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Thu, 25 Dec 2008
Growth Of Minority Women In Business-Good News For Minority Entrepreneurs

Minority women should now be able to maintain a higher status of growth and development in the business sector by noticing recent findings in the country. Many women who are African- Americans, Latino, Asian, Hispanic and other ethnicities, sometimes called women of color, are starting businesses now at a fast pace. The Center for Women’s Business Research revealed the results of a study at the national symposium called Research to Roadmap: Accelerating the Growth of Businesses Owned by Women of Color. According to their research, minority women initiate businesses three to five times quicker than their competitors. Even though their growth staggers behind other companies after they start up businesses; it still shows a tremendous growth. Our country can welcome minority business women as a diverse part of our culture and continue to help them. Those who are decision-makers in our community should encourage the women of color to carryout their commitment to help people. “It is important that as a country and a business community we learn how to support the growth of this dynamic sector of women business owners,” said Margaret A. Smith, who is chair for the Center for Women Business Research. She also said, “This research encourages action and helps public-and private-sector policy makers formulate well grounded decisions to increase opportunities for the nearly two million businesses owned by women of color.” The study found that many people have underestimated what a woman of color can do in business. Afterwards, they have a smaller amount access for material goods. They have more of a challenge of trying to meet the demands of a diverse tradition. Then there comes complications in trying to attract professionals with expertise. The research also noted that many minority business women are dedicated toward giving many of their earnings back to the community. There are five top issues that become challenging to them because of their status as women and they are: human resources, human resources and capital, marketing, access to decision makers, and possible partners. Women-owned minority businesses are important in the economy today. The Center for Women’s Business Research released these findings at the symposium. The findings, which were underwritten by Wells Fargo, showed sturdy growth. From 2002 to 2008, the number of businesses increased by 32 percent, their revenues increased by 48 percent, and the employment by 27 percent. According to estimates by the center as of 2008, there are 1.9 million firms owned by minority women they employ 1.2 million workers that profit $165 billion in revenues. Minority women make up to 26 percent of all women-owned businesses. The Center for Women’s Business Research has made many women aware of these trends in business. Sheila Brooks, national spokesperson for Accelerating the Growth of Business Owned by Women of Color said, “Even before I came on the board of the Center for Women’s Business Research, I followed this nonprofit research institute closely as it brought credibility and visibility to women business owners as an economic force. The Center for Women’s Business Research mentioned a prestigious group of sponsors- both corporate and associative-who funded the Accelerating the Growth and Success of Business Owned by Women of Color. Since the study began, a total of fifteen corporations invested in the 2008 research, which are: Sam’s Club; Wachovia Corporation; Wells Fargo Bank; Verizon; OPEN from American Express, Time Warner; UPS Capital, Master Card; American Airlines; Ernst & Young; United States Postal Service (USPS) and PepsiCo. Corporations intend to build strong relationships especially with women of color, not as a separate group but as a people working for businesses. They want to help measure progress and alter it if required. Women business owners hope to expand networks outside of their community. Women of color who want to start their businesses have a better chance today than ever. The object is to break the barriers that hindered women of color in the past-to create an agenda that will provide for support for minority women on a local and national level.
Posted 23:57

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