Nearly 7 out of 10 Black-owned small businesses say they’re the only or among the very few companies offering their product/services in their city or town. That’s just one of the findings from a recent survey by QuickBooks that shows Black entrepreneurs are consistently at the forefront of innovation.
Commissioned in honour of Black History Month, the survey polled 1,500 Black small business owners with up to 100 employees. It found Black entrepreneurs are the drivers of change in their small businesses, whether by leveraging technology or acting as trailblazers within their families and local communities.
Despite facing ongoing challenges, from racial biases and stereotypes to difficulty obtaining financing and an uncertain economic climate, Black-owned businesses continue to prevail. By taking risks and paving the way for other entrepreneurs, Black business owners act as not just incubators for Black employment but also a support system for Black creatives.
Black-owned small businesses report half their staff members, on average, are artists or pursue creative endeavours on the side. This Black History Month, QuickBooks celebrates the determination and drive of Black entrepreneurs and creatives, as well as the immense value they bring to the economy.