Press Release Author = The Institute for Small Business Empowerment
Industry = Small Business
Press Release Summary = African Americans are the latest winners in some recent data on business starts. According to April 2006 U.S. Census Bureau report, Black-Owned Firms: 2002, black owned firms grew by 45% when the national average was just 10% growth.
Press Release Body = Drawing on research from the U.S. Census, The Institute for Small Business Empowerment sees a strong trend toward African Americans starting businesses of their own. The latest data from the 2002 economic census finds that the number of black-owned firms grew by 45% between 1997 and 2002 while the total number of businesses in the US grew by just 10% over this same period. During the time of the study, the revenue of these firms grew by 25% over the same period. Nationwide there are 1.2 million black-owned businesses in the US. This number accounts for roughly $88.8 billion in revenues. Though the statistics are exciting there is no doubt these firms are challenged to create employment opportunities to generate new wealth in their often depressed urban economies. The numbers showed that 92% of these firms were very small owner operated businesses. When compared to national averages where 75% of employment ventures are often individually owned and operated businesses.
The founder of the Institute for Small Business Empowerment recognizes the challenge African Americans face in starting businesses of their own. Dan Nichols, an author and business strategist says without a doubt the biggest struggle African American Entrepreneurs face is their own psychology and limited access to capital and quality entrepreneurial mentors. Nichols says, \"creating a job for yourself is different that growing a business. I\'ve worked with many minority owned businesses and the struggles are amplified in the African American communities. The most devastating problem is our \"hidden caste\" here in the United States. My heart goes out to all of those who struggle in the business arena.\" Nichols ends with a poignant quip - \"Persistence is the greatest barrier to entry. Persistence is the price you pay to succeed.\"
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The census data can be found at, Black-Owned Firms: 2002, visit http://www.census.gov/prod/ec02/sb0200csblk.pdf
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2022
