The US Census bureau released the results of the Annual Survey of Entrepreneurs. The report is full of fascinating facts that show the economic landscape of today. One of the most intriguing findings is the makeup of the business owners. About 18% of all businesses are minority owned. Of the minority owned firms, over half are owned by Asians. For further information, here is the excerpt from the press release:
The 2014 Annual Survey of Entrepreneurs statistics show that there were 949,318 minority-owned firms with paid employees, comprising 17.5 percent of all employer firms. These minority-owned employer firms generated $1.1 trillion in receipts (approximately 3.3 percent of the receipts for all employer firms). Among minority-owned employer firms, 12.9 percent had been in business for less than two years, while only 1.4 percent had been in business for 16 or more years.
Of the 949,318 minority-owned firms with paid employees, more than half (506,595, or 53.4 percent) were Asian-owned; 108,473 (11.4 percent) were black or African-American-owned; 26,757 (2.8 percent) were American Indian or Alaska Native-owned; 4,701 (0.5 percent) were Native Hawaiian and Other Pacific Islander-owned; and close to a third (298,563, or 31.5 percent) were Hispanic-owned. The owner of a Hispanic-owned firm may be of any race.
