Special Feature
18 BUSINESS LINK
Special Feature
According to the 2004 London Annual Business Survey almost one in four businesses in London( 22.6 %) are owned by members of Black, Asian and Minority Ethnic communities. Employing 504,700 people or 19 per cent of total private sector employment in London, BAME businesses are a growing economic force in the Capital
Interestingly, new research has found that the desire for independence and success amongst Black and Asian business owners is overtaking family tradition and stereotypes. Conducted by Business Link for London in May this year, the research has revealed a new approach to business for many Black and Asian entrepreneurs:
l Hard work beats ethnicity – 91 % consider hard work to be key to their business success, nearly half( 49 %) put it down to determination and perseverance while just 17 % said their ethnic background had played a part
l Not following in parents’ footsteps – 67 % said a desire for independence spurred them to start up their own business, whilst only 19 % cited a desire to follow in the family tradition l Tech savvy – 72 % describe themselves as very or quite comfortable with technology and 76 % have access to the Internet at home
l The sky’ s the limit – 81 % of Black and Asian business owners are looking to grow their business in the next one or two years, including increased sales and taking on more staff
Dr Shaheena Janjuha – Jivraj, senior lecturer in the area of enterprise, entrepreneurship and business start – up at Brunel University comments:
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This research emphasises the buoyancy of entrepreneurial activity within certain ethnic communities in London. Also, there is an evident shift towards entrepreneurship now being viewed as a positive career option rather than a reaction to discrimination and blocked opportunities faced by previous generations.
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Research reveals a Black and Asian business rev engage ISSUE TWO 2006