Business Matters
State of affairs
By Jo Oyama Miller
The study also found that in 1997-2002 the nation?s 23 million businesses increased their receipts by an average of 22, which reached $22.6 trillion. Increases in receipts ranged from a high of 30 percent for Black-owned firms to a low of five percent for businesses owned by Whites. Other findings in the Census report included:
* 1.2 million Black-owned businesses in 2002, up 45 percent from 1997; * 1.6 million Hispanic-owned businesses, up 31 percent from 1997. Receipts from these businesses also showed a 22 percent increase from 1997; *1.1 million Asian-owned businesses, up 24 percent from 1997 and receipts of $343.3 billion, up 13 percent/6.5 million woman-owned businesses, up 20 percent with receipts totaling $950.6 billion, up 16 percent; * 32,999 native Hawaiian and other Pacific Islander-owned businesses, up 67 percent with receipts at $5.2 billion, up 26 percent
The Survey of Business Owners (SBO-2002) defines business ownership as having 51 percent or more of the equity, interest, or stock in the business. Respondents to the 2002 survey were asked to report the percent of ownership by gender, Hispanic or non-Hispanic origin, and race for up to three primary owners. Separate reports for individual minority groups will be forthcoming over the coming year with more detail regarding size of company, number of firms, number of employees, and size of annual payroll. Nevertheless, this report revealed that minority groups are increasing their participation as well as receipts to the national economy in greater numbers. Be sure to check the Internet for details in the coming year.
According to an article printed in The Capital Times (August 29, 2005), "the growth rate for the number of Asian- and Hispanic-owned businesses in Wisconsin was 32 percent and 24 percent, respectively." In that same article, Timothy Sheehy, president of the Metropolitan Milwaukee Association of Commerce, said, ?We still lag behind the average, and I think the other message for Milwaukee, as we fast become a majority minority community, (is) that the number of minorities starting businesses will be a critical part of our future economic development." The article further stated, "There were 115 Asian-owned businesses per thousand adults nationwide, compared with 69 in Wisconsin, according to SBO figures."
There's a lot of work to be done and money to be made by Asian-owned businesses. The environment is "ripe for the picking" if we Asian Americans begin to access local, regional, and global markets.
There is great growth to be made in Wisconsin and Asians need to begin the research not only to start new businesses, but also to sustain those that have been started and to develop markets outside the region. In Wisconsin, there are many organizations already established to assist individuals and businesses, such as the Hmong Wisconsin Chamber of Commerce, (414) 649-8331; the Wisconsin Dept. of Commerce (www.commerce.wi.gov/IE); and the Small Business Administration (www.sba.gov).
One of the newest and exciting developments for Asians and Asian Americans is the concept of a Chinatown in Milwaukee (Milwaukee Journal Sentinel, July 5, 2005). According to the latest U.S. Census, Wisconsin has nearly 100,000 residents of Asian descent, and of this number, nearly 25 percent reside in the greater Milwaukee area. The greatest percentage of Asians (in greater Milwaukee) is of Hmong descent, so many of those involved in the planning perceive that Milwaukee's "Chinatown" would be more than just Chinese. According to the JS article, Milwaukee leaders are looking to make "Chinatown" a destination for all Asian populations to purchase needed commodities, sell products, and create jobs. The Milwaukee backers view this economic opportunity as a magnet for Asian investments. In addition, "a successful Chinatown in Milwaukee could stimulate tourism and counter the stereotype that Milwaukee is homogeneous," said Min Zhou, sociology professor, University of Wisconsin-Milwaukee who has studied Chinatowns (MJS, July 5, 2005).
Opportunity for economic development always exists no matter where you live. What makes the difference for success is the research, planning, development, and financial backing. Asians need to see economic development just like they view furthering their education -- as one of the avenues to increased self-sufficiency and development of their cultures.
