Operation HOPE, Inc. and Momentive (formerly SurveyMonkey) announced the latest results from their Q3 Minority Small Business Index Survey. The survey was conducted in partnership with Tableau. Above all, it offers a guide for evaluating sentiment around the current social, economic and political climate that impacts Black small business owners’ (SBO) ability to succeed.
Survey results include responses from nearly 1,000 participants in the Operation HOPE 1 Million Black Businesses Initiative. They revealed that women outpace men in access to several key business development opportunities. The data also shows that women are taking advantage of more tools and resources to help improve their businesses. They are using these tools even during the ongoing pandemic.
Key findings
- Nearly 1 in 5 women small business owners say they trust a community-based organization or non-profit the most to help their business succeed. Only 7 percent of men agree.
- 65 percent of women have participated in small business-development training, compared to 55 percent of men.
- 45 percent of women say they have access to successful small business owners, compared to 32 percent of men.
- 39 percent of women have participated in financial education or financial counseling, compared to 29 percent of men.
- Big-Box retailers are experiencing supply chain issues, so this holiday season is the time to consider small business alternatives.
- The vendors that participate in the 1MBB program (in partnership with Shopify) have their own e-commerce platform, line of credit and access to resources that allow them to scale and grow. Many of these vendors create products that are ideal for the gift-giving season, such as candles or handpicked teas.
Operation HOPE is America’s largest non-profit focused on financial literacy and economic inclusion. It launched the HOPE Minority Small Business Index in collaboration with Momentive in April 2021. The Operation HOPE Index is intended to quantify the experiences and hopefulness of Black small business owners and aspiring entrepreneurs. Each question touches on a different aspect of their experience, from hope for business success to mentorship, risk tolerance, their access to capital and future outlook on systemic issues that can impede success for Black small business owners.
Helping entrepreneurs helps society as a whole
“Through this initiative, Operation HOPE’s goal is to not only give a voice to Black small business owners but also to identify their true sentiment and needs. The data from our latest survey reveals that—when it comes to building Black businesses—the future is female,” said John Hope Bryant, Founder, Chairman and Chief Executive Officer of Operation HOPE. John explains, “In spite of the challenges SBOs face, particularly during the pandemic, women are more optimistic and embracing technology as a means to scale up and grow. The next step in this process is to activate strategic partnerships that address their needs and affect real change.”
“The Minority Small Business Index showcases the firsthand experiences of Black small business owners and entrepreneurs as they fight to succeed in the face of the still-raging pandemic,” said Jon Cohen, Chief Research Officer at Momentive. “The results from our Q3 survey reveal the optimism that drives participants and outlines what they feel they need in order to succeed. Data like these offer tangible guideposts for all entrepreneurs.”
Recent data suggests that Black women are starting new businesses at a higher rate compared to other groups. Enabling access to entrepreneurship for diverse groups in society benefits all. It creates employment opportunities, increases innovation, combats income inequalities and brings a diversity of ideas into fruition.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has been moving America from civil rights to “silver rights”. Its mission is to make free enterprise and capitalism work for the underserved. The goal is to disrupt poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: www.OperationHOPE.org.
About Momentive
Momentive (formerly SurveyMonkey) is a leader in agile experience management, delivering powerful, purpose-built solutions that bring together the best parts of humanity and technology to redefine AI. Momentive products include GetFeedback and SurveyMonkey. Its brand and market insights solutions empower decision-makers at 345,000 organizations worldwide to shape exceptional experiences. More than 20 million active users rely on Momentive to fuel market insights, brand insights, employee experience, customer experience and product experience. Ultimately, the company’s vision is to raise the bar for human experiences by amplifying individual voices. Learn more at momentive.ai.
About Tableau, a Salesforce Company
Tableau helps people see and understand data. As the world’s leading analytics platform, Tableau offers visual analytics with powerful AI, data management and collaboration. From individuals to organizations of all sizes, customers around the world love using Tableau’s advanced analytics to fuel impactful, data-driven decisions. For more information, please visit www.tableau.com.
Group Black and SHE Media Partner recently partnered to launch Group Black Network.
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