It’s important for black entrepreneurs to know the current trends with small businesses. At a New York City event hosted by small business expert, entrepreneur, and founder of Smart Hustle Media, Ramon Ray, print titan HP unveiled its findings from a global report on small businesses.
One of the key takeaways—younger entrepreneurial-minded folks (Gen Z in particular) are motivated to start businesses that have a positive societal impact.
From the HP Small Business Today Study Global Insights Report:
“While making money while pursuing your passion is a top definer of success and motivator for most small business owners around the world, societal impact becomes a key consideration for those in Asia and younger generations of small business owners, on par with or overtaking money in most cases.”
Other findings from the study about small business owners:
- Over half feel it’s their responsibility to fill the gaps the government leaves behind when it comes to the environment and their employee.
- 46% take a stand on controversial societal and/or political issues.
- 46% won’t work with other companies if they feel those companies do not support their community or respect their culture and heritage.
- 44% won’t work with other companies if they do not do their part to protect or advance the rights of underrepresented groups.
Many small business owners also feel alone and unsupported. Eight out of 10 said they found maneuvering regulations and laws to be challenging. The same number also said they found technology to be challenging.
Gen Z small business owners also felt as though they had to make more sacrifices to start their business than other generations.
Not surprisingly, HP also had statistics about printers and small business. The study found that 86% of small business owners still have a printer. Forty-nine percent said they could not operate their business without one.
For more findings from the study, check out the below infographic.