WASHINGTON—Businesses owned by
AsianAmericans have grown at more than twice the national average, offering a boost to the United States economy, official figures said Thursday.
Releasing a survey taken twice each decade, the Census Bureau said that Asian Americans owned 1.5 million businesses in 2007, a rise of 40 percent from five years earlier. The national growth rate was 18 percent.
"Asian-owned businesses continued to be one of the strongest segments of our nation's economy," Thomas
Mesenbourg, the deputy director of the Census Bureau, said in a statement
The businesses generated more than $500 billion in sales in 2007 and employed some 2.8 million people, the Census Bureau said.
Of Asian-owned businesses, more than one-quarter were run by
Chinese Americans. Businesses owned by Vietnamese Americans were among the fastest growing, increasing nearly 56 percent over the five-year period.
Businesses by most US minority groups have been growing strongly, with African American-owned firms soaring more than 60 percent between 2002 and 2007.
The United States is becoming increasingly diverse. The latest census found nearly 14.7 million Asian Americans, a rise of nearly half from a decade earlier. Only the US Hispanic population grew more quickly.
Source:
http://business.inquirer.net/money/breakingnews/view/20110429-333585/Asian-owned-businesses-grow-sharply-in-US
Personal Reflection:
This article definitely made a good point to growing problems with regards to business and enterprise. The proof that anybody can still make it in the global market remains to push as to create a pragmatic difference in the lives of many people. In my own personal view, I am definitely in the game of economic challenge, although it is not as easy as it sounds and how these business grew in United States, still I believe that there is hope to spare for us here in the Philippines.
As for the present state of our market shares in our country, I have seen that the power of hardwork and perseverance can lead to an astounding goal of success. With the diversified level of intellect of Filipinos, I think that there is another way out of this poverty line. If other Asian countries are able to penetrate to the global market, there is also a great possibility for us (Filipinos) to actually break in. With respect to raw materials, we have great advantage than other nations. As I can see, there is a better chance for us to progress than other neighboring countries who actually import raw materials to make products. Our labor force is also abundant, we have skilled workers in most aspects of work loads which means that we can make our own product in our market and we can also export on our own. Philippine market is highly competitive but it is not as strong as other free markets across the world.
Major problem: As to the many interesting reasons on how our country can progress, I think that in the nature of government that we have now, the chance of growth and development is unlikely or close to undefined. The government are more particular with other things such as pork barrel than having to come up with better economic perspective. In lieu to this belief, I think that the government themselves hardly pass a plan for a larger and long term goal of success with economic issues. They are more concerned with road reconstructions (which is also important but it seems that it is not as paved as it should have been) or tourism (which is one major source of income) and sending other Filipinos abroad (OFWs who send remittances to their families which in return increases the ROI in banking). Isn't there any other projects that they can think of that can help businesses or good production for exports?
Then it hit me, poverty arouse from uncanny and selfish law makers who take tax monies and place them in their pockets. If they could have done some deals with other foreign nations to build other businesses and expand the investment world, lessen the terrorism, maybe we can be highly competitive now. If their share of interest is not only for themselves, maybe our country could be progressive now as we speak.
In the world of business, there is always a risk. The government should take a risk. Sitting pretty and making laws, passing bills isn't all the reason why these people are voted anyways, otherwise we could have sent lawyers instead of active people in both Senate and Congress.
Like I said earlier, it is not as easy as it seems. If progress can be achieved by Vietnamese, there is hope for us. If Chinese can turn the world upside down, why can't we? If Japan had not worked internally and cooperated, they could still be the ill-fated country once bombarded by Atomic bombs. If Philippines had peso-dollar exchange rate close to 1:1 in the earlier years, why can't it now?
Factors, factors. So many factors. But think about this: If people were to work hard, think outside of the box, grow from the mistakes made by the previous lawmakers, then maybe we can move mountains.
In the future. I remain. My faith remains.
-beth-
