Asians owning small businesses
As a percentage, however, the rate of job growth among women-owned firms was relatively modest. Here, Asian immigrants plan from the beginning to open their own business using specific education and job skills gained just for that purpose i. Asian Indians made up the largest group, owning 8. S Specifically, the summary report points out that as of , there were 1. Although this analysis does not consider the diversity among Asian Americans, it is likely that there is significant variation among subgroups of Asian Americans in business ownership growth rates.
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Such outstanding growth rate and business success has led to the creation of different small-business related services and tools. This growth rate translated into an increase of more than , jobs. Finally, common ethnicity helps them develop a network of loyal customers within their own ethnic group. While most business owners rely on themselves, family, and friends for business capital, some business owners seek loans. The average annual pay for female and male minority-owned firms was multiplied by the additional male- and female-owned firms for the estimate of the increased national income. During that span, child day care grew more than 17 times larger, despite an ongoing shortage of child care programs in the U. Wholesale trade and retail trade firms helped to push up the average sales of businesses owned by Hispanic men.
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Taken from Fairlie, Robert W. African Americans and Latinos are disadvantaged in this arena because of their higher levels of unemployment and because they are less likely than Whites and Asian Americans to be employed in management positions. The large increases in the average sales in these industries helped to lift the overall average sales of firms owned by Black men.
Bocian, D. In Chicago, for example, Hispanics, 29 percent of the city's population , own about 22, businesses, or almost 9 percent of all businesses, and employ 77, people, according to the city's data. The American Indian male labor force grew 4. The article on Asian American enclaves describes how Asian communities have proliferated since the arrival of new immigrants to the U. VIDEO