PEOPLE AND EVERYDAY LIFE

Asian American Pioneer Entrepreneurs: Realities of the American Dream

Seven Japanese American men in three piece suits, trench coats, and hats, stand in front of M. Furuya Company. Japanese goods are in window displays.

Video overview for Chapter Title.

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Have Asian Americans who are successful at business achieved the “American Dream?”

Chapter objectives
  • Learn about the historic diversity and disparities of wealth, income, and financial security within and between Asian American communities.
  • Understand how Asian Americans have been portrayed through the model minority myth, promoting misunderstanding, inequality, and interracial conflict.
  • Explore how the histories of Asian American communities and their economic activities offer a definition of collective success that upsets the solely individual nature of the American Dream.

Asian Americans are often associated with the myth that they have for the most part overcome racial discrimination in the United States through hard work to become economically successful. This storyline has served to reinforce the ideals of the American Dream and the notion that American society is based on merit above everything. But, the diversity of Asian Americans’ lived experiences throughout American history reveals both their inclusion and exclusion from certain economic privileges. The disparities of wealth, income, and financial security among Asian American communities demonstrate how these myths can feed racial competition, conflict and misunderstanding and promote ideals of individual success while ignoring other factors. While some Asian American businesses have replicated exploitative practices, others have worked to define success through values of collective ownership and mutual aid. By studying the history of Asian American businesses, this chapter explores how Asian Americans have held different definitions of success in American society.

Modules in this chapter


Entrepreneurship and Asian American Businesses

Asian Americans in Banking and Finance

The Taste of Success

Asian Americans and the Different Realities of the American Dream

Entrepreneurship and Asian American Businesses

Asian Americans in Banking and Finance

The Taste of Success

Asian Americans and the Different Realities of the American Dream

Chapter Sources


“8 Dead in Atlanta Spa Shootings, With Fears of Anti-Asian Bias,” The New York Times, March 17, 2021.

The Asian American Foundation. “The Asian American Foundation Launches to Improve AAPI Advocacy, Power, and Representation Across American Society.” Press Release, May 3, 2021. https://www.taaf.org/news/taaf-launches.

“Asian-Americans Manage Less than 1% of Capital in the Asset Management Industry Despite Solid Performance, Study Finds.” Businesswire, December 2, 2020. https://www.businesswire.com/news/home/20201202005228/en/Asian-Americans-Manage-Less-than-1-of-Capital-in-the-Asset-Management-Industry-Despite-Solid-Performance-Study-Finds.

Asing, Norman. “We are Not the Degraded Race You Would Make Us”: Norman Asing Challenges Chinese Immigration Restrictions,” https://historymatters.gmu.edu/d/6561/ (February 14, 2024).

Association of Asian American Investment Managers. “History.” https://aaaim.org/about-us/history/.

Chen, Yong. Chop Suey, USA: The Story of Chinese Food in America. Columbia University Press, 2014.

Dhingra, Pawan. Life Behind the Lobby: Indian American Motel Owners and the American Dream. Stanford University Press, 2012.

Espiritu, Yen Le. Asian American Panethnicity: Bridging Institutions and Identities. Temple University Press, 1992.

Espiritu, Yen Le. Home Bound: Filipino American Lives Across Cultures, Communities, and Countries. University of California Press, 2003.

Frost, Natasha. “The Only U.S. Territory Without U.S. Birthright Citizenship.” The New York Times, November 25, 2022. https://www.nytimes.com/2022/11/25/world/australia/american-samoa-birthright-citizenship.html.

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