For many, one key aspect of the American Dream is owning their own business. In fact, the entrepreneurial spirit helps keep the U.S. economy moving along. But, did you know that a big chunk of that economical impact is actually achieved by minority-owned businesses? $1.1 billion per day in revenue to be exact. As the demographic landscape of the U.S. continues to grow in diversity, many industries are also experiencing an increase of more minority-owned businesses.
A large contributor to the economy are Latino entrepreneurs, which are starting businesses 50 times faster than any other demographic group and continue to grow. Latino-owned businesses contribute around $661 billion dollars of the 1.4 trillion-dollar economy. The three most common industries in which Latino entrepreneurs are creating thriving businesses are: retail trade, accommodations/food services and construction.
Women-owned minority businesses are the fastest growing group of entrepreneurs. To be specific, Black entrepreneur women have the largest growth: since 1997 they have grown by an impressive 322 percent.
With such large-scale economic contributions and remarkable growth percentages, we should ensure that we are doing our part in supporting and contributing to their success.
- Minority entrepreneurs are more likely to bring jobs back to the community.
- Minority entrepreneurs are capable of closing the racial wealth gap.
- Minority entrepreneurs are capable of infusing hope back into these communities.