April 12, 2021
Main Street Monday – Operation HOPE Launches Minority Small Business Index
Last week, Operation HOPE, America’s largest nonprofit financial inclusion organization, launched the HOPE Minority Small Business Index in collaboration with SurveyMonkey. The HOPE index is intended to quantify the experiences and hopefulness of Black small business owners and other aspiring minority entrepreneurs. Each question touches on a different aspect of their experience, from hope for business success to mentorship, risk tolerance, access to capital, and future outlook.
This inaugural survey consisted of 1,167 minority small business owners and aspiring entrepreneurs who are participating in HOPE’s signature One Million Black Business and Entrepreneur Initiative and its other entrepreneurial training programs throughout the U.S. This first survey HOPE Index score is 67 out of a possible 100, to be tracked over time.
Here are some of the key findings from Operation HOPE’s first Minority Small Business Index:
- 58% of minority entrepreneurs said they lack access to capital.
- 79% of aspiring entrepreneurs polled said minority entrepreneurs are much less likely to succeed in building a business compared to white entrepreneurs.
- Nearly 70% of minority small business owners report that they are counting on their small business as their primary source of income.
- 77% of those surveyed said that the COVID-19 pandemic will have a permanent effect on the way they run or start their business.
- Virtually all (98%) minority small business owners said they remain hopeful that they will succeed in reaching their business goals.
- 86% of minority entrepreneurs expect their revenue to increase in the next 12 months (two times higher than the national average).
- Almost three-quarters (74%) expect tech innovation to have a positive effect on their business (more than two times higher than the national average).
“SurveyMonkey is proud to play our part in Operation HOPE’s work to close the gap in entrepreneurial attainment. Our vision is to raise the bar for human experiences by amplifying individual voices,” says Zander Lurie, CEO of SurveyMonkey. “The feedback from Black small business owners is clear—they need better access to the resources, tools, and funding that propel small business success. Together, we can make sure this story is told.”
Click here to see all Operation HOPE’s survey responses