Minorities to Entrepreneurial Majorities
According to an Intuit report for 2020, the minorities in America will collectively become the majority of the population in the four largest states: California, New York, Texas, and Florida. They will comprise 40% of the national population with Hispanics being 20%.
Many minority groups have segments that struggle with financial stability. The opportunities that business ownership provides can help increase family income levels. (see April 28, 2015 Business Corner titled “Why You Should Start Your Own Small Business”)
The growth of minorities also presents some very interesting side effects on society. As these groups grow, their culture becomes more mainstream and less “ethnic.” The cultural infusion that will blend cultural tastes from around the world into the local economy, will provide a huge opportunity for entrepreneurs that position themselves to serve the changing preferences. This infusion will affect music, food, products, entertainment, and even the workforce.
There will be conflict as some cultural differences receive resistance, but the influence will be undeniable and the foreign tastes will infuse with local tastes as consumers start demanding them at a growing pace. The demand will not be for the strong foreign flavor in itself, but for the locally-infused version of that product or service.
Internet and Cloud services will accelerate the cultural infusion as easy access to products and services are readily available worldwide. This global cultural infusion will spur innovation and international sales.
Observant entrepreneurs who sense trends and influences can position themselves to capitalize on the cultural fusion opportunities. With excellent marketing techniques, many will be able to influence the trends.
I hope you found this article to be helpful. If you have questions or suggested topics you’d like to see in this column, please contact me.
Copyright © 2015, R. Scott Alvord
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