According to the newly released inaugural annual survey of entrepreneurs by the Census, more than half of the minority-owned firms with paid employees were Asian-owned.
This represents great opportunities for companies that provide services to business owners such as financial institutions, shipping, software/cloud, etc.
The proposed EB6 startup visa, if passed, will likely accelerate growth of immigration and business ownership for this particular population given that China and India send the highest number of international students to the U.S. annually.
A few things that marketers should keep in mind when reaching out to Asian American business owners:
1) 2/3 of Asian Americans are foreign born, they face unique challenges in language barrier, navigating through regulations and healthcare systems, and having credit history to obtain credit lines or loans.
2) Asian Americans are highly concentrated in a few states and metro areas, where share of business ownership exceeds share of population.
3) Asian Americans are relationship oriented, particularly when it comes to business. Marketers need to take the time to understand the target’s unique needs and build relationship with them.