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Ethnic Women Entrepreneurs Focus on
Business
Growth
Business growth is the key focus for all
women entrepreneurs, regardless of race or
ethnic background.
That’s the finding from a new study conducted by
Center for Women’s Business Research and
underwritten by Wells Fargo. “Women Business
Owners of Color: New Accomplishments, Continuing
Challenges” explores the status of women
business owners of color in 2002.
“More than half of the women business owners in
this study report that their businesses have
grown over the past three years and business
growth is a primary goal for the vast majority,”
says Dr. Myra M. Hart of Center for Women’s
Business Research. “Further, issues related to
business growth—capital and cash flow and
attracting and retaining employees—are among the
top concerns for the future.”
The Women’s Business Research Center estimates
that 20 percent of all women business owners are
women of color. The center also reports that
businesses owned by women of color are growing
four times faster than the economy in general.
Most women business owners of color indicate
that their future business growth is the most
pressing issue for them. Fully 32 percent of
African-American women business owners, 24
percent of Latina business owners and 23 percent
of Asian women business owners cite it as their
top issue.
Across ethnic groups, the majority of women
business owners report feeling that they are
generally accorded respect by other business
owners. However, the level of respect felt drops
when they are asked about how men in their
ethnic group or industry perceive them.
“Women business owners have told us that their
greatest challenge is being taken seriously.
This study reinforces that finding, especially
for Latina and Asian women business owners,”
says Hart.
“This study shows that regardless of ethnicity,
entrepreneurship holds the same rewards and
challenges for women and that women of all
backgrounds are making a substantial
contribution to our nation’s economy,” Hart
says.
For more information, go to the Center for
Women’s Business Research at
www.womensbusinessresearch.org.
What You Can Do
If you’re a woman of color ready to start or
expand your business, here are some steps you
can take:
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Search out lending institutions that design
programs specifically for small or women-owned
businesses. For instance, since 1995 Wells Fargo
has loaned more than $15 billion to
African-American, Asian, Latino and women-owned
businesses. Check out the Web site at
www.wellsfargo.com/biz.
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Use community resources such as Small Business
Development Centers. These centers are
partnerships between educational institutions,
the private business sector and government
agencies. The centers offer business seminars
and workshops across the United States. Find out
more at
www.sba.gov/sbdc.
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Create ties with other small-business owners in
your community. Local chambers of commerce,
women’s networking groups, universities or
community colleges can all serve as sources for
employees, training and support.
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