Virginia P'an had three strikes against her when she started on Wall Street in 1973: she was young, Chinese and a woman. 

"Talk about liabilities," P'an said. "But you can't operate from a negative viewpoint, or you'll be paralyzed. You have to focus on your abilities and play the game."

That positive attitude helped P'an conquer Wall Street, becoming the first female vice president at American Express Bank.

But after a successful run at the Fortune 500 firm, P'an decided to strike out on her own in 1984 when she established the TransCapital Group, a company that helps Western corporations form strategic alliances within the Chinese market. The TransCapital Group boasts a client list including Aetna, the PepsiCo Foods and Valmet Paper Machinery.

Her risky, but successful decision made her part of a quickly growing demographic: Asian women entrepreneurs.

Notably, according to a study conducted by the Center for Women’s Research (CFWR), women of color own 42% of all firms owned by persons of color, up from 36% in 2004.  And between 1997 and 2006, the number of privately held firms 51 percent or more owned by women of color grew five times faster than all privately held firms (120 percent vs. 24 percent).  Encouragingly, the CFWR also found that Asian women employer firms have the highest survival rate of all women-owned firms:  77 percent of their businesses in operation in 1997 remained in business in 2000.

P'an's experiences have taught her that despite being a Chinese-born woman in the white male-dominated business world, all entrepreneurs must have the same qualities. "The same characteristics are needed to succeed whether you're male or female, white or Asian," P'an said.

The CFWR study corroborate P'an statement, finding the similarities among all ethnic groups on key business issues far exceed any differences.

"This study shows that regardless of ethnicity, entrepreneurship holds the same rewards and challenges for women and that women of all backgrounds are making a substantial contribution to our nation's economy," said Myra Hart, Professor of Management Practice of the Center for Women's Business Research.

Despite the overarching similarities among all business owners, however, the study notes that women business owners are more reluctant to borrow capital to start their enterprise.

Vivian Shimoyama is one example. She used her own capital to start Breakthru Unlimited, a California-based company that manufactures glass artwork. The handmade pieces symbolize the breaking of barriers, a theme that drives her business, she said.

"I had funds that I set aside," Shimoyama said. "I didn't even approach banks to be rejected."

The reluctance to approach banks for start-up capital is also common to Asian business owners, a group that is surpassing all other groups in terms of the numbers of firms and their annual receipts.

To help overcome that reluctance to borrow capital, Wells Fargo, an underwriter for one of the studies, launched the Asian-American Business Services program in February 2002, with a public lending goal of $2 billion over a span of 10 years.

"Traditionally, Asian cultures were less likely to use credit and more likely to raise funding from their families, communities and their own savings," said Iris Chan, Head of Commercial Banking and spokesperson for the Asian Business Services program. "More recently, however, the tendency to borrow from financial institutions has become more commonly practiced in the Asian business community." 

Partnerships with organizations like the Asian Business Association help Wells Fargo disperse financial education to this group, Chan said.

The need for financial education among Asian Americans points to another obstacle for Asian-born business owners; the ability to communicate effectively. For P'an, this is the most fundamental asset for success. It is particularly crucial for Americans of Asian descent, many of whom speak English as a second language.

"I'm first generation. So what? I don't believe in being a victim," P'an said. "If you don't have the skills, get them."

That attitude helped P'an succeed in a homogenous business world. "Women are choosing to have their own businesses because they believe in having more control over their future and being able to positively impact their own communities."

Women's leadership decisions differ from those of their male counterparts. Women business owners are pioneers in offering work-life benefits, Shimoyama said. Their style of leadership also incorporates the building of community along with business.

"I started this business because I have a very entrepreneurial spirit. I'm creative and innovative, and I wanted to merge that with my corporate background," Shimoyama said.

In a refrain that is being echoed by more and more women entrepreneurs, Shimoyama said, "I wanted to build a company that reflects my values."