Findings offer insights from 1 Million Black Business Program participants including women entrepreneurs and minority small business owners
Today, Operation HOPE, Inc. and Momentive (formerly SurveyMonkey) announced the latest results from their Q3 Minority Small Business Index Survey conducted in partnership with Tableau. The survey offers a guide for evaluating sentiment around the current social, economic, and political climate that impacts Black small business owners (SBO) ability to succeed.
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Survey results, which includes responses from nearly 1,000 participants in the Operation HOPE 1 Million Black Businesses Initiative (1MBB), revealed that women outpace men in access to several key business development opportunities. The data also shows that women are taking advantage of more tools and resources to help improve their businesses, even during the ongoing pandemic.
Operation HOPE and Momentive’s Q3 Minority Small Business Index offers insight into entrepreneur sentiment
Key findings include:
- Nearly 1 in 5 women small business owners say they trust a community-based organization or non-profit the most to help their business succeed, while only 7% of men agree.
- 65% of women have participated in a small business-development training, compared to 55% of men.
- 45% of women say they have access to successful small business owners, compared to 32% of men.
- 39% of women have participated in financial education or financial counseling, compared to 29% of men.
- Big-Box retailers are experiencing supply chain issues, so this holiday season is the time to consider small business alternatives.
- The vendors that participate in the 1MBB program (in partnership with Shopify) have their own e-commerce platform, line of credit, and access to resources that allow them to scale and grow. Many of these vendors create products that are ideal for the gift-giving season, such as candles or handpicked teas.
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Operation HOPE, America’s largest non-profit focused on financial literacy and economic inclusion, launched the HOPE Minority Small Business Index in collaboration with Momentive in April 2021. The Operation HOPE Index is intended to quantify the experiences and hopefulness of Black small business owners and aspiring entrepreneurs. Each question touches on a different aspect of their experience, from hope for business success to mentorship, risk tolerance, their access to capital, and future outlook on systemic issues that can impede 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,” said John Hope Bryant, Founder, Chairman and Chief Executive Officer of Operation HOPE. John explains, “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.”
“The Minority Small Business Index showcases the firsthand experiences of Black small business owners and entrepreneurs as they fight to succeed in the face of the still-raging pandemic,” said Jon Cohen, Chief Research Officer at Momentive. “The results from our Q3 survey reveal the optimism that drives participants and outlines what they feel they need in order to succeed. Data like these offer tangible guideposts for all entrepreneurs.”
Recent data suggests that Black women are starting new businesses at a higher rate compared to other groups. Enabling access to entrepreneurship for diverse groups in society benefits all by creating employment opportunities, increasing innovation, combating income inequalities, and bringing a diversity of ideas into fruition.
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