New data from Goldman Sachs One Million Black Women reveals the majority of Black women value entrepreneurship as a pathway to wealth creation – and with fewer barriers, would start a business to support themselves, their families, and their communities.
A new Goldman Sachs One Million Black (OMBW) survey released today finds that six in 10 Black women view entrepreneurship as an important pathway to wealth creation, and believe more can be done to
advance entrepreneurship opportunities. By addressing the systemic barriers they face when building their businesses, entrepreneurship could become a viable pathway to help narrow the opportunity gap.
With 1,200 respondents, One Milion Black National Survey: Empowering Entrepreneurs is the latest national survey from One Black Women, Goldman Sachs’ $10 billion investment commitment to help narrow opportunity gaps in the lives of at least one million Black women by 2030.
Key findings from the national survey include:
• 64% of Black women are optimistic about their ability to grow their wealth over the course of their lifetime.
• 61% of Black women view entrepreneurship as an important pathway to wealth creation (compared to 42% of U.S. adults).
• 54% of Black women who do not currently own a business have considered starting their own business.
The majority of Black women surveyed shared that increased access to entrepreneurial resources and opportunities would be the tipping point for them to start a business.
• 7% of Black women said they are more likely to start a business if they had increased access to business loans, grants, lines of credit or seed funding (compared to 58% of U.S. adults).
• 71% of Black women said they are more likely to start a business if they had access to a business training course or accelerator program (compared to 43% of U.S. adults).
71% of Black women said they are more likely to start a business if the process to obtain a business or trade license or permit was easier (compared to 49% of U.S. adults).
• 67% of Black women said they are more networking opportunities (compared to 43% of US adults).
To continue to support business owners, 63% of Black women think that the federal government could do more to advance entrepreneurship opportunities. Currently, just 35% of Black women who own their own business or sell a product/service feel their business interests are well represented in Washington.
Additionally, 32% of Black women intending to vote in the 2024 Presidential election remain undecided or don’t know which candidate they will vote for, emphasizing their focus on issues like the economy, tax policy and affordable housing.
“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,” said Asahi Pompey, global head of corporate engagement at Goldman Sachs. “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.”
“As an entrepreneur myself, I know firsthand how challenging it can be trying to navigate starting a business,” said Ayesha Curry, CEO of Sweet July and member of the One Million Black Women Advisory Council. “I’m honored to join One Million Black Women in their efforts to encourage policy solutions that help Black women-owned businesses thrive. When Black women are economically empowered there is a ripple effect in their communities.
“Historically, entrepreneurship has proven to create pathways to economic prosperity for Black women,” said Alanna Nicholas, founder of Capital Talent Development Group in Akron, Ohio. “Having the autonomy and capacity to create products and series, outside of working for fixed compensation, means the sky’s the limit for Black female entrepreneurs.”
Through research, surveys and national advocacy campaigns, Goldman Sacks seeks to shine a light on the challenges Black women entrepreneurs face in order to inspire Washington policy makers to enact real solutions that create positive change.
Learn more at GoldmanSachs.com.
