Memphis is a place where people thrive. It’s a city filled with promise and opportunities, especially towards our entrepreneurs.
According to Forbes, we’re spearheading the movement.
Gaining Forbes Attention
Whenever Forbes catches wind of business activity it either means something very good or very bad is happening within a specific sector of commerce. For Memphis, it is the former. Forbes’ contributing writer Elaine Pofeldt profiled the city’s push in hopes of growing minority-owned business.
As Mrs. Profeldt highlights, the African American business sector is growing by leaps and bounds. In fact, it is the fastest growing group within the United States. Now, one fifth of African Americans are starting and running new businesses, which is up 15.5 percent from 2016 (as reported by the Global Entrepreneurship Monitor, which is the largest study of entrepreneurship in the entire world).
However, Memphis isn’t just attempting to grow African American businesses. It has hopes of assisting other minorities, including Hispanic Americans and Asian Americans. The same Global Entrepreneurship Monitor study has indicated that 12 percent of Hispanic Americans are running new businesses and 17 percent of Asian Americans are running new businesses and startups.
Leading The Way In Minority Owned Businesses
64 percent of Memphis residents are black, according to the Forbes article. Of this 64 percent, there are 40,000 black-owned firms, with around 800 of these businesses employing more than just the owner. Additionally, there are another 1,000 Hispanic owned firms with 155 of these businesses employing more than just the owner.
In order to help promote these new businesses, Mayor Strickland is working on assisting 800 identified minority-owned businesses with employees. It is the goal of the mayor and the city government to help these 800 businesses grow revenue by at least $50 million in the next five years. This is being done through The 800 Initiative.
While we all will need to wait for the next five years to see the overall success of the program, it is reassuring the city is remaining proactive and doing what it can to lead the way in minority-owned businesses.
The business publication recently stated in an article the Memphis could lead the way in minority owned businesses. Under the leadership of Mayor Jim Strickland, The 800 Initiative, launched in May 2018, has set a goal of growing the revenue of 800 minority-owned businesses with paid employees that the city has identified by $50 million by 2023.
To see the full article from Forbes, click here!