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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