3 Ways to Advocate for Asian American and Pacific Islander Businesses
New data shows us where to focus our efforts to make the most impact.
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With Asian American and Pacific Islanders Heritage Month in the rear view mirror, we must remember to not lose focus on the entrepreneurs across our country.
At , we tapped into our surveys of more than 750,000 small business owners to . Here are a few ways we can all pay it forward.
Related: Meet the Co-Founders Making Conscious Shopping Easier
Focus on industries that make a difference
According to Hello Alice data, AAPI businesses are concentrated in specific industries, being more than twice as likely to operate in the Food and Beverage sector. Owners also cite hiring as a top barrier to growth — unsurprising for an industry that .
Focusing on these areas of critical need optimizes limited resources to lift up the entire community. The National Restaurant Association . My company works with DoorDash to power the , which offers $10,000 grants to restaurants affected by floods, fires, storms, and other natural disasters. and are other organizations created for and by AAPI entrepreneurs, making them great starting places for anyone looking to find crowd-sourced wisdom.
Factor culture into decision-making
We need to adapt the approach to the audience. Every small business owner needs capital, mentorship and other resources — but what are the most effective ways to deliver them?
was founded during the pandemic as one of the first accelerators for women, Pacific Islanders and Native Hawaiians. The organization delivers many of the same services you’d expect, including one-on-one mentorship and non-dilutive grant funding. But Hawai’i FoundHer specifically accounts for its community’s unique values that emphasize the environment, family and indigenous culture. As an accelerator for women, they also provide childcare.
Let’s also not forget the impact of other aspects of culture, such as language barriers. One report found that through a mainstream bank, or credit union, because of language barriers, lack of internet access and cultural stigma.
Enterprise leaders and support organizations must tailor their efforts to account for these unique circumstances surrounding race, culture, gender and other distinguishing factors. For the AAPI community, that means making a concerted effort to translate resources, offer application assistance and conduct intentional outreach with the people you’re trying to serve.
Related: How Diversity Helped Bring My Company Together
Prioritize capital access
Only 28 percent of AAPI owners reported that they are confident their businesses will stay afloat. That’s nearly 10 percentage points lower than the overall population. Unsurprisingly, the top two challenges cited were growth and finding capital.
No amount of education will make a difference if entrepreneurs can’t get the money to power their growth. Cash flow makes or breaks the bottom line.
There are lots of reasons small business owners might need capital, and different situations call for different solutions. I urge AAPI owners to consider all their options, including , loans, credit cards and venture capital. Check , connect with and don’t be afraid to network with your local business community.
Related: Celebrating the Inspiring and Resilient Stories of AAPI Business Owners
With Asian American and Pacific Islanders Heritage Month in the rear view mirror, we must remember to not lose focus on the entrepreneurs across our country.
At , we tapped into our surveys of more than 750,000 small business owners to . Here are a few ways we can all pay it forward.
Related: Meet the Co-Founders Making Conscious Shopping Easier