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Running Head Obstacles to Starting a Minority BusinessAdult Development Life Assessment Module 1Obstacles to Starting a Minority BusinessObstacles to Starting a Minority BusinessThe minority population will grow to nearly 50 over the next 50 years They now represent 26 of the total United States population By the year 2050 the population of the United States will have increased by 120 million with 90 of the growth occurring in the minority communities Edwards 1997 In the following paragraphs I will discuss the obstacles minorities face in starting their own businesses I will also apply the concepts used in Kolbs model of analytical learning Before I can discuss the obstacles I must first give some background information on minority owned businesses Minority-owned businesses have grown explosively over the past 10 years In fact they are growing at double the rate of all firms in the United States economy both in numbers of new firms and total sales Recent estimates place the number of minority-owned firms at nearly 2 million with total sales of 205 billion Nearly 25000 firms have sales of more than 1 million Skill intensive areas such as finance insurance real estate and business services are the fastest growing minority enterprises Edwards 1997These communities are gaining new importance as both producers and consumers of products and services In addition many minority communities are located in key populated areas of the country such as New York Los Angeles and Houston This has resulted in concentrated areas with changing demographics and a rapidly growing minority business infrastructure This has also presented a myriad of investment opportunities to the financial community and benefits to American consumers and businessesMinorities are still underrepresented in the ranks of the self-employed Of the total self-employed Asians 44 Blacks 6 and Hispanics 6 are all underrepresented relative to no minority males However since 1960 a growing pool of educated and managerial-experienced minorities entered the labor force due an increase in college
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