How Women of Color Are Driving Entrepreneurship

http://www.alternet.org/news-amp-politics/how-women-color-are-driving-entrepreneurship



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The growth of women of color entrepreneurs

There has been remarkable growth in the number of women of color business owners—and this figure is poised to increase as the women of color population grows. From 1997 to 2013, the number of female-owned firms in the United States grew by 59 percent—one-and-a-half times the national average. A closer look at the statistics shows that women of color are the catalyst behind this growth:

African American women-owned businesses grew by 258 percent.

Latina women-owned businesses grew by 180 percent.

Asian American women-owned businesses grew by 156 percent.

Native American and Alaska Native women-owned businesses grew by 108 percent.

Native Hawaiian and Pacific Islander women-owned businesses grew by 216 percent.

There were 944,000 Latina women running their own businesses in 2013, 620,300 Asian American and Pacific Islander, or AAPI, female-owned businesses, and 1,119,400 African American female-owned businesses. Much of this growth has been concentrated in states and cities with large populations of women of color, such as California, Florida, New York, and Texas.

Census projections predict that women of color will make up the majority of women by 2045, with Hispanic women leading this population growth. In fact, while white women will make up 62 percent of the female population in 2015, their numbers are projected to fall to 47 percent of the female population in 2050, when 53 percent of all women will be women of color. As our nation grows increasingly diverse, the contributions of women of color in the economy also stand to grow. As of 2013, more than 1 in 10 women-owned businesses were owned by Latinas across the country, and these 944,000 firms totaled $65.5 billion in receipts. While Latina women will make up an estimated 16.7 percent of the female population in 2015, this share will increase to 25.7 percent by 2050—and it is likely that their entrepreneurial impact will grow too.