Minority business owners refer to those business owners who come from minority communities. In the United States, there are several minority business owners who come from different communities, for example, Black community, Hispanic community, Asian community, Alaska Native community and so on.
About Minority Business Owners
There are numerous minority business owners in the United States of America. According to the definition of a Minority Business Enterprise (MBE) in the US, a minority business can be defined in the following manner:
A business of which 51% is possessed, regulated and supervised by one or more US citizens belonging to certain racial minority categories are termed as minorities businesses.
Some of the racial minority categories are the following:
Asian American including Eastern Asian Americans (Western Asian Americans from Korea, Japan, India and many other countries)
Native American (including Aleuts)
Hispanic American (not those from the Iberian Peninsula)
A minority business enterprise may have self identification attributes, however, they are usually licensed by a federal, state or city agency. The principal licensing authority for minority businesses in the United States is the National Minority Supplier Development Council. The council has 35-40 affiliate organizations based in various regions of the U.S.
Statistics on Minority Business Owners
Between the period of 1997 to 2002, the number of businesses owned by the Asians increased by 24%. In 2002, there were 1.1 million businesses in the US that were owned by the Asians.
Between the period 1997-2002, the businesses owned by Blacks went up by 45% and increase in revenue generation for the same period was 25%. In the year 2002, there were 1.2 million businesses in the US that were owned by the Blacks. On the other hand, nearly 1.6 million firms were owned by the Hispanics in the United States till 2002. at the same time, the number of businesses owned by Alaska Natives and American Indians were 201,387.