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Minority's in Business: Successes and Failures

In: Business and Management

Submitted By ecs2184
Words 967
Pages 4
Minorities Businesses Ownership in USA:
Successes and Failures
Dr. Habtalem Kenea, PhD
OM 250

Minorities in business have increased rapidly in the last decade. Businesses that range from domestic to technological are often owned by minorities from all walks of life. Minorities aren’t always African American; there’s a wide spectrum of businessmen and women alike, from race to gender. Wikipedia defines minority business enterprise as “an American term which is defined as a business which is at least 51% owned, operated and controlled on a daily basis by one or more (in combination) American citizens of the following ethnic minority and/or gender (e.g. woman-owned) and/or military veteran classifications.” In 2007, more than one-fifth of the nation’s 27.1 million firms were minority-owned. Minority owned business owners in America have seen its fair share of successes, failures and potential for the future. “The U.S. Department of Commerce 1997 survey of Minority –Owned Business Enterprise reported that there were nearly 2.9 million minority – owned businesses in 1997, generating a projected 564 billion in revenue by 1999 and employing nearly 4.3 million workers.” (Fraser, 110) The rapid growth in the minority business enterprise has been beyond impressive. The activity in the minority sector show a varying and rather impressive percentage of growth among the diverse group of business owners. Hispanic –owned businesses were the most successful overall minority owned enterprises. According to the 1997 U.S. Dept. of Commerce, “Hispanics or Latinos owned about 1.2 million businesses. Their firms generated 186.3 billion in revenue.” ( Hispanic and Latino business owners have more businesses operating, however, Asian and Pacific Islander minority owned business generated nearly 306.9 billion in revenue and owned less businesses at 913,000...

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