27 December 2024

Whoa! Guess what? African American small business ownership skyrocketed by a whopping 400% in only one year, according to a mind-blowing survey!

By Ronald Smith

Get this: the small business financing company, Guidant Financial, conducted a survey that discovered a jaw-dropping increase in the number of African American small business owners in the United States.

In the survey, called The State of a Small Business, they talked to over 2,600 small business owners and entrepreneurs, both men and women.

The mind-blowing stats on African American small business ownership

I found some really interesting data about small business owners in the United States. In 2018, I learned that 45% of these owners were from minority ethnic groups. That’s a big jump from just 15% in 2015! But do you know who saw the most impressive increase? African Americans. Their numbers shot up by a whopping 400% between 2017 and 2018. Can you believe that?

After African Americans, the next group with a significant presence among small business owners was Hispanics, making up 14% of the people surveyed. Asians, on the other hand, accounted for 8% of the surveyed owners, followed by Native Americans at 4%.

I have to tell you, I was really excited to read about this positive change. David Nilssen, the CEO of Guidant Financial, seemed equally thrilled. In an announcement sharing the guidelines, he expressed his enthusiasm for the increase in minority small business ownership. It’s great to see more diverse entrepreneurs succeeding in the U.S.!

As I release this information, I can’t help but feel excited. It’s amazing to witness the rise of small businesses owned by minorities. This trend has been steadily growing ever since we started our survey back in 2015.

And let me tell you, the growth among all minorities, especially women, is truly promising. In America, it’s becoming easier and more favorable for people to own their own small businesses. I anticipate and hope that this upward trend continues, thanks to the positive effects of tax reform and economic growth. It’s truly shaping the landscape of small business ownership moving forward.

In recent years, many African Americans have started their own business services ventures, making it one of the leading types of businesses for them. About 13% of participants in a survey said they operate this kind of business. Another popular niche for African American entrepreneurs is health, fitness, and beauty. Around 9% of small business owners mentioned that they run this type of business.

The survey also revealed that 66% of African American business owners are hoping to expand their current location.

Hispanic Small Business Owners

Hispanic business owners, who are the second largest minority business ownership group in the United States, were motivated to start their own businesses because they wanted to be their own boss. According to Guidant Financials’ Hispanic Business Owners 2018 USamerica.US research, 51% of Hispanic business owners felt ready to take control of their own destiny.

When it comes to starting a restaurant or entering the food industry, many Hispanics see it as a popular and exciting business opportunity. In fact, 11% of Hispanic small business owners are involved in this sector. Similar to African American entrepreneurs, Hispanics also find success in the business services field.

When it comes to happiness in running their own business, Hispanics rate it as a nine on a scale from one to ten. This is slightly higher than African American business owners, who rate their happiness at an eight. It’s clear that both groups find joy and fulfillment in owning their own small businesses in the United States.