AANHPI Entrepreneurs Find Success Through Small Business Ownership

WASHINGTON, May 7, 2024 /PRNewswire/ -- Nearly three million businesses in the United States are owned by Asian American, Native Hawaiian and Pacific Islander (AANHPI) entrepreneurs, according to the U.S. Small Business Administration (SBA). SCORE, a resource partner of the SBA, is dedicated to helping AANHPI entrepreneurs achieve their business goals, providing free small business mentoring, training and resources in all 50 states and U.S. territories. 

From idea to reality
According to the Pew Research Center, 30 percent of Asian Americans say that owning a business is important to their American dream. Nationwide, Americans are starting new businesses at record rates – U.S. Census data shows that 5.5 million small business applications were filed in 2023 alone. For new AANHPI entrepreneurs in pursuit of small business success, the road can be rocky without support.

Gavin Escolar, owner of The Chaga Company in San Francisco, was inspired to start his business after discovering the superfood power of chaga mushrooms during his travels.  His goal was to source quality chaga and create high-antioxidant treats and beverages. Escolar connected with SCORE mentor Pete Slosberg for guidance. A serial entrepreneur and founder of Pete's Wicked Ale, Slosberg shares his expertise as a SCORE volunteer, and assisted Escolar in navigating the challenges of funding, distribution, scaling and growing his business. "SCORE helped me anticipate roadblocks which I would not have anticipated before having an awesome mentor that guides me every step of the way," said Escolar. "They have an amazing pool of people that can help you with business solutions."

The value of a supportive network
Sunitta Hedaoo is the owner of Kora Journeys, a boutique luxury travel company based in Houston. As she was establishing her business, Hedaoo sought guidance from business mentors at SCORE. "Speaking to my mentors about digital marketing, positioning, understanding your competition – that really helped me spread my wings," said Hedaoo. "And all that is part of my success because without a team, I cannot succeed single-handedly."

The advice of an experienced mentor can be enormously valuable for any small business owner, as they take what they have learned and pay it forward by helping other entrepreneurs find success.
SCORE mentor Uyen P. Tran credits her network with helping her find success in business. "As an Asian female entrepreneur, I know that I wouldn't be where I am today without the support and guidance of my amazing mentors," said Tran. "Having someone shed light on the challenges of starting your own business and doing it the right way enabled me to pursue my dreams and do what I love. I want to be able to do that for someone else who is facing some challenges due to the cards life has dealt them."

Whether you're just starting your business plan or you've been running a company for years, SCORE mentors are ready to help with whatever issues you're facing. Find a mentor today or volunteer to be one at score.org.

About SCORE:
Since 1964, SCORE has helped more than 17 million entrepreneurs start, grow or successfully exit a business. SCORE's 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories. Visit SCORE at www.score.org.

Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.

CONTACT:
SCORE
202-968-6428
[email protected]

Looking for a small business expert or owner for an upcoming media story? Email [email protected] to request an interview source.

SOURCES:
https://www.sba.gov/about-sba/organization/observances/asian-american-native-hawaiian-pacific-islander-heritage-month

https://www.pewresearch.org/short-reads/2024/04/22/a-look-at-small-businesses-in-the-us/

https://www.sba.gov/article/2024/01/11/new-business-applications-reach-record-16-million-under-biden-harris-administration

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SOURCE SCORE