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Operation HOPE|SurveyMonkey: HOPE Minority small business index

Operation HOPE|SurveyMonkey: HOPE Minority small business index

New data released today as part of a collaboration between Operation HOPE, America’s largest nonprofit financial inclusion organization, and SurveyMonkey sheds light on what it's like to be a Black small business owner or aspiring entrepreneur today.

As part of this effort, Operation HOPE and SurveyMonkey developed the HOPE Minority Small Business Index. This index is intended to help quantify the experiences and hopefulness of Black small business owners and aspiring entrepreneurs. Each question touches on a different aspect of their experience, from hope for reaching their business goals, to mentorship, to their tolerance for risk, to their access to capital, and finally, future paths for success for Black small business owners.

This inaugural survey consisted of 1,167 Black small business owners and aspiring entrepreneurs who are participating in HOPE’s signature One Million Black Business and Entrepreneur Initiative (1MBB) 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.

Key findings include:

  1. Most Black aspiring entrepreneurs and small business owners find the odds stacked against them in building their businesses: 79% say minority entrepreneurs are much less likely to succeed in building a business compared with whites.
  2. Despite what they perceive as long odds, nearly as many (69%) are counting on their small business as their primary source of income, and to compound the existing hurdles, 58% lack access to capital today.
  3. The pandemic adds yet another strain: 77% say COVID-19 will have permanent effects on the way they run or start their business.

A few glimmers of HOPE exist:

  1. Virtually all (98%) Black small business owners and aspiring entrepreneurs are hopeful they will succeed in reaching their business goals.
  2. Fully 86% expect their revenue to increase in the next 12 months; over twice the shares of small business owners nationwide. 
  3. Almost three-quarters (74%) expect tech innovation to have a positive effect on their business; again, over two times the shares of small business owners nationwide.

Read more about our polling methodology here
Click through all the results in the interactive toplines below:

Survey dates: 

Sample size: 1,167

  • Which best describes you?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    I am an aspiring entrepreneur
    32%
    33%
    29%
    I am a new small business owner (less than 1 year)
    26%
    26%
    25%
    I am a recent small business owner (1 - 5 years)
    31%
    30%
    33%
    I am an experienced small business owner (more than 5 years)
    12%
    11%
    13%
    No answer
    0%
    0%
    0%
    Question wording: Which best describes you?
    Survey dates: 
  • Is your current business, or will your future business, be your primary source of income?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Yes
    69%
    69%
    70%
    No
    31%
    31%
    29%
    No answer
    0%
    0%
    0%
    Question wording: Is your current business, or will your future business, be your primary source of income?
    Survey dates: 
  • What is most needed to help you start, reinvent, and/or grow your small business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Access to capital
    46%
    43%
    52%
    Marketing and communication assistance
    18%
    19%
    17%
    Free financial and small business education
    13%
    14%
    10%
    Digital strategies including e-commerce, web-design, digital payment, etc.
    13%
    14%
    12%
    Other (please specify)
    7%
    7%
    6%
    Community support
    3%
    3%
    2%
    No answer
    0%
    0%
    0%
    Question wording: What is most needed to help you start, reinvent, and/or grow your small business?
    Survey dates: 
  • Which of the following opportunities have you been given or experienced during your journey to become a small-business owner? (Select all that apply)

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Small-business development training
    54%
    58%
    42%
    Financial education or financial counseling
    31%
    32%
    30%
    Access to a successful small business owners
    30%
    28%
    36%
    Access to a business internship and/or apprenticeship
    9%
    8%
    13%
    Other (please specify)
    7%
    6%
    7%
    None of the above
    23%
    23%
    25%
    Question wording: Which of the following opportunities have you been given or experienced during your journey to become a small-business owner? (Select all that apply)
    Survey dates: 
  • Does anyone help you manage your money? (Select all that apply)

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Do it myself
    78%
    78%
    78%
    Financial advisor
    11%
    9%
    15%
    I’m not actively managing my financial future
    10%
    11%
    6%
    Use a free online service or app
    8%
    9%
    7%
    Pay an online service or app for financial management
    5%
    5%
    6%
    Other (please specify)
    4%
    4%
    5%
    Question wording: Does anyone help you manage your money? (Select all that apply)
    Survey dates: 
  • How much do you trust information from financial institutions when it comes to making decisions?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    A lot
    14%
    12%
    17%
    Some
    69%
    71%
    64%
    Not too much
    15%
    15%
    17%
    Not at all
    2%
    2%
    2%
    No answer
    0%
    0%
    0%
    Question wording: How much do you trust information from financial institutions when it comes to making decisions?
    Survey dates: 
  • How likely is it that the coronavirus outbreak will have permanent effects on the way you run or start your business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Very Likely
    41%
    41%
    43%
    Somewhat Likely
    35%
    35%
    35%
    Not so likely
    17%
    18%
    16%
    Not likely at all
    6%
    6%
    6%
    No answer
    0%
    0%
    0%
    Question wording: How likely is it that the coronavirus outbreak will have permanent effects on the way you run or start your business?
    Survey dates: 
  • Do you think the new administration and President Biden will be good for a small business, bad for small business, or have no impact on small business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Good
    69%
    70%
    66%
    Bad
    5%
    5%
    8%
    No Impact
    24%
    23%
    26%
    No answer
    2%
    2%
    0%
    Question wording: Do you think the new administration and President Biden will be good for a small business, bad for small business, or have no impact on small business?
    Survey dates: 
  • Compared to white entrepreneurs, how likely are minority entrepreneurs to succeed when building a small business? Minority entrepreneurs are...

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Much more likely to succeed than whites
    5%
    6%
    4%
    Much less likely to succeed than whites
    79%
    80%
    78%
    Same for both whites and minorities
    14%
    13%
    18%
    No answer
    1%
    1%
    0%
    Question wording: Compared to white entrepreneurs, how likely are minority entrepreneurs to succeed when building a small business? Minority entrepreneurs are...
    Survey dates: 
  • There is not enough social, financial and governmental support for minority small business development in this country.

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total agree
    90%
    91%
    89%
    Total disagree
    9%
    8%
    11%
    Strongly agree
    62%
    61%
    67%
    Somewhat agree
    29%
    31%
    22%
    Somewhat disagree
    7%
    6%
    8%
    Strongly disagree
    2%
    2%
    4%
    No answer
    1%
    0%
    0%
    Question wording: There is not enough social, financial and governmental support for minority small business development in this country.
    Survey dates: 
  • I see other minority small business owners succeeding in my community.

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total agree
    70%
    72%
    65%
    Total disagree
    30%
    28%
    35%
    Strongly agree
    19%
    20%
    18%
    Somewhat agree
    51%
    52%
    48%
    Somewhat disagree
    21%
    20%
    23%
    Strongly disagree
    9%
    8%
    12%
    No answer
    0%
    0%
    0%
    Question wording: I see other minority small business owners succeeding in my community.
    Survey dates: 
  • If black businesses succeed, we will have a more equitable society.

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total agree
    95%
    95%
    96%
    Total disagree
    4%
    4%
    4%
    Strongly agree
    75%
    73%
    82%
    Somewhat agree
    20%
    22%
    14%
    Somewhat disagree
    3%
    3%
    3%
    Strongly disagree
    1%
    1%
    1%
    No answer
    1%
    1%
    0%
    Question wording: If black businesses succeed, we will have a more equitable society.
    Survey dates: 
  • Overall, would you describe current conditions for your business as good, middling or bad?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Good
    21%
    18%
    29%
    Middling
    58%
    60%
    54%
    Bad
    20%
    21%
    17%
    No answer
    1%
    1%
    0%
    Question wording: Overall, would you describe current conditions for your business as good, middling or bad?
    Survey dates: 
  • In the next 12 months, do you expect your business’s revenue to increase, stay the same, or decrease?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Increase
    86%
    85%
    89%
    Stay the same
    9%
    10%
    7%
    Decrease
    4%
    4%
    4%
    No answer
    1%
    1%
    0%
    Question wording: In the next 12 months, do you expect your business’s revenue to increase, stay the same, or decrease?
    Survey dates: 
  • In the next 12 months, do you expect your business’s staff of full-time employees to increase, stay the same, or decrease?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Increase
    52%
    52%
    53%
    Stay the same
    43%
    43%
    43%
    Decrease
    4%
    4%
    4%
    No answer
    1%
    1%
    0%
    Question wording: In the next 12 months, do you expect your business’s staff of full-time employees to increase, stay the same, or decrease?
    Survey dates: 
  • In the next 12 months, do you expect changes in government regulations to have a negative effect, no effect, or a positive effect on your business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Negative effect
    9%
    8%
    10%
    No effect
    47%
    45%
    54%
    Positive effect
    43%
    46%
    35%
    No answer
    2%
    1%
    0%
    Question wording: In the next 12 months, do you expect changes in government regulations to have a negative effect, no effect, or a positive effect on your business?
    Survey dates: 
  • In the next 12 months, do you expect changes in tax policy to have a negative effect, no effect, or a positive effect on your business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Negative Effect
    20%
    18%
    27%
    No Effect
    45%
    43%
    48%
    Positive Effect
    33%
    37%
    25%
    No answer
    2%
    2%
    0%
    Question wording: In the next 12 months, do you expect changes in tax policy to have a negative effect, no effect, or a positive effect on your business?
    Survey dates: 
  • In the next 12 months, do you expect changes in trade policy to have a negative effect, no effect, or a positive effect on your business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Negative effect
    12%
    12%
    11%
    No effect
    63%
    62%
    67%
    Positive effect
    24%
    24%
    22%
    No answer
    1%
    2%
    0%
    Question wording: In the next 12 months, do you expect changes in trade policy to have a negative effect, no effect, or a positive effect on your business?
    Survey dates: 
  • In the next 12 months, do you expect changes in technological innovation to have a negative effect, no effect, or a positive effect on your business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Negative effect
    4%
    4%
    3%
    No effect
    22%
    23%
    18%
    Positive effect
    74%
    72%
    78%
    No answer
    1%
    1%
    0%
    Question wording: In the next 12 months, do you expect changes in technological innovation to have a negative effect, no effect, or a positive effect on your business?
    Survey dates: 
  • In the next 12 months, do you expect changes in immigration policy to have a negative effect, no effect, or a positive effect on your business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N798583211
    Negative effect
    6%
    6%
    6%
    No effect
    74%
    74%
    74%
    Positive effect
    18%
    18%
    19%
    No answer
    2%
    2%
    1%
    Question wording: In the next 12 months, do you expect changes in immigration policy to have a negative effect, no effect, or a positive effect on your business?
    Survey dates: 
  • Under the current restrictions related to controlling the coronavirus outbreak, how long can your business continue operating?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Less than a week
    1%
    1%
    1%
    Less than a month
    2%
    2%
    1%
    A few months or less
    7%
    7%
    6%
    Less than a year
    11%
    10%
    14%
    More than year
    47%
    46%
    49%
    No answer
    32%
    33%
    29%
    Question wording: Under the current restrictions related to controlling the coronavirus outbreak, how long can your business continue operating?
    Survey dates: 
  • How hopeful are you that you will succeed in your business goals?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total hopeful
    98%
    97%
    99%
    Total not hopeful
    2%
    2%
    1%
    Very hopeful
    79%
    77%
    83%
    Somewhat hopeful
    19%
    20%
    16%
    Not too hopeful
    2%
    2%
    1%
    Not hopeful at all
    0%
    1%
    0%
    No answer
    0%
    0%
    0%
    Question wording: How hopeful are you that you will succeed in your business goals?
    Survey dates: 
  • How much do you agree or disagree with the following statement: I have someone trustworthy I can turn to for help making business decisions.

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total agree
    69%
    66%
    75%
    Total disagree
    31%
    33%
    25%
    Strongly agree
    33%
    31%
    38%
    Somewhat agree
    36%
    36%
    37%
    Somewhat disagree
    16%
    17%
    15%
    Strongly disagree
    14%
    16%
    10%
    No answer
    1%
    0%
    0%
    Question wording: How much do you agree or disagree with the following statement: I have someone trustworthy I can turn to for help making business decisions.
    Survey dates: 
  • How comfortable are you taking risks when it comes to advancing your small business?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total comfortable
    85%
    83%
    91%
    Total uncomfortable
    15%
    17%
    8%
    Very comfortable
    37%
    33%
    48%
    Somewhat comfortable
    48%
    50%
    42%
    Not too comfortable
    13%
    14%
    8%
    Not comfortable at all
    2%
    2%
    0%
    No answer
    1%
    0%
    1%
    Question wording: How comfortable are you taking risks when it comes to advancing your small business?
    Survey dates: 
  • How much access to financial institutions do you have today?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total access
    42%
    41%
    46%
    Total lack access
    57%
    58%
    54%
    A lot
    7%
    7%
    8%
    Some
    35%
    34%
    37%
    Not too much
    37%
    38%
    33%
    Not at all
    21%
    20%
    22%
    No answer
    0%
    0%
    0%
    Question wording: How much access to financial institutions do you have today?
    Survey dates: 
  • Looking ahead 1 year, how likely is it that minority small business owners will have an easier path to success?

    Gender
    AnswerTotalFemaleMale
    Unweighted N1,167866296
    Total likely
    79%
    82%
    72%
    Total unlikely
    21%
    18%
    28%
    Very likely
    17%
    18%
    15%
    Somewhat likely
    62%
    63%
    57%
    Not too likely
    18%
    16%
    26%
    Not likely at all
    2%
    2%
    2%
    No answer
    1%
    0%
    0%
    Question wording: Looking ahead 1 year, how likely is it that minority small business owners will have an easier path to success?
    Survey dates: 

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