Opportunities for Minority-Owned Businesses

Figure 19. PESTLE for Minority-Owned Businesses

Politically, local, state and federal government set-aside programs provide opportunities for minority-owned businesses to do business with the government, diversify their businesses and generate revenue.

Economically, as the minority population, which is currently at 39 percent of the population, continues to increase, the number of minority-owned businesses as well as, their impact on the economy are also predicted to grow.

Socially, similar to the term “double duty dollars,” which was used in the United States from the early 1900s to the early 1960s to represent not only buying a commodity but also contributing to the advancement of the Black race, movements like #BuyBlack and #BuyLatinx have surfaced on social media today with similar goals and intentions: supporting minority-owned businesses. Likewise, conscious consumers have emerged wanting to support local small businesses and social causes.

Technologically, minority-owned businesses can take advantage of and benefit from emerging technologies through participating in technical assistance programs through a minority business support organisation or working with a startup.

Legally, supplier diversity programs were created so that Fortune 500 companies would remain compliant with affirmative action and set aside policies. Every year, these companies collectively are spending about $20 billion on CSR activities.

Environmentally, while no business is safe from natural disasters, federal agencies are working to help minority-owned businesses prepare for, get through and recover from them.

All in all, with an abundance of opportunities, resources and tool, it seems that the time for minority-owned businesses is now.