Cracking the Code On Owning Your Own Business

Just as both a corollary and a follow-up to my last post about why you should own your own business, I was looking through some demographic research last week, and came across the data sets pertaining to Asian-Americans.

According the U.S. Census Bureau, the category of Asian-American includes, but is not restricted to, these main countries of family orgin:

U.S. Asian Groups                      % of Asian-American population

Chinese        4,010,114               23.2

Filipino          3,416,840               19.7

Indian           3,183,063               18.4

Vietnamese   1,737,433               10.0

Korean         1,706,822               9.9

Japanese      1,304,286               7.5

There are 17 million Asian-Americans, or 5.6% of the U.S. population.

Koreatown signAsian-Americans have surpassed other Americans as a group in terms of average household income in the U.S. And they’ve done it handily, too. The average household income in the U.S. is right under $50,000 (as of the 2010 census data) and the average Asian-American household income is (as of the 2010 census data) $66,000.

Some of this is due to their higher educational levels, and some of this is due to, wait for it – their higher level of business ownership, whether that’s ownership of an LLC or a corporation, or, simply working for themselves as a sole proprietor. In the last decade, Asian-owned businesses have increased at a rate of over 40%. Bear in mind, this is a 40% increase over what was already a very high business ownership rate. As an example, the business census data in 2000 showed a 25% rate of business ownership for Korean-Americans. The average rate of small business ownership in the U.S. is 8.6%.

Asians as a group are very open to the premise of owning their own business, and for many of these small business owners, this has translated into greater upward economic movement.

One thought on “Cracking the Code On Owning Your Own Business

  1. John in Fairfax wrote:

    Yeah, they got this game figured out.

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