Asian Women-Owned Businesses Approaching $50 Billion in Sales
U.S. companies owned by Asian and Pacific Islander women generated $49.1 billion in sales and employed over 370,000 people in 2002, according to the Center for Women's Business Research. The number of firms owned by Asian American women grew 45% between 1997 and 2002 (to 358,503), and sales rose 29% during that time.
Companies owned by Asian and Pacific Islander women are most numerous in California, New York, Texas, Florida, Hawaii, New Jersey, Virginia, Illinois, Washington, and Georgia. States with the fastest growth in the number of companies owned by Asian and Pacific Islander women include Maine, Tennessee, Montana, Oklahoma, Kentucky, West Virginia, Wyoming, Vermont, Alabama, and Idaho.
Companies owned by Asian American women operate in a variety of industries, with the highest percentage (51.7%) found in service-based industries. Industries showing the fastest growth in the number of firms owned by Asian women from 1997 to 2002 include agriculture/forestry/fishing (70% growth), transportation/communications/public utilities (56%), and services (39%).
More than three quarters (78%) of Asian women entrepreneurs had access to outside capital when starting their businesses. About three in 10 (29%) had $25,000 or more in start-up capital, and 47% had less than $25,000.
Four in 10 Asian women business owners are first-generation immigrants, far more than Latina (26%), Black (3%), or White (2%) women owners. …