Entrepreneurship is such an abstract word that automatically makes you hear words profit and rich and success and recognition. But in reality, out of 100, just 10 entrepreneurs are lucky enough to experience the perks of owning a business and the chances are lower if one belongs to the minority community in a country. But many times the government tries to help the people who are “socially disadvantaged”. For instance the USA, they have initiated groups and protect to help the business of minority community like African-Americans.
The business that falls under this category is the business whose 51% share is owned by people of a minority group. During the 1987-1997 period, the economy of the US was strong, low inflation, strong economic growth. When stats came out for this it was found that US firm revenue was increased by 830% and the contribution from MOBs were mere 3.2% where these businesses were in profit but due to lack of exposure and access to capital, their contribution was not even 5%.
· Challenges faced by MOB:
As of today if you want to be a successful businessman you should know about technology and must be highly educated. Many minorities don’t get the opportunity to get the basic study, how will they compete with the world? Due to lack of education and training the minorities find it difficult to get a job, let alone manage their own business.
Ø Personal Qualification:
To run a business a person needs to have some qualifications apart from the educational degree but due to the high level of illiteracy, the African-American community lack these appropriate competencies to start their business.
Ø Lack of access: