Friday, January 27, 2012

The Next Wave of Civil Rights?

Economic empowerment.

That's According to Operation Hope's John Hope Bryant who is quoted in this Businessweek article about minority entrepreneurs.  The article contains some interesting facts and is worth a read for passages like this: 
When the U.S. Census Bureau last surveyed the landscape in 2007, African Americans owned 1.9 million businesses, about 7 percent of the total. While that was a 60 percent increase from five years earlier, the average revenue at those businesses had decreased 3 percent since 2002, to $72,000 a year, vs. an average of $490,000 at those owned by whites. And that was before the recession wreaked havoc on the black middle class. Median wealth in black households fell 53 percent between 2004 and 2009, to $5,677, according to the Pew Research Center. That’s one reason black entrepreneurs accounted for 9 percent of new ventures in 2010, according to the Kauffman Foundation, which promotes startups. Latino entrepreneurs represented 23 percent of the total. “
If you don’t have the resources, it’s much tougher to make it.” says Daryl Williams, Kauffman’s director of research and policy.