Minority Women Are a Growing Force in Women-Owned Businesses

November 13, 2018

Minority Women Are a Growing Force in Women-Owned Businesses

The face of female entrepreneurship is changing - it's becoming way less white than it used to be. Minority women now control 44% of all women-owned businesses in the United States. 

According to this recent Inc. article, many women of color start their own businesses to provide a better life for themselves and their children. The Inc. survey shows over 60% percent of women worked at a corporation before starting their own business. Many of those who quit to start their own business were just tired of their jobs, finding male-dominated business environments both "exhausting and inflexible."

While entrepreneurship is lonely for anyone, it's even more lonely for women of color. In spite of this, the rate at which minority women are starting new businesses is much larger than that of any other group. 

Access to capital is one of the biggest barriers for minority women launching new businesses but there are more resources for attracting investment, learning and networking than ever before. 

According to data from the U.S. Women's Chamber of Commerce, most women-owned businesses are in the service sector. Most of the new businesses attracting investment are in the tech and biotechnology industries, which explains some of the capital gap. 

If you're a minority female entrepreneur, what barriers have you had to deal with?