Black And Latine Entrepreneurs Made More Durable Gains In 2024

AAPI, Black, and Latine entrepreneurship made durable gains in 2024, a new report by payroll manager Gusto has revealed. Additionally, many people were laid off from their jobs last year, but the percentage of entrepreneurs who started a business because they or their partner lost a job rose 67%.

The findings come from a survey of 1,000-plus new business owners who launched businesses in 2024 by the Gusto Insights Group. Want to find out how well entrepreneurship did in 2024? Keep reading.

AAPI, Black, and Latinx entrepreneurship have made durable gains

It seems like it’s good news for Black and Latine people who are looking to start their own businesses. Since the pandemic, entrepreneurship has become more diverse, and those gains have been maintained. The Black growth rate was significantly higher than other groups, with 67% compared to AAPI (17%) and Latine (25%) founders since 2019.

These gains may be due to persistent pay and wealth gaps. Latine business owners were also 1.7 times more likely than white entrepreneurs to say they started their business because they believed they could earn more working for themselves.

Black entrepreneurs were 2.1 times more likely than white entrepreneurs to say they started their businesses to add to their current income.

Women started nearly half of all businesses in 2024

The report also found that the number of companies women own has grown significantly as women started almost half (49%) of new companies, a 69% increase from 2019. One of the driving factors for this could be increased flexibility. It is also the most significant rate in the five years the report was published.

Women entrepreneurs were 17% more likely than male entrepreneurs to say they started their business because they wanted to be their boss, and 30% more likely to say they wanted to work on their own schedule. 

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