Entrepreneurs play a massive role in the country’s success, bringing with them new ideas and ways of business.
What’s really exciting as of late is that minority women are in fact the fastest growing group of entrepreneurs in the U.S. Women are stepping out into the business world like never before and are truly a force to be reckoned with, as the numbers show.
This means women are now bringing their ideas to fruition, securing financing on their own from banks and places such as highriskpay.com, and bringing the customers in as they build successful businesses.
Women Are Taking the Lead
It’s a very exciting time to be a woman entrepreneur, especially if you happen to be a minority. According to information from the 2012 Survey of Business Owners, the number of minority female entrepreneurs is rising at a faster pace than that of men.
So what is contributing to this rise? Well there are a few factors in play. The biggest one is probably the availability of low interest loans and easier access to cash. Of course this is a must-have for any start-up business. Without access to adequate funds, a business is destined to fail.
Here’s another exciting statistic for minority women. The same report showed there was an increase in white-women entrepreneurs of 10.1% since the year 2007. Meanwhile there was an increase of 67.5% among black-women entrepreneurs and a 44.3% increase of Asian women entrepreneurs. The group that has seen the biggest jump, however, is Hispanic women, who have seen an 87.5% rise in entrepreneurs. These are some extremely strong numbers.
Why the Increase?
While the low interest rates have helped women to start their own businesses, there are other factors in play. It seems as though many women feel that starting their own business is the only answer to improving the trajectory of their career. Things took a noticeable change after the financial crisis and haven’t slowed down since.
Creating New Jobs
It’s not just the owners of these businesses that are benefitting, as these entrepreneurs are also creating much needed jobs for the economy. Whether the company is small or large, job creation is always a welcome thing in the economy.
Out-Pacing the Men
Even though minority women are out-pacing the men as far as developing new businesses/companies, they still don’t hold the lead in business ownership. Statistics show that about 55% of companies in the United States are still owned by men. The only group where this statistic is reversed is among black women. African American women are out-pacing their male counterparts as they own almost 60% of their companies.
Exciting Times Ahead
So while minority women continue to enjoy their recent successes, it definitely sets the stage for the continuation of exciting times ahead. It seems the days where women weren’t given the same opportunities as men are slowly starting to fade away. Perhaps in the future it will disappear completely.
Thanks to Joao Pedro
Minority Women Are the Fastest Growing Group of Entrepreneurs in the U.S.
November 4, 2016 by Leave a Comment