Business initiative builds stronger ties with ethnic minority businesses

Business Initiative Builds Stronger Ties with Ethnic Minority Businesses Ethnic minority firms are an unrecognised business opportunity for British commerce, according to a major analysis of the contribution of ethnic businesses to the UK economy published today by Middlesex University Press. Launched with the backing of Lloyds TSB, the university is leading a new initiative to foster stronger links between ethnic minority businesses and the mainstream of the UK economy. 'The British and how to deal with them: doing business with Britain's ethnic communities', by Ram Gidoomal, Deepak Mahtani and David Porter, points out that the contribution of ethnic businesses to the UK economy is growing rapidly, but is often not recognised and remains invisible. According to the study, some 12% of all business start-ups now feature ethnic enterprises. Yet the authors find that many mainstream UK businesses have been unable to harness the full opportunities offered by these developments, either by incorporating ethnic enterprises into their supply chains or engaging them as customers. Speaking today at the launch of the initiative at Lloyds TSB Headquarters, Ram Gidoomal CBE, visiting professor of inner city regeneration and entrepreneurship at Middlesex University will say: "Major 'fault lines' are affecting the integration of ethnic businesses into the UK economy. 'Indigenous' businesses are often prevented from doing Business Initiative Builds Stronger Ties with Ethnic Minority Businesses business with ethnic enterprises because they are unaware of, or fail to understand the importance of, key cultural factors that affect business transactions. The University initiative aims to tackle this." "Ethnic businesses remain virtually untouched by the extensive array of Government-inspired business support initiatives. Lack of cultural awareness inhibits take-up, and in effect is leading to the separate development of 'ethnic economies', which are not integrated into their local and regional economies, to the detriment of both." Mike Fairey, Deputy Group Chief Executive of Lloyds TSB, comments: "For banks, the vocabulary to communicate with entrepreneurs from the ethnic communities has really got to be part of the language of business today. The insight the book provides into the cultural nuances of doing business in the UK today can make the difference between winning the trust and business of tomorrow's business leaders and missing out and offending an individual and the community." Lord Sheppard of Didgemore, Chancellor of Middlesex University, at the launch, will say: "Britain's major asset in these ethnic businesses, and the entrepreneurs in our ethnic communities, could easily be wasted. Everyone has a part to play if this is not to be the case, including the indigenous business community, central and local government, and education. There is an agenda for action here that we would be foolish to ignore." As part of the initiative, Middlesex University will be running a series of conferences and Masterclasses aimed at helping British businesses increase the effectiveness of their partnerships with UK ethnic enterprises. For more information: Celia Cozens Veronica MacGregor Middlesex University Lloyds TSB 020 8880 4262 020 7356 2461 more/.. Business Initiative Builds Stronger Ties with Ethnic Minority Businesses Note to editors: Ram Gidoomal is a South Asian businessman whose family came to Britain from East Africa in one of the first waves of immigration in the 1960s. His business background is with the multinational niche marketing corporation the Inlaks Group, and with a number of public sector and charitable sector enterprises. He sits on the boards of several government-appointed think-tanks, advisory groups and regulatory bodies, including the Better Regulation Task Force, and he was a candidate in the 2000 London Mayoral elections. Deepak Mahtani, also a South Asian businessman, is director of several companies, including the cross-cultural business consultancy Winning Communications Partnership Ltd. With Ram Gidoomal he is a director of the charity South Asian Development Partnership, which in 1992 published a groundbreaking study of the UK South Asian contribution to the UK economy, The £5 Billion Corridor. David Porter is the author of many books, including business histories and biographies. He has experience of living in ethnic minority communities in the north of England, writing projects with communities in Northern Ireland, and travelling and writing in post-revolution Eastern Europe where he has worked with ethnic minorities in Hungary and Romania. Middlesex University is a leading modern regional university with an international reputation committed to serving the needs of its students and its regional communities. It draws many of its students from areas of North and North West London that have large ethnic populations, and its student body is among the most diverse of any university in Britain. The University is working actively to support community development and regeneration in the North London region, work which involves many partnerships and collaborations with businesses, schools, colleges, voluntary organisations and community leaders. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/02/20011002BIT01020/bit0001.doc http://www.waymaker.net/bitonline/2001/10/02/20011002BIT01020/bit0002.pdf