Owned Businesses Write for the Us
Owned Businesses Write for the Us – Inequality of wealth is a significant problem in the US. Although big corporations receive more government bailouts and tax incentives than small businesses, inequality is a complex issue beyond just business size. Companies that people of color own are significantly less competitive than those owned by white people.
In addition to the everyday difficulties of establishing a business, black entrepreneurs face a substantial funding disparity between white- and black-owned companies. It’s critical to remember that injustice goes beyond the legal system’s reach when political movements like Black Lives Matter pick up steam worldwide. Black company entrepreneurs have always faced discrimination and repression from the banking system. Numerous campaigners have urged people to patronize black-owned companies to bring about constructive change in this nation.
As people become more aware of economic and social injustice, knowing the facts about black-owned businesses is crucial. Black business statistics show how deep the inequality is and how much hope there is in the black business community.
Black-Owned Public Business Statistics
- There are over 2 million black-owned businesses in the United States.
According to the most recent census data, more than two million black-owned businesses exist in America. Of this number, 124,000 are defined as “employer businesses,” meaning they have employees in addition to the owner(s).
- The most significant black-owned business in the nation is called World Wide Technology.
Global technology consulting firm World Wide Technology is the largest black-owned company, with over $2 billion in revenue in 2016.
3 – Black-owned businesses generated $150.2 billion in total revenue through 2012.
According to the Minority Business Development Agency, these two million-dollar companies have generated over $150 billion in total revenue, less than 1% of the more than $2 trillion in total revenue reported nationally.
- The most common category for black-owned businesses is healthcare.
The most common type of black-owned business is healthcare, with 32% of black-owned companies falling into the healthcare category. Other popular varieties include repair and maintenance, personal and laundry services, advertising companies, and car dealerships.
- New York has the highest number of black-owned businesses in the country.
New York has 204,093 black-owned enterprises, the majority of which were in the nation, according to a survey that counted such businesses in all 50 states and the District of Columbia. Georgia came in second, Florida third, and Texas fourth on that list.
Black Women In Business
Black women found less than 4% of startups.
The State of Black Women Founders, a 2018 research by the Digitalundivided Project Diane, states that between 2016 and 2018, the proportion of Black women who created firms doubled. But it increased by two times, from 2% to 4%. This is a small amount of progress. Over half of all black female-led firms have been founded in California or New York.
Women Make Up 35% Of Black Company Owners.
Although the number of startups launched by black women is minimal, black women are more prominent in the small business world. Women account for 35% of black-owned businesses, compared to only 27% of female business owners of other racial identities.
How Do Black-Owned Businesses Get Started?
- 34% of black company entrepreneurs launch their enterprises to be their bosses.
Thirty-four percent of black business owners cite “willingness to be my boss” as the primary impetus for starting their enterprises. In addition, “wanting to pursue my passion” (29%), “dissatisfaction with corporate America” (13%), and “opportunity that presented itself” (10%) were among the top responses.
- 44% of black small business owners started with cash.
More than the average small business owner, black entrepreneurs spend their money supporting their enterprises. Of all small business owners, just 37% use their money to launch their operations.
How Many People Work In Black-Owned Businesses
Black-owned businesses employ about 920,000 people.
Of the two million black-owned businesses in America, there are fewer than 125,000 employees. These employer companies employ over 920,000 people with annual salaries of $23.9 billion.
- Only 7% of black-owned employer firms have six to 10 employees, compared to the national average of 12%.
Additionally, black-owned companies frequently employ fewer people than the national average. 38% of businesses have two to five employees, while only 7% have six to 10. This is according to American Express data. Averages in aggregate? 41% of businesses employ two to five employees, and six to ten individuals are used by 12%.
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