In today's financial market, many women of a minority background are finding that owning their own business can be a way of reaching economic stability and fulfilling their life goals. The United States has a plethora of minority businesses and is one of the "melting pot" capitals of the world. Always welcoming new businesses, the United States offers minority women advantages when starting new businesses. Many different grants and funding sources are available from the federal government and other sources.

Reaching Personal Development Goals

The fulfillment of life goals is a main reason why minority women should start small businesses. Oftentimes, women ignore their own goals or dreams and concentrate on other "maternal" goals that society has imposed on them. By starting a small business, minority women are able to offer themselves and future generations more opportunities in the business world, and advance women's rights.

Reaching Other Minority Populations

A minority group can be defined as an ethnic or religious group that is a minority in a wider society. By opening small businesses, minority women are able to reach other minority populations within the American culture. Minority populations may prefer doing business with others like themselves or others who are also in minority groups. There is a strong possibility that minority women can reach these different communities by offering trust and understanding of special populations.

Becoming a Role Model

Becoming a role model is an excellent reason for minority women to become involved in small businesses. By using their innovation, confidence and networking skills, minority women can be role models for other minorities within their community. Not only can the community benefit from their hard work, but also other small businesses and the country at large will produce a greater variety of businesses that can add to our economic development.

Small Business Administration and Funding Opportunities

There are many different funding sources for minority women who are interested in starting small businesses. The Small Business Administration believes that small businesses are "the backbone of the nation's economy," and therefore minorities, including women, should be given the opportunity to start businesses, regardless of their economic situation. The Small Business Administration offers debt financing, surety bonds, and equity financing to those who would otherwise not qualify; this information can be found at sba.gov/financialassistance. The Minority Business Development Agency's website, mbda.gov, can also recommend other funding sources within your state.

Source:

Small Business Administration

More Information:

Government Grants

Women Funding Sources

Minority Business Development Agency