Black women helping close the gender gap as the fastest growing group of entrepreneurs
GoDaddy Venture Forward research initiative releases latest US report:
Finds Black entrepreneurs own 15% of US microbusinesses, with more than two-thirds of those owned by Black women
TEMPE, Ariz., Nov. 16, 2023 /PRNewswire/ -- 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.
Findings from Venture Forward, a GoDaddy research initiative
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.
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 an active website). Most of these businesses employ fewer than ten people, categorizing each as a microbusiness. While these microbusinesses may be small, their impact on economies is outsized even though they are often too informal or too new to show up in traditional government statistics. To find out more about GoDaddy's Venture Forward research, visit: www.godaddy.com/ventureforward
About GoDaddy
GoDaddy (NYSE: GDDY) helps millions of entrepreneurs globally start, grow, and scale 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 assistance 24/7. To learn more about the company, visit www.GoDaddy.com.
Source: GoDaddy Inc.
