According to a new report from GoDaddy’s Venture Forward research initiative, Black women remain the fastest-growing group of entrepreneurs, more than doubling since August 2019. Black women total 10% of total entrepreneurs surveyed for the latest report, representing a 70% increase in the number of Black women-owned businesses started prior to the pandemic. Overall, entrepreneurship is becoming more diverse, with 29% of U.S. microbusinesses now owned by respondents identifying as Black, African American, Asian, Pacific Islander, American Indian, Alaska Native or multiracial entrepreneurs, compared to 17% in 2019.
GoDaddy’s Venture Forward research initiative quantifies the growth and economic impact of more than 20 million online microbusinesses and provides a unique lens into the attitudes, demographics and needs of the entrepreneurs behind them.
Key Takeaways from the Venture Forward U.S. report:
- The research found Black entrepreneurs own 15% of U.S. microbusinesses, and of those, Black women own 68%.
- Generation X makes up the largest group of entrepreneurs at 41% of the total.
- One in six microbusiness owners earn more than $100,000 annually, and nearly three out of ten women with a microbusiness are the breadwinners in their home.
- Nearly half of respondents (46%) citing their microbusiness as their main source of income converted it from a supplemental source of income.
- Sixty-three percent of entrepreneurs agree: Life is better as an entrepreneur.
“We all know entrepreneurship is powerful, and with this data, people can understand precisely how powerful it is across different types of small and microbusinesses,” said Alexandra Rosen, senior director of Venture Forward.
Rosen added, “Better understanding helps advocates find opportunities to further support these entrepreneurs. What our research demonstrates is that entrepreneurship creates positive impacts for entrepreneur’s households, the communities where they live and work as well as the greater economy.”
Venture Forward defines microbusinesses as small businesses with a unique domain, an active website, and most often, fewer than ten employees. Venture Forward publishes its U.S. survey results annually, and since 2018, the initiative has surveyed more than 30,000 small business owners with a digital presence, making it the premier source for microbusiness data and insights.
Read the full version of Venture Forward’s latest report. For more information about the state of microbusinesses across the country, visit the Microbusiness Data Hub for fresh datasets (including the concentration of microbusinesses at city, county and state levels) through the third quarter of 2023.