Asian American Entrepreneurs

Overview
Facts/Info
Marketing
Translation Services
News Service
Associations / Organizations
Government / Procurement Resources
Capital Resources
Advertising / Public Relations / Marketing Firms
Magazines / Newsletters / Journals
Books

OVERVIEW

Population Trends. In 2001, there were nearly 13 million Asian Americans and Pacific Islanders in the United States, comprising 4.2% of the total population., projected to reach 22 million by 2025, and 34 million by 2050. The top six Asian American populations are Chinese, Filipino, Japanese, Korean, Asian Indian, and Vietnamese.

Culture and Community. Asian Americans are family oriented, highly value education, and possess an entrepreneurial drive and competitive spirit. The overwhelming majority of Asian households consists of families – 75.1% compared to 67.3% for whites. Among Asian Americans aged 25 years and over, 28.7% had earned at least a bachelor’s degree from college, and 15.3% had advanced degrees. That compares with 18.6% of whites aged 25 years with a bachelor’s degree and 9.5% with an advanced degree.

Business Owners. Of all the racial/ethnic groups, Asian Americans are the most likely to own their own business, and are likely to employ family and friends. While the types of businesses that people usually associate with Asian American ownership, (such as dry cleaners, groceries, retail shops, beauty services, and restaurants) are prominent, Asian American entrepreneurs represent all industries. Asian American entrepreneurs are also involved in engineering, accounting, marketing, real estate, healthcare, law practices, manufacturing, etc., and the numbers of these types of businesses are growing.

Success. Asian businesses tend to be profitable. Asians account for the second largest group of minority entrepreneurs (behind Hispanics), but Asian owned businesses bring in more cash than other minority businesses. While Asian firms make up 30% of all minority companies, they account for 52% of all receipts from minority businesses. Over 50% of all minority-owned businesses whose sales exceeded one million dollars were Asian American owned.

The following are some additional facts and information about the Asian American community. For more information, please see the resources listed below.

FACTS / INFO

With approximately $230 billion in spending power, Asian Americans are a powerful force in the United States consumer market

In 2000, Asian and Pacific Islanders had the highest median household income, at $51,205, among all ethnic races in the United States Geometric Growth

With high education attainment and jobs in the professions, 12% of Asian individuals have incomes of $75,000 or more, compared to 10.9% for whites with that income. Similarly, 32.7% of Asian households have incomes of $75,000 or more, compared with 25% of white households earning that income.
Asian American-owned companies experienced a growth rate of 30% from 1992 to 1997, and a revenue growth rate of 46% during the same time period
At 913,000 firms, Asian American-owned businesses generated a total of $306.9 billion in sales with each firm averaging $336,200
2.2 million workers in 2000.
Over 50% of all minority-owned businesses whose sales exceeded one million dollars were Asian American owned
Although Asian American businesses represent only one-third of all minority businesses, Asian American-owned businesses accounted for a gross receipt of $306 billion or 51.3% of the $598.2 billion revenue of all minority-owned businesses generated in 1997
Revenues were far higher for businesses with employees than for self-employed individuals without employees
Asian American-owned firms are not just dry cleaners and “mom-and-pop” grocery stores. Asian American businesses represent all industries including: engineering; accounting; research; facilities management; advertising, marketing & public relations; real estate; healthcare, security & commodity brokers, manufacturing, and transportation
America’s Asian and Pacific Island population was concentrated in the American West with 53.6% living there. The Midwest had the lowest percent at 11.3% of the total. Asians in the Midwest made up only 1.9% of the over-all population there, but made up 9.4% of the population in the West.
Asian Americans are overwhelmingly found in metropolitan areas with 47.5% in the central urban areas, 48.2% in metropolitan areas outside the central city. Only 4.3% of Asian Americans live in rural areas.

Source: March 2000 Current Population Survey and 2000 Census Bureau

MARKETING

Marketing to and within the Asian American market can be challenging. The Asian American market shouldn’t be considered just one segment. Asian Americans are the most diverse ethnic group in the United States today, with the influence of more than fifteen different cultures. Linguistic, religious, and cultural differences make this an especially interesting and complicated market. Here are some things to consider:

Language. The wide range of languages spoken by Asian Americans includes Cantonese, Hawaiian, Hindi, Japanese, Korean, Mandarin, Tagalog, Urdu, and Vietnamese, including various dialects within each. However, Asian American often speak a fair degree of English before moving to the United States and adopt English at a rapid pace. According to the 2000 U.S. Census, nearly 80% of the Asian American population speak English “very well.” Twenty-one percent say they speak only English.

Translation. Strict, word-for-word translation often does not convey meaning accurately. When translating from English into an Asian language or from and Asian language into English, be sure to keep cultural differences in mind.

Media. Magazines and the Internet seem the be the media of choice. Nearly three out of four Asian American adults are magazine readers, comparable to readership among the general U.S. population. On average, Asian Americans read eight magazine issues per month, nearly the same as the average U.S. magazine reader. Asian Americans are also most likely to shop and do product research electronically, spending more money online than any other racial group

Age, Education, and Income. The Asian American population is younger than the overall U.S. population, with a median age of 31.6 years. Asian American education levels are higher than those for the U.S. population. In 2003, 50% of Asian Americans had a bachelor’s degree or higher, compared to 27% of the total U.S. population. The median household income for Asian Americans and Pacific Islanders is 28% higher than the U.S. average.

Origin. Asian Americans come from various countries and cultures, including China, Philippines, India, Vietnam, and Korea. What’s important in one country or culture may not be important in another.

TRANSLATION SERVICES

Language Line Services
www.languageline.com
Offers the highest quality language services and technology and is the only organization to meet and exceed the rigorous American Society for Testing and Materials standards for interpreter quality and training.

Translation Plus, Inc.
www.translationplus.com
A professional language service provider dedicated to meeting the highest standards in the industry when delivering accurate and culturally sensitive international communication services.

TransWare
www.transware.com
A full-service provider of integrated globalization services including ensuring your text and spoken word is translated accurately and appropriately into other languages and adapting your product or information to meet the language, cultural and other requirements of your target environments or markets.

NEWS SERVICE

Asian PR Wire
www.asianprwire.net
News Distribution Service focused on the Asian American and Pacific Islander media!

Goldsea
http://goldsea.com
Asian American news and information

ASSOCIATIONS / ORGANIZATIONS

The following associations and organizations promote Asian American business and culture, and provide an avenue for networking, news, and information.

Minority Business Development Agency
www.mbda.gov
MBDA is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in America.

Asian American Business Development Center
http://www.aabdc.com/
Anon-profit organization established in 1994. AABDC's mission is to assist Asian-owned businesses to compete in the mainstream marketplace.

United States Pan Asian American Chamber of Commerce -USPAACC
www.uspaacc.com/
Formed in 1984 as a national, non-profit organization representing all Asian Americans and Asian American-related groups in business, sciences, the arts, sports, education, public and community services. USPAACC represents more than one ethnic group.

Organization of Chinese Americans
http://www.ocanatl.org/
A national organization dedicated to advancing the social, political, and economic well-being of Asian Pacific Americans in the United States.

Asian Women in Business
www.awib.org
A not-for-profit membership organization founded in 1995 to assist Asian women to realize their entrepreneurial potential.

Asian, Inc.
www.asianinc.org
A nonprofit technical assistance and research organization incorporated in 1971, works to strengthen the infrastructure of Asian American communities in Northern California and to assist in their physical, economic, and social development.

The Asians in America Project
http://www.asiansinamerica.org/home.html
Purpose is to be a central source of information for all things of interest to people of Asian Pacific descent living in the United States.

Asian and Pacific Islander American Vote (APIAVote)
www.apiavote.org
A national nonpartisan, nonprofit organization that encourages and promotes civic participation of Asian Pacific Islander Americans in the electoral and public policy processes at the national, state and local levels.

Asia America MultiTechnology Association
www.aamasv.com
Silicon Valley's leading MultiTechnology business network promoting the success of the Asia America region's technology enterprises.

National Association of Asian American Professionals – NAAAP
www.naaap.org/
The largest and fastest growing Asian American professional organization in the U.S. and Canada.

National Council of Asian American Business Association – NCAABA
www.national-caaba.org/
The mission of NCAABA is to be a strong voice in effecting positive change in the areas of economic development, public contracting and private procurement; public and fiscal policies that impact Asian Pacific American businesses and communities at large.

Asian Diversity
www.adiversity.com/
Established in 1987 to promote and empower Asian Americans in the workplace. Since its inception, ADI has assisted many organizations in incorporating Asian Americans into their diversity initiatives.

Asian American Advertising Federation
www.3af.org/
Made up of Asian American advertising agency principals, media, advertisers and strategic partners, its mission is to grow the Asian American advertising and marketing industry, raise public awareness of the importance of the Asian American community and further professionalism within the industry.

Asian Pacific American Heritage Association
www.apaha.org/
Non-profit organization registered in the State of Texas. APAHA's organizational mission is to promote the Asian/Pacific American culture, heritage, and awareness through celebration events and educational outreach - leading to the month of May, Asian/Pacific American Heritage Month.

Asian Media Watch
www.asianmediawatch.net
Asian Media Watch is a not-for-profit grassroots organization dedicated to promoting a diverse, fair, and balanced portrayal of Asian and Pacific Islander Americans (APIA’s) in the media and entertainment industry.

Association for Asian American Studies
www.aaastudies.org
Founded in 1979 for the purpose of advancing the highest professional standard of excellence in teaching and research in the field of Asian American Studies; promoting better understanding and closer ties between and among various sub-components within Asian American Studies: Chinese, Japanese, Korean, Filipino, Hawaiian, Southeast Asian, South Asian, Pacific Islander, and other groups.

Asian American Psychological Association
www.aapaonline.org/
Composed primarily of graduate students, academics, and professionals in psychology, we welcome all professionals interested in Asian American psychology to become members as we seek to advance our science and professional practice related to Asians in the United States.

The National Asian Pacific American Bar Association (NAPABA)
www.napaba.org
The national association of Asian Pacific American (APA) attorneys, judges, law professors, and law students, providing a national network for its members and affiliates.

Asian American Journalists Association
www.aaja.org/
Association whose mission is to encourage Asian American and Pacific Islanders to enter the ranks of journalism, to work for fair and accurate coverage of Asian American and Pacific Islanders, and to increase the number of Asian American and Pacific Islander journalists and news managers in the industry.

Asian American Hotel Owners Association
www.aahoa.com/
Representing more than 8,300 members, AAHOA is one of the leading forces in the hospitality industry and one of the most powerful Asian American advocacy groups. Together the members own more than 20,000 hotels, which have 1 million rooms representing over 50% of the economy lodging properties and nearly 37% of all hotel properties in the United States.

National Asian American Society of Accountants
www.naasa.org
Aims to be the premier professional association for enhancing the presence and influence of Asian American in the accounting and finance professions.

Asian American/Pacific Islander Nurses Association
www.aapina.org/
Mission is to identify and support the health care needs of Asian Pacific Islanders (API) in the United States and globally.

Asian Pacific American Labor Alliance AFL-CIO
www.apalanet.org/
The only national organization of Asian Pacific American union members. Organizes and works with Asian Pacific American workers, many of whom are immigrants, to build the labor movement and address working conditions in the garment, electronics, hotel and restaurant, food processing and healthcare industries.

National Asian Peace Officers’ Association
www.napoaonline.org/
Founded in 1980 and comprised of approximately two dozen chapters. Fosters the development of professional and fraternal relationships within Asian and Pacific Islander law enforcement communities throughout the US.

Asian American Government Executives Network – AAGEN
www.aagen.org
The mission of AAGEN is to promote, expand and support Asian Pacific American leadership in the Federal, State and Local governments.

GOVERNMENT / PROCUREMENT RESOURCES

There are hundreds of federal buying opportunities scattered all over the country. The following sites can help you find and apply for procurement opportunities.

Federal Business Opportunities
www.FedBizOpps.gov
Government Agencies will post their procurement notices. Companies can use FedBiz Opps to search for federal contracts by solicitation numbers, procurement classification codes, and selected government agencies.

ARNet Library – Procurement Regulations
www.arnet.gov
The Acquisition Reform Network Web site contains a complete list of procurement regulations, as well as links to procurement forecasts at federal agencies.

Small Business Administration – Procurement Offices
www.sba.gov/GC/pcr.html
A complete online list of government procurement offices.

Minority Business Development Agency
www.mbda.gov
Part of the U.S. Department of Commerce, specifically created to encourage the creation, growth and expansion of minority-owned businesses in the United States.

National Minority Supplier Development Council
www.nmsdc.org
Matches minority-owned businesses with large corporations that may use their services.

USPAACC – Procurement Connections
www.uspaacc.com/uspac/news/procurement_connections.htm

Helps USPAACC members with the preparation of information packets to bid on procurements. USPAACC also facilitates meetings between member procuring organizations with qualified USPAACC Asian American certified companies.

CAPITAL RESOURCES

Do you need money to get your business started or to help your business grow? Minority businesses often find it more difficult getting funding from traditional sources. The following resources, endorsed by the Asian American Alliance, allow you to search databases for providers of venture capital and equity capital. Some offer early-stage funding, others offer later-stage growth funding.

Business Finance
www.businessfinance.com
"Instantly match your needs to thousands of sources with capital to lend or invest."

Investor Guide
www.investorguide.com/
Links to venture capital resource sites.

Venture Capital Marketplace
www.v-capital.com/
Lists venture capitalists and those seeking capital. Also provides venture capital related resources.

VentureLine
www.ventureline.com/
Provides information and consulting services for start up business including loans, equipment leases and venture capital.

Vfinance.com
www.vfinance.com
Since 1995, vFinance.com has painstakingly researched and validated virtually every well-known VC firm in America. The list is constantly updated, cleaned and checked for accuracy.

ADVERTISING / PUBLIC RELATIONS / MARKETING FIRMS

The following firms specialize in advertising and marketing in the Asian American community.

A Partnership
www.apartnership.com
Founded in 2000, was named the number one Asian American advertising agency by Advertising Age in 2002.

PanCom
www.pancom.com/
The premier Asian-American advertising agency in the United States.

IW Group
www.iwgroupinc.com
Founded in 1990, IW Group, Inc. is a public relations and communications firm that specializes in reaching the growing Asian-American community in the United States.

Admerasia
www.admerasia.com/
Armed with an intimate and firsthand understanding of the vast diversity of Asian cultures, Admerasia offers fully integrated marketing solutions that will help you to establish your products and services in these lucrative communities

InterTrend Communications
www.intertrend.com
An award-winning full-service communication agency based in Long Beach, California, helping corporate America to target the Asian American segments such as Chinese, Japanese, Korean, Vietnamese, and Filipinos nationwide.

AdAsia Communications
www.adasia-us.com/
A full service Asian American advertising agency that helps brands and companies reach the country’s almost 12 million Asian Americans.

Dae Advertising
www.dae.com/
An award winning full-service advertising agency specializing in the Asian American market, with expertise ranging from strategic planning and creative development to media and event marketing.

Saeshe Advertising
www.saeshe.com/
Top advertising agency specializing in the Asian American market.

Ethnic Solutions
www.ethnicsolutions.com
Advertising agency specializing in the Asian American market. “We know the ins and outs of working with the different Asian American communities, because we are part of those communities.”

Asian American Advertising Federation
www.3af.org/

Made up of Asian American advertising agency principals, media, advertisers and strategic partners, its mission is to grow the Asian American advertising and marketing industry, raise public awareness of the importance of the Asian American community and further professionalism within the industry.

MAGAZINES / NEWSLETTERS / JOURNALS

The following publications provide information of interest to the Asian American community including business, politics, education, entertainment, and style.

Asian Enterprise
www.asianenterprise.com
Founded to become the information source for the growing number of independent Asian Pacific American entrepreneurs throughout the United States.

Asian Week
http://news.asianweek.com/news/

“The Voice of Asian America”
Asian Nation
www.asian-nation.org
One-stop information resource and overview of the historical, demographic, political, and cultural issues that make up today's diverse Asian American community.

Asian Fortune
www.asianfortunenews.com
The only English newspaper designed to serve the Pan-Asian American Community (Chinese, Korean, Vietnamese, Japanese, Filipino, Asian Indian, Pakistani, Cambodian, Thai, Laotian... All Asian American groups) since 1993.

Asian Diversity
www.adiversity.com/magazine/

Established in 1987 to promote and empower Asian Americans in the workplace. Since its inception, ADI has assisted many organizations in incorporating Asian Americans into their diversity initiatives.

Hyphen Magazine – Asian America Unabridged
www.hyphenmagazine.com
A magazine about Asian America for the culturally and politically savvy. Built around a clarity of image, word and social awareness, Hyphen takes form from the artists, thinkers and creators who are shaping a new multiethnic generation.

America’s Top 100 Asian Entrepreneurs
http://goldsea.com/Profiles/100/100.html
Profiles of successful Asian Entrepreneurs

BOOKS

The following books offer information and inspiration to help Asian American entrepreneurs start and grow successful businesses.

Distinguished Asian American Business Leaders
By Naomi Hirahara
Amazon.com Link

Lives of Notable Asian Americans: Business, Politics, Science
By Angelo Ragaza
Amazon.com Link

Asian American Dreams: The Emergence of an American People
By Helen Zia
Amazon.com Link

Asian Pacific Americans in the Workplace
By Diana Ting Liu Wu
Amazon.com Link

The Asian Insider: Unconventional Wisdom for Asian Businesses
By Michael Backman
Amazon.com Link

Warrior Lessons: An Asian American Woman’s Journey into Power
By Phoebe Eng
Amazon.com Link

Cowboys and Dragons: Shattering Cultural Myths to Advance Chinese / American Business
By Charles Lee
Amazon.com Link