Recognizing Women And Minority Entrepreneurship In The US
Women-owned businesses have been the fastest-growing segment in the US economy for over two decades. Recent data from the United States Census Bureau shows that 1.2 million businesses are currently owned by women, and since the start of the pandemic, there has been a rapid increase in numbers-driven by women of color. In celebration of Women’s History Month, the Eastern Minority Supplier Development Council (EMSDC) would like to take a moment to recognize the professional accomplishments of minority women in our country by sharing a few stats that are impossible to ignore.
- In the early 1970s, women-owned businesses represented only 4.6% of all businesses in the United States. In 2019, that number surged to 42%. (Great Business Schools)
- As of 2021, half of all women-owned businesses were also minority-owned. With approximately 1,817 new women-owned businesses started per day, this figure is growing at an unprecedented pace. (Motley Fool)
- Within this demographic of new women-owned businesses in the US, Black women are leading the charge at 42%, followed by Latina women at 31%. (The Guardian)
- In our country, 17% of Black women are in the process of starting or running new businesses, compared to just 10% of white women, and 15% of white men. (Harvard Business Review)
- The National Women’s Business Council notes that there are over two million Latina-owned businesses in the US, showing a growth of more than 87% since 2007. (Fundera by Nerd Wallet)
- Business ownership among Asian American women entrepreneurs has increased 156% in the past 15 years. Currently, there are 620,300 Asian American women-owned businesses in the US. (Center for American Progress)
- As of 2017, Indigenous Americans comprised 1.4% of all women-owned businesses in the United States, which equates to an estimated 161,500 businesses. (Refinery29)
- A majority of women-owned US businesses are concentrated in three industries: Professional/Scientific/Technical (13%), Health Care and Social Assistance (15%), and Goods and Services (22%). (American Express)
These statistics are astounding and show the critical role minority women play in fueling the US economy, from creating jobs and generating revenue, to strengthening communities and stimulating growth. Minority business enterprises on the whole employ 8.7 million people and bring $1.3 trillion in total annual receipts, and as the fastest-growing group of entrepreneurs in our country, women of color are proving to be a powerful economic force. But there is still a long way to go.
The Eastern Minority Supplier Development Council (EMSDC), a 501(c) (3) non-profit organization, is an affiliate of the National Minority Supplier Development Council (NMSDC). We certify and connect minority-owned businesses (Asian, Black, Hispanic, and Native American) throughout Pennsylvania, Southern New Jersey, and Delaware with member corporations that want to purchase their products, services, and solutions. Our mission is to stimulate and support the economic development of minority-owned businesses and to better align them with corporations in an effort to initiate growth and opportunity through Supplier Diversity channels.