Balancing acts.Minority entrepreneurs weigh human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. against technology needs Minority entrepreneurs have to work harder and smarter to get ahead. And with a tight labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience , finding and retaining qualified employees becomes a key challenge. To offset this, minority businesses have increased their health and retirement benefits--despite rising healthcare premiums--while some are temporarily putting off investing in new computer equipment. "Minority- and women-owned businesses are growing at an incredible rate," says Ronald D. Wesson, vice president of minority- and women-owned business development at the Bethlehem, Pennsylvania Bethlehem is a city in Lehigh and Northampton Counties in the Lehigh Valley region of eastern Pennsylvania, in the United States. As of the 2000 census, the city had a total population of 71,329, making it the eighth largest municipality in Pennsylvania. , office of Dun & Bradstreet. "Therefore, more of them are competing against each other and with larger firms for customers and access to financing, whether it's through a bank or venture capitalist Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. ." But despite these challenges, Wesson is optimistic about the future. "Entrepreneurs are the new American Dream American dream also American Dream n. An American ideal of a happy and successful life to which all may aspire: ," he says. "I think minorities in general are taking advantage of the opportunity to own their own businesses." [GRAPH OMITTED] |
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