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.
Read the full article here.
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.
