NORTHAMPTON, MA / ACCESSWIRE / May 25, 2023 / GoDaddy
GoDaddy Thursday May 25, 2023 Press Release Image
As originally reported by GoDaddy’s Venture Forward research initiative
Black Americans are increasingly gaining a stake in the online microbusiness economy. Although this demographic group faces unique challenges, black Internet microbusiness owners are more optimistic than their counterparts. Micro-businesses are defined as companies with fewer than 10 employees, a unique domain and an active website.
Black-owned online micro businesses now account for one-sixth of the nation’s total and about 1 in 2 black-owned micro businesses launched since 2020, according to GoDaddy’s latest national Venture Forward survey of online micro business owners who are customers. That’s more than five times the pie for black majority owners in American businesses of all kinds.
GoDaddy’s Venture Forward initiative began in 2018 to quantify the impact of online microbusinesses on their local economies and provide a unique view of the attitudes, demographics and needs of these entrepreneurs. The US national survey began in 2019 and is conducted twice a year, typically collecting responses from over 3,500 entrepreneurs per instance to identify and explore trends, as well as provide insight to advocates for microbusiness entrepreneurs.
GoDaddy considers more than 20 million online micro businesses in the US that have a unique domain and an active website. Although these micro-enterprises may be small, their impact on the American economy is enormous even though they are often too informal or too new to show up in government statistics.
A blusher look: Although twice as likely to say access to capital is a business challenge, black microentrepreneurs are more optimistic about their business prospects (87% vs. 72% for the entire sample). Black micro-entrepreneurs are also most likely to have started their business because they they always wanted to be their own boss (33% vs. 23%).
The story continues
Serious business: They are too more serious about their entrepreneurial intentions, more likely to secure long-term valuation aspirations. Only 11% of black microbusiness owners view their business as a side hustle, compared to 77% of whites.
They also take their website and e-commerce even more seriously. Nearly half of all black-owned microenterprises accept and fulfill sales orders through their website, compared to just 28% overall, according to a national survey by Venture Forward.
Since 2018, GoDaddy’s Venture Forward research initiative has captured the outlook, needs and demographics of micro business owners and quantified the enormous economic impact of over 20 million micro businesses, down to the zip code level. Venture Forward publishes its US and UK national survey data for download and updates its data sets on US microbusiness density, US microbusiness activity index and US microbusiness industry and trade via the Microbusiness Data Center on a quarterly basis.
See additional multimedia and more ESG stories from GoDaddy at 3blmedia.com.
See the original version on accesswire.com: