Gallup's Diverse Small Business Owners Share Their Experiences covers a series of surveys of different segments of small business owners.
The surveys asked about the motivations and challenges among Asian, African-American, Hispanic, Women, LGBT and Veteran small business owners.
Their key finding is small business owners have pretty much the same motivations and challenges regardless of their ethnic, racial and social backgrounds. Key quote:
There are more similarities than differences across diverse small-business owner segments. Racially and ethnically diverse small-business owners share similar broad challenges with the general population of owners.
This echos our finding on this topic over the years.
Below are two charts from their reports showing the motivations for being a small business owner by different demographic cohorts.
I have to add I was much amused when I read the methodology section in these reports.
Methodology sections are normally not a source of mirth, but I laughed out loud when I read:
Owners with less than $10,000 in revenue were asked to confirm if they considered their work a business in order to be included in the survey.
This means some small businesses with less than $10,000 in revenue were included in these surveys. It also means many more small businesses with less than $100,000 were included.
Why is this funny?
The reason is the vast majority of small businesses with less than $100,000 in revenue are solo businesses and Gallup is on the record as saying solo business aren't real small businesses. They describe them as "inactive companies that have no sales, profits, customers or workers".
I find it funny that they don't consider these firms real, but still include them in their surveys.