Black Business Ownership Has Jumped By 400 Percent
A recent survey has found that black business ownership has skyrocketed over 400 percent in one year. According to a survey conducted by the LendingClub and Guidant Financial, among the 2,600 entrepreneurs surveyed, 45 percent of the small business owners in the country are owned by minority ethnic groups, with the most being owned by African Americans at 19 percent. While 63 percent of the business owners are men, 38 percent are owned by women.
The survey has shown that most of the black entrepreneurs live in the south, with the most being in Texas. With the exception of California, the other top states include Georgia, Florida, and North Carolina.
A surprising result was that most of the business owners did not have a college degree, something that many believe is a requirement in order to be financially successful. It was shown that 32 percent of the business owners only had their high school diploma or GED while 26 percent have a bachelor’s degree, 19 percent have a master’s degree and three percent hold a doctorate.
“Growth amongst all minorities including women is promising in America as small business ownership becomes more favorable and easier to attain,” said Guidant Financial CEO David Nilssen in a statement. “We anticipate and hope to see a continued increase as the impact of tax reform and economic growth shape small business ownership moving forward.”
Take a look at the results broken down below.