Employment platform, LinkedIn published an infographic, revealing the hurdles and difficulties faced by black women who are running or have decided to run a business.
Women all over the world are facing challenges while taking initial steps to start up a company or to invest in business and finance. In a first-world country like America, this issue is also apparent. This is because generally a lot of females face issues gathering resources and connections to start their businesses after the pandemic.
In LinkedIn data analysis, they mention that at least 17% of black women want to start their very own business in the USA. Compared to 15% white men and 10% white women, black women are more determined to establish their own enterprises. However, the main issues faced by these women are also brought to light in this survey. One of the most important ones is the lack of people willing to lend them loans to start their business. On the other hand, white men and women have a much higher probability to be lent loans. As a result of challenges like that, the survey states that only 3% of black women actually run mature businesses in the United States. It is important to note though, that these results are from a survey conducted fresh out of the pandemic which has ruined a lot of local businesses all over the world.
Furthermore, around 51% of black women were the only source for their family’s income and 50% of them had to travel extremely long distances for their office job. In addition, only 37% of the women had leisure time and bonuses provided by the firms they worked in. Due to all these circumstances that they face in their desk jobs, many black women have decided to pursue careers in their own businesses.
Statistics depict that only 33% of black women have the finance and capital to invest in their business. To begin with, 61% of them had some personal savings to invest, 27% were indebted to friends and relatives and 50% were unaware of the ways through which they can borrow money from. Apart from this, there were several other factors that stopped them from expanding their business. For instance, credit card debt, lack of supporters, microaggression, etc. LinkedIn data shows 31 % of the black women are single mothers and they have additional family responsibilities that hinder their thinking, not allowing them to expand their businesses. 42% of the Black women faced disrespect from coworkers and received bad comments. Moreover, 38% of Women entrepreneurs faced racism and discrimination in their path to becoming successful entrepreneurs.
A large percentage of black women find it difficult to pursue their business careers because of a lack of funding and the inability to grow networks.
Read next: Meta's new report sheds light on how the pandemic has affected SMBs (especially black owned businesses)
Women all over the world are facing challenges while taking initial steps to start up a company or to invest in business and finance. In a first-world country like America, this issue is also apparent. This is because generally a lot of females face issues gathering resources and connections to start their businesses after the pandemic.
In LinkedIn data analysis, they mention that at least 17% of black women want to start their very own business in the USA. Compared to 15% white men and 10% white women, black women are more determined to establish their own enterprises. However, the main issues faced by these women are also brought to light in this survey. One of the most important ones is the lack of people willing to lend them loans to start their business. On the other hand, white men and women have a much higher probability to be lent loans. As a result of challenges like that, the survey states that only 3% of black women actually run mature businesses in the United States. It is important to note though, that these results are from a survey conducted fresh out of the pandemic which has ruined a lot of local businesses all over the world.
Furthermore, around 51% of black women were the only source for their family’s income and 50% of them had to travel extremely long distances for their office job. In addition, only 37% of the women had leisure time and bonuses provided by the firms they worked in. Due to all these circumstances that they face in their desk jobs, many black women have decided to pursue careers in their own businesses.
Statistics depict that only 33% of black women have the finance and capital to invest in their business. To begin with, 61% of them had some personal savings to invest, 27% were indebted to friends and relatives and 50% were unaware of the ways through which they can borrow money from. Apart from this, there were several other factors that stopped them from expanding their business. For instance, credit card debt, lack of supporters, microaggression, etc. LinkedIn data shows 31 % of the black women are single mothers and they have additional family responsibilities that hinder their thinking, not allowing them to expand their businesses. 42% of the Black women faced disrespect from coworkers and received bad comments. Moreover, 38% of Women entrepreneurs faced racism and discrimination in their path to becoming successful entrepreneurs.
A large percentage of black women find it difficult to pursue their business careers because of a lack of funding and the inability to grow networks.
Read next: Meta's new report sheds light on how the pandemic has affected SMBs (especially black owned businesses)
