During the second Presidential debate both candidates will talk about small businesses, but they should understand that the desires of businesses owned by African Americans Latinos, whites and women are not the same.
This article looks at Gazelle Index surveys results that examine differences between high-growth and low growth black firms. High-growth firms are those with a 20% or greater annual employment growth.
Over the last decade the minority population and businesses have grown significantly. Black businesses increased by 523%; Asian businesses by 545%; Latinos by 696%. However, white businesses increased by just 81%.
It is a popular myth that high performing companies operate mainly in information technology enterprises. They exist in many industries. However, they are least likely to be in construction and retail.
A 2011 random sample of 1,143 small businesses (with 10 to 100 workers) owned by white women showed their average revenue was $1.9 million. Between 1982 — 2007, women businesses increased from 3 to 8 million.
The 17 page Gazelle Index Report on Minority, Women and Small Business Outlook for 2012 is now available. The report analyzes the economy and the outlook for minority and women businesses.
This is Part 1 of a two-part article on Asian-owned small businesses in America. It examines the industry distribution and annual sales of Asian businesses in 201; 27.4% of Asian businesses are in food services.
A summary of the 2012 outlook for small businesses owned by minority, women and non-minority CEOs is provided below. The results are based on the Gazelle Index national random survey of CEOs.
Small business account for the majority of new jobs. However, their hiring depends upon demand from consumers, business-to-business sales, corporate supply chain and government purchasing.
Presidential campaign messages should be tailored to specific small business demographic group and employment sizes. Capital is important, but it not a cure all.