Business success is a dominant theme in the Asian American narrative. However, Asian American entrepreneurship is more complex and multilayered than commonly believed and requires careful scrutiny. This brief examines the state of Asian American business ownership between 2005 and 2007. Findings suggest that although Asian Americans form businesses at higher rates than other racial/ethnic minorities, Asian American business ownership and outcomes continue to trail those of non-Hispanic whites. Potential factors contributing to racial/ethnic gaps and policy recommendations are discussed.