In acknowledgement of Black History Month, Intuit QuickBooks released new small business survey findings, emphasizing the persistent economic and social hurdles the Black entrepreneurial community faces.
The survey reveals that 55% of Black business owners have been denied a business loan at least once. Despite this, and the many barriers Black business owners face, they have the courage to take risks, show up for their community, and support future generations of business owners. In fact, 70% view their success as important for the success of future generations of Black entrepreneurs.
Key themes and findings from Black business owners in Canada for 2023 include:
- Financial struggles and disparities are barriers to success
- 66% have had to pay expenses and/or employees with personal funds in the last two years
- 58% needed $10,000 or more to start their businesses – compared to only 41% of non-Black business
- 56% of Black business owners were able to pay themselves in 2022 – compared to 71% of non-Black business owners
- Community is crucial
- 83% have volunteered their personal time to community service in the last year
- 70% feel a need for their business to give back to the Black community
- 49% of Black business owners agree that successful Black businesses are critical for a thriving Black community
- Educate and inform future generations
- 75% think mentorship of the next generation of Black business owners is important for the advancement of successful Black businesses
- 52% of Black business owners think the next generation will experience less hardships than they have
Methodology and Sample
Intuit QuickBooks commissioned online surveys, completed in December 2022, of 1,000 (500 Black and 500 non-Black) business owner respondents in Canada (adults aged 18+). There were 432 small business owners out of 500 Black respondents and 456 small business owners out of 500 non-Black respondents. The approximate average annual revenues are $71,200 for Black business owners and $83,750 for non-Black business owners. The average number of employees per business is 36 for Black business owners and 35 for non-Black business owners. Among Black business owners, 35% have 1-10 employees. Among non-Black business owners, 41% have 1-10 employees. Percentages have been rounded to the nearest decimal place so values shown in charts and graphics may not add up to 100%. Responses were collected in online surveys using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on local census data to ensure accurate targeting and results. Respondents received remuneration.
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66% of Black Business Owners Paid Expenses And Employees With Personal Funds: Intuit QuickBook Study
In acknowledgement of Black History Month, Intuit QuickBooks released new small business survey findings, emphasizing the persistent economic and social hurdles the Black entrepreneurial community faces.
The survey reveals that 55% of Black business owners have been denied a business loan at least once. Despite this, and the many barriers Black business owners face, they have the courage to take risks, show up for their community, and support future generations of business owners. In fact, 70% view their success as important for the success of future generations of Black entrepreneurs.
Key themes and findings from Black business owners in Canada for 2023 include:
Methodology and Sample
Intuit QuickBooks commissioned online surveys, completed in December 2022, of 1,000 (500 Black and 500 non-Black) business owner respondents in Canada (adults aged 18+). There were 432 small business owners out of 500 Black respondents and 456 small business owners out of 500 non-Black respondents. The approximate average annual revenues are $71,200 for Black business owners and $83,750 for non-Black business owners. The average number of employees per business is 36 for Black business owners and 35 for non-Black business owners. Among Black business owners, 35% have 1-10 employees. Among non-Black business owners, 41% have 1-10 employees. Percentages have been rounded to the nearest decimal place so values shown in charts and graphics may not add up to 100%. Responses were collected in online surveys using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on local census data to ensure accurate targeting and results. Respondents received remuneration.
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This entry was posted on February 2, 2023 at 2:20 pm and is filed under Commentary with tags Intuit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.