Insights that Ignite Change: Unveiling the Power of Black Women-Owned Businesses in 2023
OAKLAND, Calif. - Oct. 6, 2023 - Blaze Group, a leading edtech and consulting firm, is pleased to announce the release of the highly anticipated 2023 State of Black Women-Owned Businesses Report®️®️. This comprehensive research publication sheds light on the experiences, motivations, support systems, and business models of Black women entrepreneurs in the United States.
The State of Black Women-Owned Businesses Report®️ goes beyond surface-level analysis, providing in-depth demographics and psychographics to transcend the uncontextualized footnotes commonly found in traditional white papers. This report is a catalyst for innovation across markets, offering a unique perspective on the challenges and successes of this powerful group of entrepreneurs.
Key highlights from the 2023 report include:
Rejecting Stagnation: 60% of Black women entrepreneurs work between 10-25 years as employees before launching their own businesses. Shockingly, 42% of respondents had not reached management-level positions before exiting the workforce, demonstrating their pivot to embracing risk for greater opportunities.
Embracing Online Education: Black women entrepreneurs highly value online learning, rating it 4.4/5. A remarkable 77% of respondents actively invest in their business management development through paid online education programs, demonstrating their affinity for learning and flexibility.
Navigating Risk: The report reveals a concerning gap in risk management. Just 23% of Black women entrepreneurs have business insurance, leaving many vulnerable to potential setbacks. Furthermore, only 8% have dedicated legal support, highlighting the need for increased resources and support in crucial areas.
Capital Challenges: Bootstrapping remains the most common source of capital for Black women-owned businesses, with 95% relying on personal savings and 36% utilizing personal credit cards. Access to other sources of capital, such as grants (4%), crowdfunding (4%), loans (3%), and investor backing (2%), remains limited.
Blaze Group's 2023 State of Black Women-Owned Businesses Report provides critical insights into the experiences of Black women entrepreneurs, empowering businesses, policymakers, and organizations to address challenges and create opportunities for growth and support. This report offers a unique perspective on an entrepreneurial community that is driving innovation and economic progress.
"Entrepreneurship is the broadest and fastest path to wealth creation, especially for Black women. Blaze Group publishes the annual State of Black Women-Owned Businesses Report®️ to give vocabulary and data to many of the uncontextualized experiences of Black women entrepreneurs." -- Blaze Group Founder Casey Ariel Richardson
To access the full report, please visit blazegroup.io/research.
About Blaze Group:
Blaze Group creates deeply impactful solutions for Black women entrepreneurs and enterprises desiring to empower them. Our mission is to catalyze innovation that eliminates traditional barriers to economic empowerment for Black women.