If you are interested in the challenges/issues/opportunities facing women of colour in business you'll find the following a good read. It is taken from a recent research paper entitled: Women Business Owners of Color: Challenges and Accomplishments. The paper was commissioned by the National Foundation of Women Business Owners:
The single area where women of color were all significantly different from Caucasian women was access to capital:Women entrepreneurs of color were less likely than Caucasian women entrepreneurs to currently have bank credit. Fifty percent (50%) or less of women entrepreneurs of color currently had bank credit, compared to 60% of Caucasian women business owners;Access to capital for current business needs was an issue of particular concern for Black women entrepreneurs (73% ranked it very or extremely important, compared to 61% or less for other ethnic groups);Black entrepreneurs were the least likely to borrow capital to launch their firms (29%) compared to Asian (37%), Native American/Alaska Native (45%), Caucasian (49%) and Hispanic (51%) women business owners;Black and Native American women business owners were more likely to have been turned down for a loan when starting their businesses.
Blacks Demonstrate Other BarriersAs a group, Black women entrepreneurs had business traits that differed to a great degree in several respects from all of the other ethnic groups surveyed. A 1997 NFWBO report sponsored by IBM showed that the growth in employment and sales in Black women-owned firms was found to lag that of Hispanic and Asian women-owned firms. "A significant reason for this may be that Black women business owners are far more likely to have started their businesses on a part-time basis while holding down another job, and far more likely to have started their business alone rather than with others," observed NFWBO Chair Haber.While the draw to entrepreneurship was similar for all women business owners, Black women business owners were most likely to report experiencing the impact of the "glass ceiling" (36% compared to 26% or less for other groups) or discrimination in their previous employment (18% compared to 10% or less for other groups).Black women business owners were the most likely to have had mentors when starting their firm, and most likely to have sought out training and advice.
While all women business owners have extensive support networks, Black women business owners' networks were most likely to include a variety of business advisors and associations and were more likely to include a church or other religious organization.
This post has been out for awhile, but i will reply anyway. I agree with the article. I find it very challengeing breaking belief barriers for women of color to start a business and maintain a successful business. One day I hope we understand having your own business is just as honorable as working a JOB and as women of color we can do anything we want, if we want it.
Independent Sr. Sales Director
www.marykay.com/pstatewright1
This article hit it right on for me. I can totally relate to having to work a full time job and start my business part time. As a single mom I need the security of insurance and a constant pay check. I wonder though is there an actual lack of the ability to get the capital or the lack of knowledge about how to get capital that others are aware of...you know, the "secrets".
Dee
www.runakojewerly.com
www.runakodesigns.blogspot.com
I totally agree. I'm a single mom of 2 and in active pursuit of my passion. This is a good place to connect and find out what other African-American mom/entrepreneurs are doing to launch their business. I open to any ideas.
Glad you enjoyed the article GoalModel. That's what this group is all about - sharing ideas to help us launch and sustain successful businesses.
I'm getting ready to put up a post here that explains how any one of us can launch or promote our businesses by holding an online event, or webinar.
Watch out for it in this forum!
All the best!
Sharon
Administrator, Cafemom African American Moms in Business Forum
my blog: www.bizfactsonline.com
This article is so true. I am currently working full-time and running by business part-time, because I have to have insurance and steady income. It is so hard to try to expand your business when you have to work another job full-time. Also, it hard trying to get a loan.
Get paid when people pay bills!
- PRMom
on Mar. 13, 2007 at 2:42 PM