GoDaddy Venture Forward Research Initiative Releases Latest US Report
It appears that black entrepreneurs own 15% of American microbusinesses, more than two-thirds of which are owned by black women.
TEMPE, Ariz., November 16, 2023 /PRNewswire/ — According to a new report from GoDaddy’s Venture forward research initiative, black women remain the fastest-growing group of entrepreneurs, having more than doubled since August 2019. Black women represent 10% of the total number of entrepreneurs surveyed for the latest report, representing a 70% increase in the number of Black women-owned businesses started before 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 Indigenous or multiracial entrepreneurs, up from 17% in 2019.
GoDaddy’s Venture Forward research initiative quantifies the growth and economic impact of more than 20 million online microbusinesses and provides unique insight into the attitudes, demographics and needs of the entrepreneurs behind them.
Key takeaways from the Venture Forward US report:
- Research found that Black entrepreneurs own 15% of America’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 earns more than $100,000 each year, and nearly three in ten women with micro-businesses are the breadwinners of their households.
- Nearly half of respondents (46%) citing their micro-business as their primary source of income have converted it into an additional source of income.
- Sixty-three percent of entrepreneurs agree: life is better as an entrepreneur.
“We all know that entrepreneurship is powerful, and with this data, people can understand precisely how powerful it is in different types of small and micro businesses,” said Alexandra Rosensenior 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 entrepreneurs’ households, the communities where they live and work, and the economy as a whole.
Venture Forward defines microbusinesses as small businesses with a single 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 leading source of data and insights on microenterprises.
Read it full version of the latest Venture Forward report. For more information on the situation of microenterprises across the country, visit Data Hub for Microbusinesses for new data sets (including concentration of microbusinesses at the city, county and state levels) through the third quarter of 2023.
About GoDaddy Venture Forward
GoDaddy’s Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence (measured by a unique domain and active website). Most of these businesses employ fewer than ten people, each of which is classified as a microenterprise. Even though these microenterprises are small, their impact on economies is outsized, even though they are often too informal or too new to appear in traditional government statistics. To learn more about GoDaddy’s Venture Forward research, visit: www.godaddy.com/ventureforward
GoDaddy (NYSE: GDDY) helps millions of entrepreneurs around the world start, grow and grow their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place, and its expert guides are available to provide support 24/7. To learn more about the company, visit www.GoDaddy.com.
Source: GoDaddy Inc.
SOURCE GoDaddy Inc.