1. 39% of entrepreneurs were motivated to run their own business to bring about positive environmental/social change
2. For 68% of entrepreneurs, the income from their businesses is only just or not even enough to cover their cost of living.
3. Well over half (59%) of those surveyed believe that their race has impacted their experience as an entrepreneur.
4. Nearly double the amount of white entrepreneurs (56%) believe their race has positively impacted their experience as entrepreneurs compared to entrepreneurs of color (31%).
5. Nearly 9 out of 10 entrepreneurs say they have been asked to produce work for free, with almost 60% saying this happens often or always.
6. For women entrepreneurs, the most common challenge they faced was securing financing to launch, maintain and grow their business (30%). As compared to male entrepreneurs, where the most common challenge was finding the right people and managing them (32%).
7. The data reveals that white entrepreneurs tend to employ a greater number of people on their teams than entrepreneurs of color. For white entrepreneurs, the most common answer for what size team do you employ was 5-10 employees, for non white entrepreneurs, the most common answer was up to 3-4 employees.
8. The motivation to work for oneself appeals more to entrepreneurs of color (over a third) than it does to white entrepreneurs (only a quarter).
9. Double the number of entrepreneurs of color admitted their goal was to sell their business in the next year compared to white entrepreneurs.
10. Who is supporting entrepreneurs the most?
- For women of color entrepreneurs, it’s their kids
- For male entrepreneurs of color, it’s their parents
- For white women entrepreneurs, it’s their partners
- For white male entrepreneurs, it’s their partners
11. Almost a third (29%) of women of color answered that because of their race, they’ve had negative experiences in entrepreneurship. Only 11% of white male entrepreneurs said the same when asked the same question.
Methodology: This online survey of 1,000 U.S. entrepreneurs was commissioned by Thinkific and conducted by market research company OnePoll, in accordance with the Market Research Society’s code of conduct. Data was collected between May 25 and May 27 2022. All participants are paid an amount depending on the length and complexity of the survey.