Minority entrepreneurs have to work harder and smarter to get ahead. And with a tight labor market, 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, 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."
But despite these challenges, Wesson is optimistic about the future. "Entrepreneurs are the new American Dream," he says. "I think minorities in general are taking advantage of the opportunity to own their own businesses."
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|Article Type:||Brief Article|
|Date:||Jan 1, 2000|
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