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ASIAMS.NET |
ASIAN AMERICAN ISSUES
Starting Your Own Business
(Updated
Tuesday, Apr 1, 2008, 05:56:08 PM)
hat's not to like? Tell off the boss, scrap the suits and ties, exit commuter hell, set your own hours and rake in the riches. Hell, if average joes like Charles Wang, Jerry Yang and Pehong Chen can bootstrap startups into billion-dollar companies, what's to stop a savvy, hardworking wiz kid like you?
Top AA entrepreneur
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That's precisely the thinking of the 913,000 Asian Americans who run their own businesses. As of 1997 (the most recent year for which census compilations are available) Asians made up 4.5% of all U.S. busiinesses. On a per capita basis AA are nearly twice as likely as other minorities to start a business. And they're doing well. Between 1992 and 1997 the revenues of Asian-owned firms jumped 68% to $307 billion, compared with a 40% growth for all U.S. businesses.
But commerce department stats show that most AA startups aren't of the fantasy variety. Only 32% had paid employees and only 2,100 (2.3%) had 100 or more employees. Maybe the most discouraging to prospective entrepreneurs: only 5% (45,300) of firms had gross receipts of $1 million or more. Far larger numbers (259,600 or 28%) had annual receipts of under $10,000.
AA businesses also don't fit the stereotypes of hi-tech garage startups or mom-and-pop grocery stores. The biggest share (44% versus 43% for all U.S. businesses) fall into the services category, with heaviest concentrations in business and personal services. The number two category is retail (21.4% versus 14% for all U.S. businesses), followed by "Not Classified" (10%), finance, insurance and real estate (8%), wholesale trade (6%), transportation, communications and utilities (4%), manufacturing (3%), construction (3%) and agricultural services (1%).
In terms of gross receipts, however, wholesale trade accounted for over a third of all receipts with $105.5 billion, followed by retail ($67.9 billion) and services ($67.8 billion) where a much larger share of the receipts survive to the bottom line. Asians own 5,634 law firms, 74,471 medical firms and 23,242 manufacturing firms. Of those, 1,676 companies with 33,616 employees were listed as manufacturing electronic and electric equipment. The glamour fields make up relatively small numbers. For example, listed under "motion pictures" are 4,338 AA firms with $49.5 million in sales. Of those only 1,622 had paid employees, 8,326 of them.
By nationality, Chinese Americans owned the most businesses (252,577), followed by Indo-Ams (166,737), Cor-Ams (135,571), Viet-Ams (97,764), Japanese-Ams (85,538), Fil-Ams (84,534) and other Asians (70,868). Revenues showed greater disparity: Chi-Ams ($106.2 bil), Indo-Ams ($67.5 bil), Cor-Ams ($45.9 bil), J-Ams ($43.7 bil.), Other Asians ($19.0 bil), Fil-Ams ($11.0 bil) and Viet-Ams ($9.3 bil).
All these stats are meaningless, of course, if not downright hazardous to those who risk life savings, good credit and a steady paycheck to launch themselves into trajectories that are always unique, perilous and non-reversible. In the end all that separates the eight tattered failures from the one gleaming success is a relentless will to pay whatever cost is demanded.
Is starting your own business really the best way to fulfull the American dream? What separates the sun-bleached carcasses lining the road to riches from those who arrive in air-conditioned style?
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Discussions posted during the past year remain available for browsing.
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WHAT YOU SAY
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AC Dropout:
Where did your business ideas come from? I know I have to eventually start on my own business, but I dont have the slightest clue what type of business (well, I have some ideas, but no real world experiences in those department). How much knowledge did you have before launching your own business...that is of entrepreneurship and of the product/service you are selling today? Tell us about your story...we're all ears.
All I have going for me right now is a strong desire to be my own boss, willingness to work hard and take risk, and little finanical responsibilities. Of course I need more specific goals to start my own business...but where do I begin???
be
Wednesday, August 14, 2002 at 21:12:49 (PDT)
be,
I slept very little during the last 1.5 years of employment. I set up a WAN to do stuff off the companies internet connetions. Or I would use a laptop with a modem connection to dial into my WAN, so I could work on my projects while doing my full time job. Don't forget a cell phone.
You have to be creative. And of course make sure no one ever finds out.
At the final phase I took a 6 months leave of absense, and hired some employees to see if the company was ready for full time management. After 6 month I quit.
Just start with baby steps before you take a leap.
If you want it bad enough, sleep is just another useless pastime. ^_^
AC Dropout
Tuesday, August 13, 2002 at 13:06:37 (PDT)
AC Dropout:
I'm hearing ya. One question though...how in the world would someone be able to manage two full time jobs simultaneously?? I only have one full-time job, and its leaving me with hardly any free time. Not to mention during those 'free' times, I'm unconsciously thinking, feeling, and dreaming (nightmares--to be more specific) of work.
I definitely got to come up with some business plans to escape from the annoyances and pressures of the corporate world. Any ideas?
be
Monday, August 12, 2002 at 20:38:34 (PDT)
Check out the current Fortune magazine on the 100 Fastest Growing Companies! The Top 3 on the list have something to do with Asian. Both Rank 1 and 2 were started and are led by Asian CEOs (Chinese?), and Rank 3 is a Chinese restaurant business! Is this a coincidence or what? When I first read the list, I thought Fortune had made a mistake by putting up the Asia's version of the list. Nope. It was for the United States of America--the land of immigrants and the land of opportunity! We, Asians, should be proud. We have entrepreneurship in our blood!! Even our food is a hot commodity!!
http://www.fortune.com/lists/fastest/index.html
Good luck!
Entrepreneurship has its reward
Monday, August 12, 2002 at 15:28:26 (PDT)
be,
You sound like me 2.5 years ago. But it was really a career review I got that recommended I need another year to make managment, that broke the camels back.
I started in retail. As the company name grew in the industry, I started some wholesale accounts. Then we started designing products for some of our larger clients. Most recently we picked up a manufacturing end for some of the product lines we sold.
If you are planning to bootstrap the business, I would recommend the holding on to this job while starting your company.
Think of it like corporate escapism. "This job sucks, well at least I got a side business." If all goes well your company will overtake your current salary and you'll be able to hire employees.
And then, you rule the world. hahaha. Hey why is there an echo in my office. Did I just say that out loud? ^_^
AC Dropout
Monday, August 12, 2002 at 06:55:02 (PDT)
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