Black women jumped full force into the micro business industry in 2023, according to a new report published by GoDaddy Venture Forward Nov. 28. In August, Venture Forward interviewed 6,000 small businesses across the US and UK for their 10th annual national survey and the report found that Black women have been dominating the micro business sector this year.
According to the survey, 15% of micro businesses in the US were owned by Black entrepreneurs and 68% of those businesses were owned by Black women. The study found a similar trend in the UK. Black entrepreneurs owned 5% of the micro business industry this year, and of those, 60% were owned by Black women.
Why is entrepreneurship so important for Black women?
Black women have been the fastest-growing demographic of entrepreneurs in the U.S. A 2021 study by JPMorgan Chase found that Black women-owned businesses grew 50% from 2014 to 2019. “Black females accounted for 42% of …