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More than half of entrepreneurs cited having a network of trusted vendors and partners. (56%) Access to Mentors (53%) These entrepreneurs hope that Black and Latino business owners will gain more visibility in their communities. (55%) Formal mentorship programs with Black and Latino business owners (55%) It’s also important to support the next generation of Black and Latino business owners.
While established Black and Latino entrepreneurs undoubtedly bore the brunt of the COVID-19 pandemic’s negative economic impacts, those who were more established not only survived, but thrived. ProsperousIn fact, 73% of Black and Latino entrepreneurs experienced a moderate to large increase in revenue in the past year; only 10% experienced a decrease in revenue. By their own accounts, the past year was successful by most metrics: Nearly nine in ten (88%) report that their companies’ performance last year met or exceeded expectations.
Buoyed by their accomplishments amid extenuating circumstances, established Black and Latinx entrepreneurs are optimistic about the future: More than three in four (77%) of these entrepreneurs expect to see additional growth in 2022 compared to 2021. This growth will enable them to focus on opportunities to achieve long-term sustainability and build generational wealth.
