A new report from the Center for Global Policy Solutions shows that entrepreneurs of color were key drivers of business and job growth between 2007 and 2012 (the Great Recession) while white-owned businesses lost nearly two million jobs. Wall Street Journal staffer Kate Davidson takes a look at the growth of female minority-owned business specifically during this period.
Between 2007 and 2012, Asian-American, Hispanic, and African-American women grew their businesses by 37.6%, 26.5%, and 20.2% respectively. The report underscores the belief in separate research that minorities saw entrepreneurship as an attractive or sole option during these harsh economic times:
“The recession years were by necessity an opportunity for people of color in general, and women of color specifically, to actually have a personal response to the Great Recession—when many people of color were laid off in greater proportion—by creating businesses,” Ms. Rockeymoore said.