Profiles of Women of Color In Business

Here is an interesting post I found on African American Mommies in Business:
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.