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.
During the economic recovery, small businesses have accounted for the majority of new jobs in the US economy. However, small businesses are able to create jobs because they are part of corporate supply chains.
The economy continued to grind along slowly and did not show any signs of moving away from its current growth path of 1.5%, neither in an upward nor downward direction. Things not expected to change soon.
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.
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.
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.
To sustain US employment growth more attention must be given to minority-owned businesses. The government’s small business policies must put more attention on minority businesses.
Presidential campaign messages should be tailored to specific small business demographic group and employment sizes. Capital is important, but it not a cure all.
To reduce the high rate of black unemployment the government should provide more support to black-owned businesses because two out of every three workers employed in those businesses are black.