepreneurs, and 4.4 million—20 percent—have paid employees.)”
“But the small-business owners we spoke to aren’t defined by those barriers. ‘There are more new and existing black businesses making more,’ says Robert Smith of RSA Public Relations. ‘Yes, racism and prejudice still exists when it comes to funding, customer acquisition, etc., but you can’t let that stop you.’ There are numbers to back Smith up—black women are among the fastest growing group of entrepreneurs, and the revenue the largest black-owned businesses are pulling in has grown rapidly over the years. I spoke to several black small-business owners to learn about their hopes and concerns for their businesses, as well as their thoughts on the state of Black entrepreneurship in 2016.”
Click the image to read more from Akitunde.

Photo: iStock

 

With regard to Hispanic entrepreneurs, Phaedra Hise notes that:
“Hispanic-owned businesses have nearly doubled in number over the past 10 years—to more than 3.2 million, generating $475 billion in annual revenue. What’s interesting is that this trend is occurring nationwide, not just in traditional Hispanic strongholds like Miami and Los Angeles. Hispanic-owned business is also booming in middle America towns like Louisville, Kentucky, thanks to a swelling wave of institutional and government support, an increase in educational opportunities and a deeply embedded culture of entrepreneurship among Hispanic immigrants.”
“OPEN Forum profiled three cities with very different pockets of Hispanic business ownership and looked at the factors that are driving their success.”
Click the image to read more from Hise.

Photo: Messier & Associates

 

This entry was posted in Career Useful Information, Careers in Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business and tagged , , , , , , , , . Bookmark the permalink.

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