A strong zeal to tap into ample resources and technology may explain why Black women entrepreneurs in recent years have started businesses at a higher level than other groups.
And the future of Black business may continue to be those dominated by those women a new report by Operation HOPE Inc. and Momentive (formerly SurveyMonkey) suggests, per a news release. Their Q3 Minority Small Business Index Survey evaluates feelings around the social, economic, and political climate now that effects Black small business owners (SBO).
The survey showed about 1 in 5 women small business owners report they trust a community-based organization or non-profit the most to help them succeed, while just 7% of men agree. Some 65% of women have taken part in a small business-development training, versus 55% of men. And 45% of women say they have access to successful small business owners , compared to 32% of men. Plus, 39% of women have engaged in financial education or financial counseling, in contrast to 29% of men.
The survey gained responses from nearly 1,000 participants in the Operation HOPE 1 Million Black Businesses Initiative (1MBB). Operation Hope calls itself America’s largest non-profit focused on financial literacy and economic inclusion. The analysis showed that women outpace men in access to several key business development opportunities. They too are taking advantage of more tools and resources to help improve their businesses, something women are doing amid the lingering COVID-19 pandemic.
The index quantifies the experiences and hopefulness of Black small business owners and hopeful entrepreneurs. Each question covers a different aspect of their experience, from hope for business success to mentorship, risk tolerance, their access to capital, and the future outlook on systemic issues that can obstruct success for Black small business owners.
“Through this initiative, Operation HOPE’s goal is to not only give a voice to Black small business owners, but also to identify their true sentiment and needs. The data from our latest survey reveals that—when it comes to building Black businesses—the future is female,” stated John Hope Bryant, founder, chairman and CEO r of Operation HOPE.
He explained, “In spite of the challenges SBOs face, particularly during the pandemic, women are more optimistic and embracing technology as a means to scale up and grow. The next step in this process is to activate strategic partnerships that address their needs and affect real change.”
More observations and comments on the survey are here.