Minority Women are Fastest-Growing Group of U.S. Entrepreneurs
“There cannot be a better time for women to start and to scale their businesses,” said Generation W speaker Carla Harris, chair of the National Women’s Business Council (NWBC), in a recent interview with Fortune. “It’s the perfect storm of opportunity.”
According to the Fortune article, that “perfect storm” is a combination of historically low interest rates, record amounts of cast in the U.S. economy, a growing presence of women on boards and the rising numbers of women earning bachelors’ degrees.
While the number of women-owned businesses is increasing faster than the number of men-owned businesses, the growth for minority women is even greater. According to 2012 data from the Survey of Business Owners, companies owned by Asian women have grown 44.3%, black women-owned businesses have grown 67.5% and Hispanic women-owned companies have increased 87.5%.
One of the driving factors for the growth? After the financial crisis, entrepreneurship became the best option after many women lost their jobs. “Necessity is the mother of invention,” added Harris.
Click here to read the entire Fortune article.