Russell Herder continues to push the envelope by working with local non-profits such as Metropolitan Economic Development Association (MEDA) on important research into the impact of entrepreneurship and minority-owned businesses in the Twin Cities.
Russell Herder’s research work with MEDA was recently featured in a column written by MEDA’s president and CEO Gary Cunningham that was published by the Minneapolis Star Tribune.
In 2018, Russell Herder conducted a survey of 451 minority-owned businesses to expose the benefits of these entrepreneurs on Minnesota’s economy. The findings of the survey include increased sales for 40% of the businesses in 2017 and 61% of the businesses projected positive growth in 2018. The survey did however discover the challenges for business owners of color, citing access and ability to obtain capital as common hurdle amongst 1/3 of the survey group.
Entrepreneurship is an avenue to financial stability and wealth building. Minority Business development boosts the economy and gives minority-owned business owners the ability to create jobs. Through studies such as these, we discover areas where Minnesota and local economic development organizations can improve and support minority business owners.
To learn more about Russell Herder’s custom market research, visit https://russellherder.com/capabilities/market-research/ .