Women and Entrepreneurs of Color Are Flocking to Entrepreneurship

What's the biggest rival for businesses?  Self-employed individuals, better known as entrepreneurs.  They are creating jobs and economic opportunity.

According to recent research by Gusto in its New Business Owner Survey, 36% of entrepreneurs said they started their business after voluntarily quitting their job. 

One of the key trends from the survey is that women and entrepreneurs of color are flocking to entrepreneurship.  

Founders of new businesses were much likely to be Black, Hispanic, and female in 2020 and 2021 than in 2019. In 2019, 28% of new business owners were women, versus 49% in 2021. And in 2019, Black or African American entrepreneurs made up less than 3% of entrepreneurs; by 2021 that share had tripled to 9%.

New business creation is making a comeback.  Why not control your destiny?

Women Business Owners Are Making History, Always

Women-owned businesses are essential to economic stability and recovery and supporting them is a smart economic decision.

Women are making history as the primary breadwinners for their families while also leading about 40% of households. With these factors combined, supporting small businesses owned by women from all socioeconomic groups means supporting companies that contribute to local economies and provide good jobs.

Read on to learn how continuing to empower women-owned businesses will strengthen our global economy.