Minority Business Growth Trends and Outlook

Here is an issue demanding more attention: minority business growth and competitiveness. Also, we need a broaden definition of minority business that includes: Hispanics, Blacks, Asians, and American Indians/Native Americans.

Here are a few clips from a recent Boston Consulting Group assessment report:

"Impressive gains by minority-owned businesses stand to be squandered unless new growth strategies are adapted to compete in a rapidly changing business market, according to a new study by The Boston Consulting Group (BCG).

The report, The New Agenda for Minority Business Development, sponsored by the Ewing Marion Kauffman Foundation, Kansas City, Missouri, argues that minority businesses are not keeping pace with the larger U.S. business community, and that a change of mindset is required to ensure sustained growth. The study further states that it is necessary for minority businesses to work with corporations as well as government agencies to better adjust and take advantage of the changing global marketplace.

“Encouraging minorities to start new businesses will still be a priority. But a second and equally important objective is to ensure that existing minority businesses are taking the necessary steps to achieve substantive growth,” said Carl J. Schramm, president and CEO of the Kauffman Foundation. “This issue has never been more relevant or important than it is today.”