BP 11

For this assignment, I went back to the annotated bibliography that we completed earlier in the semester. I found three of the articles that I had included as part of that bibliography and found the arguments that each of them made and now I am ready to discuss each of those arguments.

The first article that I chose is “Minority Entrepreneurs In Bankruptcy”. In this article, the author, Rafael Efrat, argues that minority entrepreneurs go bankrupt more often than non-minorities because they are less skilled, have less access to outside funding, and tend to operate in much lower value industries. Efrat’s theories of why these problems exist is useful because it helps bring attention to one of the biggest issues that minority entrepreneurs face in society today. I tend to agree with Efrat, because each of those reasons are generally accepted facts, and put together they help to explain these problems.

The next article that I chose to write about is “Characteristics of the Minority Entrepreneur” by Robert D. Hisrich and Candida Brush. Hisrich and Brush assert that minority entrepreneurs have a specific set of traits and characteristics that define them, for example, they list achievement, opportunity and job satisfaction as being the primary reasons for these people deciding to become entrepreneurs. They also claim that financial rewards were not key motivators for these minorities to start their own businesses. While I believe that the authors are right in their claims about achievement, opportunity, and job satisfaction being key reasons for wanting to start a business, I disagree with their assertion that financial rewards do not play a big factor in that decision. It is human nature to be motivated by money, and I believe that these minority entrepreneurs are no different.

The third and final article I chose for this assignment is “The Solution That Could Help More Minority Entrepreneurs Get Funding” by Adriana Lopez. She states that minority-owned businesses receive significantly less angel funding than non-minority businesses. Lopez then asserts that the reason for this problem is that, in general, minorities come from backgrounds and communities that have lower incomes than average neighborhoods, and therefore their family and friends, who typically are the main sources of business funding, have much less money to give. I agree with Lopez, because it is true that minority neighborhoods are lower income, so this reasoning seems to be accurate.

 

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BP 10

My infographic, which can be seen below, relates to my research question, which is “Why are there so few minority entrepreneurs, and what is holding more of them back from starting their own businesses?” This infographic brings in some statistics that I compiled from a few different sources that are some of the most reputable and well respected leaders for research in this area, like the Minority Business Development Agency, the National Poverty Center, and the Kauffman Foundation. My main strategy in creating this infographic was to keep it relatively simple for two reasons. The first reason is that I am not really artistically gifted and had never used Piktochart before, so I didn’t want to try to create some kind of amazing visual which I would probably end up just making worse. The second reason I tried to keep my infographic simple is because I didn’t want to take away from the information that I was providing, because that is the most important part of the infographic and shouldn’t be overshadowed by the visual aspect of it. I chose this research topic because it is something that I am passionate about, so I wanted to make sure that the real substance of the research was the main focus, and not just trying to make it look good. While I was attempting to keep my infographic pretty straightforward visually, I did try to incorporate some visually appealing and interesting aspects into it. I added some touches to it, like backgrounds for each section, and some banners and things to highlight some of the more important areas of the infographic. I also consciously made the decision to have each section of my infographic be a different color. I did this because my topic was all about minorities, who are groups of people of all different races and colors, so in the spirit of that topic, I actively tried to embrace as many colors as possible just to have a little subtle symbolism in the background of my infographic. The main point I tried to make in this infographic is that there is a problem in America because racial minorities are majorly underrepresented in the world of entrepreneurship and business ownership, however, although this is still a large problem, it is getting somewhat better and there are ways to fix it. I wanted to show, as I will with the rest of my research project as well, that even though this problem still remains, there is a bright side that we should focus on and continue to accentuate moving forward in addressing this issue. I set my infographic up to illustrate this strategy. I started by showing the problem, that minorities own businesses at a much lower rate than non-minorities, and then listed some of the reasons that this problem exists. I also included a chart that illustrates one of these reasons, that a lack of funding has somewhat crippled minority businesses because they don’t have the resources to get their business off the ground. I then showed a statistic that illustrates that the number of minority business owners is beginning to grow and catch up to the national population. I finished by giving a few suggestions that I believe would be useful in helping to remedy this problem as America moves into the future.

minority-entrepreneurship (7).png

BP 9

For this assignment, I set out to find statistics and information related to my research topic that can be used in an infographic that will be in my final presentation. Many of the sources I had found so far were mainly articles profiling things like characteristics about minority entrepreneurs, so I had to find new sources that would provide statistics to use. I then went to the website of the Minority Business Development Agency because I knew that they have done numerous studies about minority entrepreneurs. I found a fact sheet they published in January at U.S. Business Fact Sheets, and the first statistic that I found was a graph that compared the growth of minority firms and non-minority firms. This graph showed that although there are still vastly more non-minority firms, the number of minority owned businesses has grown at a much higher rate, with the total number increasing by 38% from 2007-2012, compared to the number of non-minority businesses actually going down by 6% over the same period. They are also employing many more people, with the total number of employees increasing by 23% over this 5 year span. The next statistics that I found showed a comparison of firms owned by members of different ethnic groups. This table showed that businesses owned by non-minorities are significantly more successful than minority businesses. The average gross receipts for minority businesses is $173,552, while the number for non-minority businesses is over 3 times that amount at $552,079. These numbers show me that while the number of minority businesses is growing, there is still quite a ways to go in getting them to be as successful.

BP 8

For my research question, “why are there so few minority entrepreneurs, and what is holding back more of them from starting their own businesses?”, numerous types of infographics can be useful to help me illustrate and expand on the points I am trying to make and the research I am attempting to present. After reading the list infographic types at 8 types of infographics: which is right for you?, I found 3 main types of infographics that I believe would be the most useful for me because they allow me to present the types of information I have for my project. The first type in the article that would be most helpful for my research topic is a Versus Infographic. I believe this would be good for my question, because it would allow me to directly compare minority entrepreneurs and non-minorities in various areas, like personality characteristics and statistics about them. The next type of infographic that I found to be very interesting and appealing for my research topic is Number Porn. Obviously, my research question necessitates the use of statistics to illustrate the lack of minority entrepreneurs, so the use of this type of infographic would be great for me to use to be able to utilize a large amount of numbers to prove my point. The final type of infographic that I would be interested in using for my research project is a Data Vis infographic. I liked the Data Vis infographic because it also allows me to present a large amount of data, but it is also very visually appealing, which would provide some entertainment in my presentation.