A revealing new survey shows that businesses run by blacks and other ethnic minorities are proving to be more successful when compared to similar white-owned companies.
This radical new view about business and race has led the UK government to encourage minority groups, especially those living in communities that do not have a large concentration of businesses, to start their own companies as a way of jumpstarting economic growth in their respective communities.
A study done by Barclays Bank has revealed that business start-ups from the black and ethnic minority communities are three times more likely to turn in profits compared to white-owned start-ups. These profits were projected to run between £250,000 and £1 million.
The Bank has attributed this interesting result to the rising number of young black and ethnic minority entrepreneurs. More than twice of these people are deciding to run their own businesses compared to their white contemporaries.
According to figures compiled by Barclays, in 2004, 50,000 new businesses were identified to have black and/or ethnic minority entrepreneurs or owners. Compare this to only 32,000 businesses about four years ago.
In addition to encouraging blacks and ethnic minorities to set up new companies, the government is also planning to promote starting a new business specifically to women. This is based on research that there are fewer female entrepreneurs compared to men.