It’s always weird when debates occur with people not in favor of supporting minority led businesses. According to the Small Business Administration, when taking a look at small business growth from 2007 to 2012, “a net two million minority-owned businesses were created, while a net one million non-minority-owned businesses closed.” Yet despite statistics and facts proving that minority businesses are not only growing but clearly the future of America, there has been a push back to establish system’s to ensure their success.
As our economy grows stronger, minority businesses will continue to develop and grow. Unfortunately, for now their contribution is smaller than it could be if supported correctly. “Between 2007 and 2012, the number of minority-owned businesses increased by 39%. During the same period, the number of non-minority businesses shrank by 5%.
One suggestion that was suggested by a recent Forbes article was to try and increase the minority representation in accounting. According to the article, if “entrepreneurs from minority communities don’t see themselves represented in the advisor population or fear that their unique challenges will not be understood, there is a danger that they may be less likely to seek support and help, which leads to higher failure rates.” An example with education was given discussing that “Low-income African American students who have at least one African American teacher in elementary school are significantly more likely to graduate high school and consider attending college.”
While I do not disagree with the premise, I believe that support from any racial person is needed, and for now, that does not seem to be the case when compared to non-minority owned businesses. To be clear I think all professions and industries should strive for more diversity as demographics prove that the future of America will be diverse. However for diverse small businesses to succeed, I think support systems must be in place to help historically underrepresented groups to understand opportunities and be trained for success. As a minority small business owner, I’ve had people from all types of racial backgrounds reach out to support my business in terms of an advisory role. Whoever helps you grow your business in that regard is a plus.
“In 2012, minority-owned businesses contributed $1.38 trillion in revenue to the U.S. economy, according to the most recent Survey of Business Owners (SBO) from the U.S. Census Bureau.” In order for America to continue to be successful, this number must increase with future Americans taking leadership of our small business community.