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Black Owned Business
The UK's Untapped Potential
A new study reveals Black-owned businesses are disadvantaged compared to white-owned businesses.
For the study, Channel 4 teamed up with out of home media company Clear Channel UK and BACKLIGHT, to better understand and mitigate issues faced by Black business owners.
Independent research company, The Good Side, was commissioned to undertake the study.
46% felt they could always run a successful business vs. 29% of white entrepreneurs
71% expressed they always wanted to be their own boss vs. only 54% of white respondents
62% of Black and Multi-Ethnic entrepreneurs started their businesses under 30
1 in 8 Black and Multi-Ethnic entrepreneurs started their business as teenagers, twice the level of white owners
The results also revealed that more Black business owners (64%) cite advertising as being very important to grow their companies compared to white owners (40%).
Consequently, 47% of Black and Multi-ethnic entrepreneurs said they would find an initiative that helps with advertising appealing vs. 29% of white entrepreneurs.
Testimonials
It's great to see the stats around the challenges of being a Black-owned business, as it helps to validate many of the pressure points being felt. At times it can feel like we're experiencing these things in isolation. So to see the figures from a thorough piece of research provides the necessary proof-points that this is a systemic issue.
The solutions provided towards the end of the report were valuable and an indication of the need for more experienced Black entrepreneurs to guide those just starting.
On a broader scale and with the help of sponsors like Channel 4, this report will hopefully get the attention of high street lenders and private investors to review their policies and procedures around providing funding and ongoing business advice to Black entrepreneurs, start-ups and start-ups and scale-ups alike.
— Deborah Gbadamosi, CEO of UK/Europe, Brand Advance
Interestingly, most BME entrepreneurs harboured these ambitions early and possessed great confidence in their ideas. Still, something happens when you get into the "real world" to make you lose faith as you face societal and systematic barriers. I can attest to this from personal experience.
There needs to be a greater education about what can be achieved with seed funding and micro-finance, especially for female founders (of all ages).
— Marva Carty – Mango Lime Publishing
The Black Pound Report provides great insight into the landscape of this consumer group. The needs and challenges they face and how we as businesses can look to engage, providing solutions and product offerings that align and benefit the consumer. Whilst ensuring a conscious and inclusive approach to our brand positioning. Consumers expect alot more from brands; rightly so; brand values have been brought to the forefront and must be weaved throughout the entire business operation. Transparency around this element is vital and will help build and maintain LTV.
The report highlights this key consumer group's enormous potential and the undeniable reality that they are undervalued and underserved.
The report is comprehensive and really plugs a gap!
— Pascale Revell- Autier
Black Owned Business Press Release
Black Owned Business Launch Recording