Sometimes a picture is actually worth a thousand words. We all know there’s been a huge spike in minority entrepreneurship in America over the last decade, but some recently-released graphs capture the dramatic nature of this shift better than any blog post I could write.
The enterprising staff at Businessweek.com has published some interesting graphs that detail among other things, the rapid rise of the Latino entrepreneur, the quiet boom in the construction industry and the huge difference between the number of immigrant start-up business openings and native-born start-ups.
There’s some really relevant information in here, especially for franchisors looking to broaden their base of franchisees. If it wasn’t clear before, a perusal of these graphs make it 100% obvious that minority-owned businesses are the future of American entrepreneurship. Latino entrepreneurship nearly double that of all other groups and Latinos have opened the most businesses in American since the recession, with Asian-run businesses coming second.
Interestingly, if you remove the tag Latino and break new business ownership down between native-born people and immigrants, you’ll find that immigrant-run businesses have a nearly 3-1 advantage now. Often people harp on about the “American Dream” as if it is a meaningless concept, but here it’s crystal clear that people come to the country with the purpose of opening a business of their own.
There’s also some fascinating data on the rise of construction businesses after the recession. Even as the housing market has slumped, there’s be a rapid increase in the number of small, independently-minded construction businesses. There is clearly opportunity here for a forward thinking franchise.
The ramifications are crystal clear for franchisors. It’s time to court minority franchisees and business owners. Unfortunately, you have to visit the Businessweek page to view these interactive graphs but it’s one of the more interesting visual representations of the rise in minority business ownership that I’ve seen in a long time.