HomeStrategiesEY survey: Black and Latino entrepreneurs nationwide saw increased revenue growth in...

EY survey: Black and Latino entrepreneurs nationwide saw increased revenue growth in the past year

Published on

Despite economic uncertainty caused by the COVID-19 pandemic and systemic barriers, Black and Latino entrepreneurs saw unprecedented business performance over the past 12 months, according to a survey produced by Ernst & Young LLP (EY US) titled The Entrepreneur’s Paradox: How Black and Latino Entrepreneurs Are Balancing Growth and Uncertainty. This research reveals that while nearly nine out of 10 established Black and Latino entrepreneurs met or exceeded their performance expectations this past year, nearly all are concerned that it was driven by a short-term boost in attention.

“Black and Latino entrepreneurs are an economic force, and our research underscores their business resiliency and output,” said Lee Henderson, Americas EY Private Leader, and Executive Sponsor, EY Entrepreneurs Access Network. “But more action is needed from consumers, investors and the entire business community to address disparities caused by lack of access to capital, mentors and networks, and to sustainably ensure the long-term economic growth of minority business owners.”

The survey was commissioned by the EY Entrepreneurs Access Network, an immersive mentoring program and business accelerator for Black and Latino entrepreneurs. This research set out to understand the unique experiences of these leaders during the COVID-19 pandemic and in the wake of a national reckoning on racism and discrimination. More than 1,000 established Black and Latino entrepreneurs, who lead businesses across industries and produce annual revenues from $2m to $25m, were asked to reflect on how the current social, political and economic environment has impacted them, their businesses and their outlook.

Key findings include:

  • Strong and sustained performance: Despite the disruptions of COVID-19, 88% met or exceeded performance expectations, 73% experienced moderate to significant business growth, and 77% anticipate additional growth in 2022 compared to 2021.
  • Impacts of America’s racial reckoning: 88% say that the strong focus on racial equity has increased attention for their businesses, and 99% say this allowed them to invest in their businesses in ways they might not have otherwise by innovating products, improving infrastructure, and hiring.
  • Concerns about waning attention: Among those who experienced increased attention for their business, nearly all (93%) worry that it will provide only a short-term lift, and nearly half (48%) say a pullback on momentum would make it difficult to retain existing employees.

“Our research shows that Black and Latino entrepreneurs are rightly concerned that their businesses might be negatively impacted as focus on them fades,” said Nit Reeder, EY Entrepreneurs Access Network Program Director. “The greatest equalizer of wealth disparity is business ownership. We must maintain strong support of minority entrepreneurs to make lasting change.”

Additionally, the survey highlights how Black and Latino entrepreneurs engage with mentors and professional networks. Of those surveyed, 56% say a network of trusted vendors and partners is key to business growth, and 53% identify access to a mentor as a similarly valuable resource. This underscores the impact of the EY Entrepreneurs Access Network model, which not only welcomes participants into an elite network of entrepreneurs, investors, advisors and other business leaders, but also provides each participant with a dedicated EY executive as their personal mentor.

“The Entrepreneurs Access Network has been invaluable,” said Maurice Brewster, Founder & Chief Executive Officer, Mosaic Global Transportation. “My EY mentor facilitated connections with venture capital firms and has even helped me launch a brand-new electric vehicle business. Although I’ve been a CEO for nearly 20 years, this program gave me the opportunity to work on my business, not just in it – with real results.”

The EY Entrepreneurs Access Network currently includes 120 Black and Latino entrepreneurs from across the US and connects participants with resources, networks and one-on-one mentoring to close long-standing disparity gaps. The next cohort of entrepreneurs for this program will be announced in December 2021.

The EY Black and Latino Entrepreneurs Survey was conducted by Wakefield Research among 1,000 established Black and Latino entrepreneurs from organizations with revenue in the $2m to $25m range. The survey was fielded using an email invitation and an online survey between August 3 and August 18, 2021.

Latest articles

10 Best Loans for Students

10 Best Loans for Students Loans for students are a necessary evil. Student debt is at an all-time high with this year's debt reaching 1.75 trillion. While, at the same time, the nation-wide average for unemployment has skyrocketed with 6.3 million experiencing joblessness. Thus, finding promising loans with affordable interest rates is more important than ever. Sofi Fixed APR: 2.49%-7.59% Variable APR: 1.74-7.24% Maximum Loan Amount: 100% cost of attendance With a shockingly low fixed rate of 2.49% -7.59%, Sofi is the number one lender at BlogWallet. [...]

Rappers Myron Rainey and Christian Sanders Shot Dead in Ohio (Video)

https://www.theindustry.biz/wp-content/uploads/2024/11/Screenshot_372.pngOver the weekend, a tragic shooting occurred in Shaker Heights, a wealthier neighborhood in...

Who is Kevin O’Leary?

Discover Kevin O'Leary, the renowned Shark Tank investor and business mogul. Learn about his entrepreneurial journey, success strategies, and impact on the business world.

Ex Radio Jock, Stephon Ferguson, Makes Living Imitating Dr. Martin Luther King around the World

KUDOS to a former radio jock for using his radio leverage to create an amazing opportunity for himself. Stephon Ferguson, 48, discovered his amazing ability to emulate one of the greatest leaders of our time Dr. Martin Luther King by chance in the late 90s. Ferguson was mixing a vinyl recording of Martin Luther King Jr.'s famous "I Have a Dream" speech on Motown records with a beat and he was overheard by a friend who came into the room asking if that was him.” Ferguson told ABC News. [...]

How Skillshare Democratized Learning and Created a Global Community of Creators

Discover how Skillshare revolutionized online learning, empowering millions to explore their creativity and learn new skills in a vibrant global community of creators.

The Birth of Native Instruments: How They Changed the Landscape of Digital Music Production

Native Instruments revolutionized digital music production with innovative software and hardware. Discover how this tech pioneer transformed the industry landscape.

Chicago Budget Passes Amid Migrant Spending Chaos (Vidoe)

In a tumultuous session held at Chicago City Hall, the Chicago City Council narrowly...

Entrepreneur Mistakes: Unimportant Interruptions

Do not allow anyone to throw your day off. Nothing like  unimportant interruptions For some odd reason, many people think that black entrepreneurs do nothing but sit around and twiddle our thumbs and wait for money to come in. I guess this is why we get unimportant interruptions during the day? They are really under the impression that because we do what we love we're not working. And part of that is correct, we're not working. But we're always busy and we never sleep. [...]

10 Tips on How to Improve and Make More Money with Your Business

One of the greatest complaints and challenges in business is almost always money. We...

How to Manage Your Business Calendar Automatically with Tech

Discover smart ways to streamline Business Calendar Management using automation tools and tech solutions. Save time and boost productivity with these essential tips.

More like this

Knowing What Kind of Business You Should Start

Some people think they have the answer to this question and some don't, the...

Introducing Hook: The AI Music App for Remixing and Sharing Songs

We created Hook for anyone who loves music and wants to make it a...

A. Wayne Gill to Speak at Business with Purpose Breakfast on June 7th

Delray Beach, FL, June 05, 2013 --(PR.com)-- Managing Partner of the Gill Law...

T.J. Flynn Announces Name Change to Flynnspections LLC

Indian Harbour Beach, FL, April 27, 2013 --(PR.com)-- Veteran Central Florida Development...

State Science & Technology Institute Invites NC Economist to Address National Conference on How Crowdfunding Can Promotes Job Creation

Calabash, NC, August 16, 2013 --(PR.com)-- The State Science Technology Institute (SSTI),...

Self-Employed Tips for Greater Success

A Self-Employed Trip Turns into a Greater Education on Business Development In 2017 I took a 1-week trip to help out a few family members. [...]

QUESTLOVE INTRODUCES “QUESTLOVE’S CHEESESTEAK™,” MADE WITH IMPOSSIBLE™ PLANT-BASED MEAT, ROLLING OUT NATIONWIDE THIS SPRING

QUESTLOVE INTRODUCES “QUESTLOVE’S CHEESESTEAK™,” MADE WITH IMPOSSIBLE™ PLANT-BASED MEAT, ROLLING OUT NATIONWIDE THIS SPRING LAUNCHING AT CITIZENS BANK PARK IN PHILADELPHIA DURING ALL PHILLIES HOME GAMES ON OPENING DAY MARCH 28th AVAILABLE AT 40 LIVE NATION OWNED & OPERATED VENUES THROUGHOUT NNORTH AMERICA FOR THE 2019 SUMMER CONNCERT SERIES This spring, James Beard® Foundation Book Award nominee Questlove makes his first proper foray into the food industry as he introduces “Questlove’s Cheesesteak™,” made with Impossible™ plant-based meat. Questlove encountered the Impossible™ Burger in 2015. [...]

Don’t Run Potential Clients Away by Doing This

Over the years, I have learned very valuable lessons about doing business. I pay great attention to what I hear and the advice that I get from successful industry people and I understand the rules to succeed. Below are some of the common things I have heard my clients point out when it comes to what turns them off the most when doing business and what will make them not support someone. Sense of Entitlement Never treat a client like they are obligated to support you. [...]

From Behind the Scenes to the Stage, Industry Vet Dexter Story Reinvents Himself with Wondem

  Successful people are at their best when they, constantly reinvent themselves, step boldly, surround themselves with the best people and use their previous leverage to cross a new bridge. Dexter Story is no exception. I've known him for about 17 years. [...]