The study looks at why Black women are leaving corporate America to consider entrepreneurship, as well as the challenges and obstacles to starting and sustaining these businesses. It also looks at how the pandemic has affected their decisions. Here are some of the stats:

  • 51% of Black female entrepreneurs with full time jobs feel that their company supports them having their own business.
  • Nearly 50% of Black female entrepreneurs who also have a full time job feel that remote work has allowed them to pursue their business ventures more freely.
  • 33% of Black female entrepreneurs with full time jobs feel that they've been overlooked for career advancement opportunities because they have an additional business.
  • Nearly 1 in 4 of Black female entrepreneurs with full time jobs do not feel supported by their workplace.
  • 60% of Black female entrepreneurs plan on staying at their 9-5 only until they save enough money to pursue their personal business venture full time.
  • 59% of black female entrepreneurs wish they had the financial resources to pursue their personal business venture full time.

Amidst the pandemic, the top reasons black female entrepreneurs started their own business:

  • Financial support -51%
  • Need for more flexibility - 50%
  • More free time - 37%

Black female entrepreneurs would consider staying at their corporate job if they had the following:

  • Higher salary/bonus - 48%
  • More transparency in decisions that impact their career - 40%
  • More time off - 37%
  • More competitive benefits - 33%
  • More professional development - 29%

Challenges and Barriers:

  • Access to capital - 33%
  • Personal debt - 33%
  • Being a working parent or full-time caregiver - 31%
  • Financially supporting others outside of living expenses - 27%
  • Lack of mentor/limited network - 23%
  • 58% would be more successful if they had a stronger network
  • 40% believe that having a strong network is key for growing your business
  • 50% didn't know where to look for funding

The top ways black female entrepreneurs have funded their business:

  • Personal savings - 61%
  • Credit Cards/Loans - 35%
  • Borrowed from friends and family - 27%
  • retirement savings - 23%
  • Investor Funding - 19%

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