Four million Americans quit their jobs in July 2021 and those numbers are continuing to rise. The Great Resignation era we’re in now signals a long simmering issue that came to a boil over the last two years: workers are looking for more out of their careers, particularly Black people.
In January, LinkedIn partnered with YouGov to survey 1,001 Black US entrepreneurs to help examine the professional mass exodus–the findings, put in a new report released today, spotlight why Black professionals are leaving the corporate workforce to become entrepreneurs.
The participants shared the key motivating factors for launching their own business was finance-driven (48%). Other reasons included the need for flexibility/more remote work options (46%), more free time (34%) and lack of fulfillment at previous job (30%).
The report delved into the challenging nuances of entrepreneurs who are still working full-time for other employers. 1 in 3 (37%) Black entrepreneurs with full time jobs have not told their company that they have their own business, 35% of Black entrepreneurs with full time jobs feel that they’ve been overlooked for career advancement opportunities because they have an additional business and 55% of Black Entrepreneurs left the workforce to pursue entrepreneurship to have more flexibility & control over their schedule.
Additionally, the report delved into some of the challenges Black business owners face once they decide to take the entrepreneurial plunge: 37% of Black entrepreneurs feel like they have to have someone White on their leadership team/ executive board in order to get funding; 43% of Black entrepreneurs believe having access to funding/capital is key to growing your business, yet only 1 in 4 Black business owners have received funding.