Becoming a minority business owner involves establishing and operating a for-profit business that is at least 51% owned and controlled by one or more minority group members. According to the U.S. Census Bureau, a minority-owned business is one that is owned and operated by an individual who is:
- Black/African American
- Hispanic/Latino
- Asian American
- Native American
- Native Hawaiian or Other Pacific Islander
Minority-owned businesses make significant contributions to the U.S. economy. In 2022, there were an estimated 12.5 million minority-owned businesses in the United States, generating $2.7 trillion in revenue and employing 8.9 million people.