For the past 30 years there have been government and private programs to encourage minority and women-owned entrepreneurship. During this time,
the number of minority and women-owned businesses have grown significantly. So have we done the job? Why are there still special programs?
The following shows why these businesses are being called disadvantaged:
In 2010, African-Americans were starting businesses with 11.5% of the capital of their non-Hispanic white counterparts.
Minority businesses are clustered in non-growth industries.
Minorities and women are less likely to incorporate or partner with others, which has been a key factor in determining success.
All of this means that these businesses still have a harder time surviving than their non-Hispanic white counterparts.
In the buttons above, you will find programs to assist minority and women-owned businesses. However, these programs are only the first step. According to Kaufmann Foundation studies, the next step is for minority and women-owned businesses to make a fundamental mind-shift and think
BIG. Here are some ideas:
Look for and diversify into growth opportunities.
Think about mergers and strategic partnerships.
Think beyond your current family business and create something that will reach beyond your local community.
Realize that existing businesses NEED to connect to your community and don't know how. About 28% of the US population is minority (and 50% are women). The concentration of minorities among the younger population is even higher. No one can ignore this and stay in business.
Your minority status can be your greatest asset.
Be more visible - in organizations, on company boards, in your community.
Get a business mentor or a team of mentors and then use every program available to grow your business.