As black unemployment remains at historic lows, The number of small businesses owned by African Americans in the United States has exploded by 400% year-over-year, according to a survey of more than 2,600 small business owners and entrepreneurs by Guidant Financial.
The survey reveals that in 2018, 45% of small business owners were minorities - up from just 15% three years ago, with the majority of them belonging to African American owners.
Following African Americans, Hispanics were the next largest group of minority small business owners representing 14% of the business owners interviewed for the survey. Meanwhile, Asians made up 8% of the business owners surveyed while Native Americans made up 4%. -Small Business Trends
Looking more closely at the data, we find that the majority of black business owners are between 40-49 years of age, while the #1 state for the demographic is Texas, followed by Georgia, California, Florida and North Carolina.
Meanwhile, 46% of black-owned businesses have just one employee, while 41% employ 2-5 people. Industries information is a bit sparse, with 13% providing "business services," 9% providing health/beauty/fitness as well as food or restaurant, 7% general retail and 28% "other."
In terms of motivation, most respondents said they were "ready to persue my passion," followed by "ready to be my own boss" and "opportunity presented itself."
Perhaps this is one of the reasons why support for President Trump among black voters doubled to 36% according to Rasmussen.