In a groundbreaking revelation, GoDaddy’s Venture Forward research initiative has unveiled a report showcasing the remarkable strides made by Black women in the entrepreneurial landscape.
The findings highlight the significant impact of Black women entrepreneurs not only in shaping the business landscape but also in contributing to the reduction of the racial wage gap.
According to the report, Black women emerge as the fastest-growing group of entrepreneurs, with the rate of new business launches more than doubling since August 2019.
The data indicates that Black women now constitute 10% of the total entrepreneurs surveyed, representing an impressive 70% increase in the number of Black women-owned businesses initiated before the pandemic.
Power of Entrepreneurship:
Alexandra Rosen, Senior Director of Venture Forward, emphasizes the power of entrepreneurship and its far-reaching implications.
“We all know entrepreneurship is powerful, and with this data, people can understand precisely how powerful it is across different types of small and microbusinesses,” says Rosen in a news release.
The report underscores that entrepreneurship creates positive impacts not only for the entrepreneurs themselves but also for their households, communities, and the broader economy.
The report reveals several key takeaways that illuminate the significant role played by Black women entrepreneurs:
- Microbusiness Ownership: Black founders own 15% of U.S. microbusinesses, with Black women leading the charge by owning an impressive 68% of these businesses.
- Earnings and Household Leadership: One in six microbusiness owners earns more than $100,000 annually, with almost three out of ten women with a microbusiness serving as heads of their households.
Wage Equality Impact:
The findings resonate with recent data in cis-het relationships, where women are outearning their male partners.
The report indicates that nearly one-third of wives earn roughly the same amount as their husbands. In 16% of marriages, women emerge as the primary or sole breadwinners.
In egalitarian and breadwinner wife marriages, the report notes that husbands spend considerably more time on leisure activities than their wives.
However, in marriages where wives are the primary earners, husbands’ leisure time increases significantly, while their contributions to caregiving and housework remain relatively unchanged.
The report from GoDaddy’s Venture Forward research initiative serves as a testament to the remarkable progress made by Black women entrepreneurs.
Not only are they driving the surge in entrepreneurship, but they are also instrumental in closing the racial wage gap.
The findings emphasize the need to recognize and support the entrepreneurial endeavors of Black women, acknowledging the positive ripple effects on households, communities, and the overall economy.
Black Wall St. MediaContributor