Survey Reveals Black Women Seek Wealth In Entrepreneurship
May 17, 2024
The survey found that Black women believe the federal government’s role is crucial in advancing entrepreneurship opportunities.
A new survey by Goldman Sachs’ One Million Black Women (OMBW) initiative, unveiled on May 16, has shed light on the entrepreneurial aspirations of Black women across America.
The study’s findings reveal that 6 out of every 10 Black women perceive entrepreneurship as a viable pathway to accumulating wealth. Moreover, should barriers be minimized, many would eagerly pursue business ventures to uplift themselves, their families, and their communities. Titled “One Million Black Women National Survey: Empowering Entrepreneurs,” the nationwide survey amassed responses from 1,200 participants. It represents the latest endeavor under OMBW, Goldman Sachs’ ambitious $10 billion investment to narrow opportunity gaps for at least one million Black women by 2030.
Survey results projected that 54% of Black women who do not currently own businesses have contemplated launching their own enterprises. Notably, 77% expressed that increased accessibility to business loans, grants, lines of credit, or seed funding would render them more inclined to embark on entrepreneurial journeys. Furthermore, 71% indicated that a streamlined process for obtaining business licenses or permits would serve as a catalyst for their entrepreneurial pursuits.
“Black women are starting businesses faster than any other demographic in our country. But these job creators need the know-how and resources to grow and scale,” Goldman Sachs’ Global Head of Corporate Engagement, Asahi Pompey, said. “’OMBW: Black in Business’ is part of the solution, but we also need policy solutions that will further invest in the economic power of Black women entrepreneurs.”
Ayesha Curry, CEO of Sweet July and a member of the OMBW Advisory Council, said she’s committed to her collaboration with “One Million Black Women” as it advocates for policy solutions. “When Black women are economically empowered, the positive ripple effects reverberate throughout their communities,” Curry said.
Other findings from the survey uncovered that 63% of Black women believe the federal government could play a more proactive role in advancing entrepreneurship opportunities. Only 35% of Black women business owners feel their interests are adequately represented in Washington. Additionally, a striking 32% of Black women intending to cast their votes in the 2024 presidential election remain undecided or uncertain about their candidate of choice. As previously mentioned in BLACK ENTERPRISE, In Our Voice President and CEO Regina Davis Moss stated earlier this month that Black women’s vote is “key to securing equity and justice for our families and generations to come.” The statement followed the release of new polling data that revealed the influential voting power of Asian American and Pacific Islander (AAPI), Black, and Latina/x women and concerns that policymakers and politicians are not prioritizing issues that directly impact their daily lives.
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