The ownership society in action

Minority entrepreneurs in the US seem to be doing quite well these days, especially Latinos. From today's Washington Post:

Nationally, there were nearly 1.6 million Hispanic-owned firms, still a small percentage of the 23 million individually owned businesses in the country. But Ying Lowrey, senior economist at the Small Business Administration's advocacy office, said minority-owned firms represent the fastest-growing segment of the nation's economy.

Asians are the largest sector of minority business owners in terms of number of businesses and employees, but Hispanics and African Americans are starting businesses at a faster rate. "The contribution of minorities to the economy is tremendous," Lowrey said.

Hispanic immigrants "want to go into their own business as soon as they can leave their day jobs after saving enough money," said Michael Veve, a Washington lawyer who consults with small-business owners who want to do business with the federal government. "They seem to have a very clear perception that they can do better financially in their own businesses."