News, American Express

News, American Express

Women of color are starting new businesses faster than anyone else

'Women of color account for 89% (1,625) of the new businesses opened every day over the past year.'

22.2.2020

'Women of color account for 89% (1,625) of the new businesses opened every day over the past year.'

Lydia Dishman is a reporter writing about the intersection of tech, leadership, and innovation. She is a regular contributor to Fast Company and has written for CBS Moneywatch, Fortune, The Guardian, Popular Science, and the New York Times, among others.

ReadConsider this stat: Over the past year, women started an average of 1,817 new businesses per day in the U.S. That now represents 42% of nearly 13 million businesses overall, which employ 9.4 million workers and generate revenue of $1.9 trillion. And while these female founders come from diverse backgrounds, women of color make up the biggest portion of them, according to the annual

State of Women-Owned Businesses Report.Women of color account for 89% (1,625) of the new businesses opened every day over the past year. This number has grown faster than the overall rate of new women-owned businesses in the past five years—21% versus 43%. The number of firms owned by African-American women grew even faster, at 50%. This is despite the fact that revenue is decreasing. The average declined 3% from $67,800 in 2014 to $65,800 in 2019.

Minority women are more likely to have a side hustle, according to the report. Over the last five years, the number of women with side hustles has increased to 39%, compared to a 21% average rate of entrepreneurship. Among minority women, it’s even higher: 65% compared to 32%, respectively.

These entrepreneurial ventures are concentrated in three sectors: service businesses like hair and nail salons and pet care; healthcare and social assistance; and professional/technical services like lawyers and bookkeepers.

Read more: Women 2.0

UK Prime Minister Boris Johnson transferred to intensive care

Over 51,000 people in the United Kingdom have tested positive for COVID-19, including Prime Minister Boris Johnson and Prince Charles, heir to the British throne.

Lydia Bright posts pregnancy reality with Bridget Jones knickers and greasy hairThe former TOWIE star, who is expecting her first child, admitted she was guilty of not always showing the 'real, raw, unedited deal'

How a Alexis Ohanian-backed startup will open a Drybar for women of color - Business InsiderNaza Beauty raised $1 million from Initialized Capital and is opening a San Francisco salon with a menu of styles to cater to women with textured hair.

How Irene Gandy Found Success—and Fostered Community—for Women of Color on BroadwayTony-winning Broadway and off-Broadway publicist, producer and press agent Irene Gandy was the latest industry titan to open up about her career for the Oral History Project at the League of Professional Theatre Women.

Emepelle Skincare Gives Hope To Women With Accelerated Skin Aging - fountainof30.comEmepelle is the first and only clinically proven anti-aging skincare line that safely and effectively helps address Estrogen Deficient Skin (EDS) for women.

Warren slams Bloomberg, calls him a billionaire who 'calls women fat broads and horse-faced lesbians''Democrats take a huge risk if we just substitute one arrogant billionaire for another.' Sen. Elizabeth Warren attacks former New York City Mayor Michael Bloomberg at the DemDebate in Nevada. it like watching rough porn. Mike is being air-tight'ed if you know what I mean 😏 ElizabethWarren DemDebate The biggest risk is infighting and insulting each other.

Bloomberg Pressed to Release Women From Non-Disclosure AgreementsBloomberg faced intense questioning about sexual harassment lawsuits from employees at his media and data services company. Asked why he wouldn’t release the women who have signed NDAs, he said, 'They signed those agreements and they’ll live with it.' He's definitely not a fighter. If he can't figure out a way to stand up for himself he's not going to stand up for us Woof In fairness, most of these agreements involve other people in his corporation. Its a very disingenuous line of attack



‘Speak the truth’: Obama says ‘biggest mistake’ mayors can make in coronavirus pandemic is misinform the public

LEGO Unveils New 20,000-Piece Ventilator Set To Aid Supply Shortage

BTS's ‘Bang Bang Con’: How To Watch & More Info

BTS Online Concert Series ‘Bang Bang Con’ Is Coming Soon

Fauci: There might be 'merit' to the idea of coronavirus immunity certificates

'We could have a depression': Pelosi warns about coronavirus economic fallout

Cuomo: Returning to a new normal depends on how well we do

Write Comment

Thank you for your comment.
Please try again later.

Latest News

News

21 February 2020, Friday News

Previous news

Lily Aldridge on How Social Media Has Changed Modeling For the Better

Next news

Diversity in tech too often means ‘hiring white women.’ We need to move beyond that.