77% Of Black Professionals Want To Start Their Own Business

Nearly 8 in 10 (77%) Black professionals aspire to start their own business within the next year, according to a recent LinkedIn report.

This surge is part of a broader movement as professionals increasingly turn to freelancing, consulting, or launching side hustles to gain flexibility and control over their careers.

Why Entrepreneurship is on the Rise

Several factors contribute to this rise in entrepreneurial ambition. 

The report reveals that 85% of Black professionals believe having multiple streams of income is essential, and 69% say recent layoffs in the news have made them reconsider traditional employment in favor of freelancing. 

Many also see financial benefits, with 56% believing they could earn more as freelancers than in full-time roles.

This trend reflects a broader shift in career priorities as Black professionals are seeking opportunities that align with their passions (49%) and offer better work-life balance (47%). 

Additionally, more remote work options (34%) and burnout from corporate settings (24%) are further motivating this transition.

Challenges and Opportunities for Black Entrepreneurs

Despite the enthusiasm for entrepreneurship, the LinkedIn report also highlights a significant barrier: 63% of Black professionals interested in starting a business are unsure where to begin. 

Black entrepreneurs also face a challenging economic environment. There has been a disproportionate decline in funding for Black-founded startups in the US.

Last year, Black founders across the US secured only $705 million in venture funding, marking the first time since 2016 that the figure fell below the $1 billion threshold.

Read: This Investor Published A List Of 80 Black-Led VC Funds You Should Know

Moreover, many efforts supporting Black entrepreneurs have taken a hit during the current anti-DEI wave.

For example, Fearless Fund is battling a lawsuit that targets their grant program for Black women business owners. Similarly, Founders First, a Texas-based nonprofit, was recently pressured to open its grant program to all individuals regardless of race.

Despite these challenges, there are many sources of support for Black entrepreneurs such as accelerators, incubators, mentorship programs, pitch programs, and other initiatives.

The growing momentum of Black professionals eager to pursue entrepreneurship signals a bright future, where access to resources and a resilient community will help turn aspirations into thriving businesses.

Feature Image Credit:  Klaud Vedfelt/ Getty Images