Minority entrepreneurship

Lack of resources stymies black entrepreneurs

What’s holding back African-American entrepreneurs? Centuries-old racial disadvantage not experienced by other minority groups, according to a new study. Only five percent of Blacks are self-employed, compared with 11 percent of whites, and Black-owned companies tend to be smaller, have fewer employees, and make less money than white-owned businesses.

Only five percent of blacks are self-employed, compared with 11 percent of whites, and black-owned companies tend to be smaller, have fewer employees, and make less money than white-owned businesses.

Minority Entrepreneurs: A Big Part of Detroit’s Comeback

There is nothing that symbolizes Detroit’s comeback more than the city’s entrepreneurial spirit. Today, Detroit is home to over 61,000 small businesses, including about 50,000 minority-owned small businesses. It is the fourth largest city for minority entrepreneurship. These entrepreneurs are opening restaurants downtown, rebuilding homes, and helping repair thousands of streetlights that were broken for years across the city.

Financing is a big hurdle for many minority-owned businesses

PEORIA — Melvin Murry has some advice for someone who wants to start a business: take it seriously or you’ll be out of business. “Be prepared to work twice as hard as you would in a 9-to-5 job. I know some people think having your own business is peaches and cream, but it’s not. You have to be willing to sacrifice. You have to be married to it,” said the owner of Murry’s Custom Autobody, 1501 SW Jefferson Ave.

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