Why So Many Millennial Women And People Of Color Are Becoming Entrepreneurs

*The Kauffman Foundation says that in 2016 Latinos were 20.8 percent of all new entrepreneurs, more than double the number in 1996. We’re moving the economy, and that’s fantastic news. VL


NewsTaco MONEY WEDNESDAY

By Anna Johansson, Forbes (3.5 minute read)  

For decades, entrepreneurship has been disproportionately concentrated in populations of white men. According to the most recent Census data, released in September 2016, at the end of 2014 there were 5.4 million businesses, and only 17.5%  of them qualified as minority-owned—even though African-American, Latino, Asian, and other minority populations represent more than 38% of our country. Women-owned businesses accounted for 19.4% of all businesses—even though women make up just over half of the country.

These figures are clearly imbalance, but there’s evidence that they’re improving—and will likely improve further as millennials start to become more involved in entrepreneurship.

The Latest Startup Activity

Entrepreneurship grew in 2016, according to the much-anticipated annual report by the Kauffman Foundation. Over the past two years, the rate of entrepreneurship has increased nearly 15%, which translates to more than 550,000 new businesses for each month during that timeframe. But what’s really interesting is how many of those new businesses are being started by women and minority groups.

According to the report, 40.6% of new businesses are started by women—a huge improvement over the 19.4% average rate of women business owners. Latino-owned businesses are also on the rise, with Latino business owners accounting for 20.8% of all new entrepreneurs—more than double the rate back in 1996.

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