Running a small business is a challenging way to earn a living. Given all the day-to-day challenges involved and the relatively poor economic conditions in the past few years, it would not be surprising to find many of the nation's minority small-business owners struggling and even wishing they had done something else with their lives.
However, just the opposite is true, according to interviews with 998 minority small-business owners conducted over the past 18 months as part of the Wells Fargo/Gallup Small Business Index*. Like the small-business community as a whole, most minority small-business owners say they are satisfied with what they do, feel successful, and if given the choice, would do it all over again.
Satisfaction Among Minority Small-Business Owners
More than 8 in 10 of the nation's minority small-business owners say they are satisfied being small-business owners. Half are very or extremely satisfied, another 38% are somewhat satisfied, and only 13% say they are not too satisfied or not at all satisfied.
Success Among Minority Small-Business Owners
About 9 in 10 minority small-business owners say they feel they are successful at what they do. Thirty-six percent feel very or extremely successful being small-business owners; another 52% feel somewhat successful, while only 11% feel they are not too successful or not at all successful.
Would They Do It Again?
Despite all the difficulties of the past several years and the inherent challenges they face, more than 8 in 10 minority small-business owners say they would become small-business owners again instead of doing something else.
Overall, the Wells Fargo/Gallup Small Business Index survey suggests potential minority entrepreneurs should seriously consider starting their own business as a way to achieve personal satisfaction and success. Those who have done so say they are not only satisfied but also feel successful. Most importantly, they say they would do it again.
Anyone looking for way to promote success among America's minority populations should look more aggressively to small business as an avenue for achieving that goal. In this regard, reducing some of the government-created challenges facing small businesses would not only help minority entrepreneurs, but all of America's potential entrepreneurs.
*Gallup surveyed 3,563 small business owners in six surveys conducted August 5-20, 2003, Dec. 1-15, 2003, March 1-12, 2004, June 6-25, 2004, Sept. 21-Oct. 1, 2004, and Dec. 2-17, 2004. The combined number of minority-owned businesses -- those 50% or more owned by minorities -- included in these six surveys totals 998. For results based on this total sample of minority owners of small businesses, one can say with 95% confidence that the margin of sampling error is ±3 percentage points.