Technology Levels the Playing Field for Minority-Owned Businesses

Tips On Using Technology To Grow a Business

September 2003 (Newstream) -- Have you ever wondered about that temp worker who shows up at your office? In 1978 Janice Bryant Howroyd was temping for her brother-in-law at Billboard magazine, where she discovered she had a knack for solving office problems. Armed with $967 in personal savings and $533 in loans from her family, Howroyd leased a small office. Today Howroyd's company ACT 1 has over 90 offices with 290 full-time employees generating almost 500 million in 2002.

As the Small Business Administration marks its 50th anniversary this week, close to 15 percent of America's small business owners are minorities -- and the trend of minority ownership is accelerating. More than three million minority-owned small businesses are providing job opportunities for millions of Americans in thousands of communities across America. In addition, the rate of growth for black-owned businesses is 25 percent compared to the 7 percent growth rate for business overall.

According to the Small Business Administration:

• Close to 15 percent of America's small business owners are minorities -- and the trend of minority ownership is accelerating. More than three million minority-owned small businesses are providing job opportunities for millions of Americans in thousands of communities across America. (According to SBA)
  
• The number of black-owned businesses has doubled and revenue has tripled since 1987 (according to SBA) These small businesses are growing at a rapid annual pace.
  
• The number of Women-owned businesses is growing at twice the rate of all U.S. businesses. Women are owners of 9.1 million businesses in the U.S generating more than 3.6 trillion in sales annually.
  
• 66 percent of Black Owned Business owners want to use technology to better manage their businesses.

Listen to interviews with Janice Bryant Howroyd, Chairman and CEO, Act I, and Creighton Lee, Segment Executive of Black Owned Business at IBM, discussing how technology levels the playing field for minority-owned businesses:

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