Minority-owned business trends can change over time, but the capital finance they use to stay solvent should always be strong. However, recent history can also tell us important details. The U.S. Department of Commerce’s Minority Business Development Agency released a fact sheet about minority-owned firms this January. All told, the source found that there are more than 7.9 million minority firms, compared to 27,626,360 total firms.
For those wanting to start or sustain a business in Ohio, the latest figures could give an idea of what to expect. Here are some highlights from this data:
- Hispanic-owned firms dominated: The source measured five specific groups of owners: African American/Black, American Indian & Alaska Native, Asian, Hispanic and Native Hawaiian & Pacific Islander. Of these groups, Hispanic owners accounted for the greatest number of firms, with more than 3.3 million. Asian firms were responsible for the highest number of combined gross receipts with $699.5 billion, as well as the largest number of firms with employees ($481,026).
- Ohio in upper half of nationwide rank: This report also separated each state into one of six categories based on the amount of minority-owned firms there. Ohio placed third-highest, meaning it hosts between 500,000 and 999,000 firms owned by minorities.
- Wide ranges of industries covered: Of all the industry sectors assessed, the largest one for minority-owned firms was “other.” This accounted for 37 percent of these businesses and included “repair and maintenance; personal and laundry services; religious and civic organizations; and private households.”
The story doesn’t end with capital and revenue, though. As a Fast Company article recently pointed out, there needs to be support and mentorship for minority business owners to help create a productive network.
Growth Capital can help owners find out how to get an SBA loan. Contact us for more information.
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Understanding the complex world of chronometers
Understanding COSC Validation and Its Importance in Watchmaking
COSC Accreditation and its Demanding Criteria
COSC, or the Official Swiss Chronometer Testing Agency, is the official Swiss testing agency that attests to the accuracy and precision of timepieces. COSC certification is a mark of quality craftsmanship and reliability in chronometry. Not all timepiece brands seek COSC validation, such as Hublot, which instead sticks to its own demanding standards with movements like the UNICO calibre, reaching similar precision.
The Science of Exact Timekeeping
The central system of a mechanized timepiece involves the spring, which delivers power as it loosens. This mechanism, however, can be susceptible to external elements that may influence its precision. COSC-certified mechanisms undergo strict testing—over fifteen days in various circumstances (5 positions, three temperatures)—to ensure their durability and dependability. The tests evaluate:
Average daily rate accuracy between -4 and +6 seconds.
Mean variation, maximum variation levels, and effects of thermal changes.
Why COSC Accreditation Is Important
For timepiece enthusiasts and collectors, a COSC-certified timepiece isn’t just a item of tech but a demonstration to lasting quality and precision. It represents a timepiece that:
Provides excellent dependability and precision.
Offers guarantee of superiority across the entire construction of the timepiece.
Is probable to hold its worth more effectively, making it a wise choice.
Famous Timepiece Brands
Several well-known manufacturers prioritize COSC accreditation for their watches, including Rolex, Omega, Breitling, and Longines, among others. Longines, for instance, provides collections like the Record and Spirit, which highlight COSC-certified movements equipped with innovative substances like silicon balance springs to enhance resilience and efficiency.
Historical Context and the Development of Chronometers
The notion of the chronometer dates back to the requirement for precise chronometry for navigation at sea, highlighted by John Harrison’s work in the 18th cent. Since the official establishment of COSC in 1973, the accreditation has become a yardstick for assessing the precision of high-end timepieces, maintaining a tradition of excellence in watchmaking.
Conclusion
Owning a COSC-certified watch is more than an visual selection; it’s a dedication to quality and precision. For those valuing accuracy above all, the COSC accreditation provides peace of thoughts, guaranteeing that each accredited timepiece will operate dependably under various circumstances. Whether for individual satisfaction or as an investment, COSC-certified watches distinguish themselves in the world of horology, carrying on a tradition of precise chronometry.
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