SOUTHBURY, Conn./PRNewswire/ — Minority-owned enterprises are the fastest-growing business segment and have brought a much-needed economic boost both locally and nationally, according to Terry Powell, founder and CEO of The Entrepreneur’s Source, a national business ownership consulting franchise.
Recent Census data confirms that new minority-owned businesses are growing at more than six times the national rate. In fact, the Secretary of Commerce reported that minorities own 15 percent of the nation’s businesses, employ 4.5 million people and generate $591.3 billion in gross receipts.
“This business growth trend has surfaced in our region — fueled by a tight job market, an uncertain economy, and corporate inequality,” said Powell. “More workers are following the lead of successful minority business owners. They’re taking control of their careers and strengthening the local economy with the products, services and good jobs they provide.”
“In addition to economic growth, minority business-owners are actively involved in the community and provide positive role models for aspiring entrepreneurs,” Powell added.
Powell acknowledged that the broad-based nature of franchising gives the growing number of minority entrepreneurs more possibilities and options. “People are tired of letting others control their destiny. Franchising offers everyone the opportunity to take charge of their own careers. As a matter of fact, 95% of our clients discover options they had not considered before or had dismissed prematurely. Helping people find businesses that meet their goals, needs, and expectations is what we are about,” Powell said.
Another result of this growing trend is that franchisors have become more focused on recruiting minority business owners. “It’s rewarding to see an entrepreneur providing goods or services that benefit their heritage and theircommunity, while serving as an example for others,” said Powell. “The future is full of opportunity.”
The Entrepreneur’s Source is part of an international network of self-employment coaches who work with individuals and companies looking for successful opportunities for business ownership and expansion. In 2003, The Entrepreneur’s Source was once again ranked among the top franchise business-consulting firms in the nation by Entrepreneur Magazine. The Entrepreneur’s Source is also an active member of the International Franchise Association’s Minorities in Franchising (MIF) Committee.
