EthniFacts releases report on how women, multiculturals, immigrants, and youth are leading historic shift to self-reliance and new business growth
EthniFacts’ Guy Garcia and Author/Media Guru Nely Galan will present highlights from EthniFacts’ The Self Made Economy: an America Reimagined Report, and will discuss Galan’s book, Self Made: Becoming Empowered, Self-Reliant and Rich in Every Way by Nely Galan with Guy Garcia at a presentation and book signing on Friday, March 11th at the Austin Convention Center.
“The Self Made Economy is more than a marketing mantra, bigger than a trend. It is a bona-fide phenomenon, a revolutionary call to action and a fundamental reboot of the way Americans are rising to the challenge of innovation in an information age society where disruption and change are the norm,” says Garcia, President of New Mainstream Initiatives at EthniFacts. “Along with multicultural Americans, particularly immigrants; and millennials and young adults; women are the vanguard of the Self Made revolution, gaining and leading as entrepreneurs, heads of households and commanding more than $11 trillion in investable assets.”
Highlights of the report include:
- Women-owned U.S. businesses have virtually doubled in the last 20 years from 5.4M in 1997 to 9.9M in 2012 (U.S. Census Survey of Business Owners data released in late 2015). The number of women-owned businesses in the U.S. grew 83% between 1997 and 2012.
- Women-owned U.S. businesses represented the majority of growth in number of businesses between 2007 and 2012, increasing in number by over 2 million, while male owned businesses increased by just under a million.
- The highest growth in U. S. women owned businesses is coming from multicultural women. Hispanic-owned female businesses have grown 87% over the last 5 year period followed by African American women at 67% and Asian women at 44%.
- Immigrants are driving entrepreneurship which we term “The Immigrant Imperative.” EthniFacts 2015 research found that 47% of Hispanic immigrant women had thought of starting their own business (vs. 32% for U.S. born), 40% had an idea for a business (vs. 30% for U.S. born), and 33% had joined or continued a homebased business during the past three years (vs. 24% for U.S. born).
- Young adults are devising career strategies that are more entrepreneurial and meaningful. A recent Bentley University study found that 66% of millennials would like to start their own business and a Deloitte millennial survey found that 70% might reject traditional business to work independently.