Optimism Prevails Among Minority Business Owners, Survey Shows


(StatePoint) Even as minority business owners face new economic challenges, including supply chain disruptions and inflation, results from PNC’s recent Economic Outlook survey show an impressive resiliency and positive mindset among these business leaders, according to Marshalyn Odneal, national sales executive for Minority Business at PNC Bank.

According to PNC’s survey, more than two-thirds (68%) of minority business owners feel highly optimistic about the prospects of their own company in the next six months, compared to just 60% of non-minority-owned businesses.

While business owners as a whole remain cautious about the national economy, the gap between optimism among minority business owners for their own company versus the broader U.S. economy is 40 percentage points, significantly higher than the 31-point difference among non-minority owners.

“I have no doubt that minority business owners who were able to manage through the pandemic had to make unprecedented decisions related to staffing, business models and pricing. In doing so, they faced a Goliath – and won. It’s unsurprising that their mindset about the future of their businesses, despite current economic challenges, is optimistic,” Odneal said.

According to PNC’s survey, 65% of Black- and Hispanic-owned business owners stated they have a business plan suited to the current direction of the economy, significantly more than non-minority owned businesses (55%). This highlights the importance of access to crucial resources for these business owners. The survey reinforces this point, showing that 86% of Black- and Hispanic-owned businesses interacted with or leveraged resources from the Small Business Association (SBA), a local chamber of commerce or a community economic development organization. Only 69% of non-minority business owners reported doing the same.

“The truth is that the unique financial challenges minority-owned businesses have long faced were amplified during the pandemic. As a result, more minority business owners are now seeking Minority Business Enterprise (MBE) certification, which is also an important and needed resource,” Odneal said.

Businesses that become MBE-certified gain exclusive access to premium networking events, affordable consulting services and technology programs, among other benefits, according to the National Minority Supplier Development Council.

“Our survey revealed that 87% of Black-owned businesses are now MBE-certified, up from 69% last year. Three-quarters of Hispanic-owned business are MBE-certified, compared to 67% last year. Of MBE-certified businesses, 80% of Black- and 84% of Hispanic-owned businesses said that certification has been a helpful business development tool,” Odneal said.

PNC has taken significant steps in doing more for minority-owned businesses and providing necessary resources to help them overcome roadblocks.

As a part of its Small Business organization, PNC’s Minority Business Development Group’s mission is to deliver solutions and resources that foster financial wellness for small businesses within diverse communities. They’ve been able to do this, in part, through the PNC-Certified Minority Business Advocate initiative, a voluntary advocacy program that helps PNC employees understand the challenges facing minority-owned business owners.

“If the optimism of these entrepreneurs is realized and the U.S. business landscape prospers further down the road, minority business supporters must continue to execute against their mission and accelerate their efforts. The outlook is bright, but we must continue to do our part to advocate for these entrepreneurs and help their communities thrive,” Odneal said.

PHOTO SOURCE: (c) SeventyFour / iStock via Getty Images Plus


More Resources

Bogus Investor and Consumer Complaints and Consumer Misrepresentation
Like most regulatory bodies in the United States, the Federal Trade Commission gets investor and consumer complaints. But how much of these are actually real? These agencies then act on such complaints and increase regulations.
Basic Psychology of Franchisee Ownership and Expansion
If you are a franchisee of a large franchise system; before you expand your franchise to include more stores there are some questions you might ask yourself. If, however, you bought your franchise to expand, grow and amass a small empire of your own, your franchisor will be the last person to stand in your way.
Procrastinate Your Way To A Successful Small Business
What will your business look like a year from today?If you're like most small business owners, you have many things to do and not enough time to do them. Can't you just ignore them and procrastinate your way to success?Not likely.
Community Relations Strategy for Small Business
Does your company have a community relation strategy? Have you even considered it? It is essential to have policies in place. Having run a small business for years which eventually turned into a multi-state franchise system, I realized early on that a business who is part of the community it serves can survive the ups and downs of the business cycles, making it somewhat recession proof.
The Hidden Treasure in Your Business
I started working with another new client last week. He has been in business for about a year and a half.
A Business Tail: Veterinarian Foams at Mouth, Chases Tail, Learns New Tricks--Case Study
Many self employed professionals find themselves overwhelmed, frustrated, and confused when it comes to running their businesses. The deep skills they have in their professional field do little to prepare them for the dog-eat-dog world of running a business.
How to Achieve Real Success in Business: Five Breezy Tips
Achieving real success should be the goal of any good businessman. But what is real success? I believe that it is no just money, or instant growth.
De-Ionization Decisions in Mobile Car Washing
Many mobile car wash operators would like to add de-ionized water to their cleaning process. However before you do this you need to understand the reality of the return on investment.
Keeping a Partnership ALIVE and THRIVING
What are the best methods for keeping a good business relationship?Once you have a business relationship in place, you need to work on that relationship to keep it intact. As a matter of fact, people nurture their business relationships more than they do their families! The first and most obvious method is to follow up with questions and requests in a timely manner.
How to Increase the Cash Flow in Your Private Practice in 30 Days
If you have a busy private practice, chances are you also have pockets of cash lying around available for the plucking. It simply hasn't been collected yet, and may even have been overlooked.
Pressure Washing of Paving Equipment and The EPA
Many pressure washing companies will be glad to take on additional work when a company calls them up to come and wash, but the days of cleaning asphalt compactors, steamrollers, paving equipment with diesel fuel are gone forever. If you are caught doing it the old fashioned way it's a $1,000 fines in the United States, fist offense and you pay for cleanup.
Dig Deep for Small Business Ideas Before You Start the Wrong Business
If you're serious about wanting to start a business, the first thing you want to do is take the time to understand what really makes you tick. Where do you get your drive? What gets you in a "zone?"However, there's a lot more to figuring out the BEST business idea that will make you more money and give you more freedom to enjoy more success in your life.
6 Ways Small Businesses Can Survive In A Crazy Economy
Contrary to popular belief, small businesses can survive a crazy economy by taking some proactive steps.Provide spectacular customer service -- every time.
Financial Dose for Business
The goals of businesses have undergone much evolution from the times when entrepreneurs were content with anything that they received above the capital invested. Businesses now want to expand their reach globally, riding on the wave of technology.
Franchising and Royalty Payments
If you are thinking of turning your current into a franchising company you will need to determine a fair and equitable franchise royalty fee. There are a number of questions you will need to ask yourself in determining this fee such as what services you will provide to your franchisee team and what that will cost.
Cash Flow: Why Chaos Equals Poor Cash Flow
Recently one of my customers told me the chaos swirling through his company was the result of poor cash flow. If only he had more money, his company would run better.
Combating Over Regulation of Small Business
Many small businesses do quite well due to the blood, sweat and tears of their proprietors. Unfortunately in doing to well often you find that the competition uses the government to attack you.
Implementing an Internship Program
CONSIDERING COMPANY NEEDS: In identifying your needs for the internship, you need to examine the chief responsibilities of the position. And the broader they are, the more flexibility you will be giving yourself and the intern.
Uncover Free Veins Of Gold By Prospecting Online Guru Newsletters (Part 1 of 2)
Incredible as it sounds, you have a goldmine of free business advice and resources available to you for starting an online business. Many entrepreneurs are taking advantage of the unbelievable opportunity of financial independence by starting an Internet business.
Small Business - Is The Accounting Profession Ripping Them Off?
My 16 year-old daughter said, "Gee Dad! You look just like an accountant" And she wasn't being complimentary. Accountants are perceived to be boring, stodgy and conservative.

More Small Business Information:

Related Articles

Collect that Debt - Your Business Depends on it
The efficiency of debt collection is the difference between a business that will succeed and a business that closes up.If you do not have control of your debt collection then you will eventually fail.
Boat Detailers; Add-on Products and Services
As a Boat Detailing Specialist, you may want to offer services such as making sure your clients' boat's batteries are charged and offering to charge them or test the boat before they arrive for their departure. This is an easy service to provide and will keep you on the top of the boat owners list of reputable and reliable service companies.
The 5 Traits of Baby Boomer Business Owners
As a practitioner and student of Small Business Marketing, I was recently contemplating ways to enhance my business. I found it fascinating to realize that over 95% of my customers and hot prospects were Baby Boomer's who own a small business.
Is This The Way Its Always Been Done?
Let's face it, we all tend to get stuck in doing things 'the way they've always been done', and creating products, or services, in a similarly conservative mode.But there is another way.
Be Nice to Your Payroll Department
Ok, so next to the taxman, your company payroll department might well be the most criticised people on the planet. Of course, when your pay is accurate and on time then you love the payroll people with a passion but when things go wrong it is a completely different matter.
Secrets to Washing Fleets of Trucks from a Nationwide Fleet Washing Service
Washing the exterior of a truck. Sounds easy right? Well, it's not really.
Todays Chef, Tomorrows Restaurateur -- Startup Tips by Restaurant Consultants Inc
Researching information for a recent business plan, I came across an interesting number of 54,000. What is the big deal about that? Over 54,000 new restaurant business licenses were applied for in the last twelve months nationally.
Top 10 Mistakes to Avoid When Joining a Professional Association
I'll be the first to admit that I went a little nuts when I moved I moved recently in terms of going all-out to participate in a variety of professional associations. I had some experience with most of the groups that I visited in other places I had lived, or had clients who had positive experiences with certain groups.
So What? How to Elicit Benefits from Features
"So what?" is a lovely question.It can lead to a punch on the nose if you tactlessly say it to others to challenge their ideas but, when you use it to question your own decisions it has endless uses.
How to Find a Microenterprise Loan for Your Business
If you're looking for start-up capital for your business, but you don't have the credit, collateral or background needed by your bank to get a business loan, then microenterprise might be your best bet.Microenterprise Development programs have been around since the 1970s.
Alliances: Drawing The Line
How far can you go based on your relationship with an alliance partner?The imaginary line you draw in the sand will let you know when an alliance is getting close to failing. I would suggest setting the line a little higher than the disaster point.
Encouraging Your Customers to Pay On Time
Nothing can drive a business down faster than customers who don't pay their bills as agreed. When you sell to customers on credit you are making an agreement with them.
A Small Business Must Have a Solid Foundation
We all know that a building has to have a strong foundation if it is to survive, so, too, a business.There are many planks that support a business but there are four corner-posts that bear the most weight?The four corner-posts are Marketing, Selling, Production and Financial Control.
Knowledge is Power
Why does research and education play an important part of the business relationship?Have you ever attended a business briefing or meeting without reading the materials ahead of time? I know I certainly have, and I also know that I felt like a fool when asked a question. It was up to me to be informed about the meeting and to read the information, and I neglected to do so.
Is Your Small Business Name Important?
You bet a name is important. Many small business owners try to come up with a clever name for their business rather than one that explains what they do.
Discover How You Can Start Making Your Small Business Dream Come True
As a teenager I worked for my father's small business. At18 I worked for a small video rental business owned by twopartners; there were 4 employees.
How to Prevent Home Business Burnout
As a home business proprietor, you may already realize why avoiding "home business burnout" is so important. Even if you have only been working your home business venture for a relatively brief time, you may have already been aware of the need to maintain your energy levels and reduce your stress levels while you were involved in your other employment.
Leveraging Business Relationships for more Profits
When should you leverage the relationship?Leveraging sometimes brings a negative connotation to the mix. It does not have to be that way.
Is Your Business Making Money?
Is your business making money? Would you know?Figuring out whether your business is actually making money is no easy task. Most small business owners have a pretty good idea of what their top line is (their revenues), but unless they're closely tracking and inputting all of their expenses, the bottom line can often come as a complete surprise.
Naming Your Business: 3 Tips To Ensure Success
If you are just starting your business, or if you have just developed a new product or service for an existing business, one of the first questions you need to answer is, "What should I name it?" And while you may feel pressure to make this decision quickly, I caution you to not make it lightly. What kind of things should you take into consideration when choosing a name?(1) Don't Use Your Own NameWell, first of all, use a name other than your own name.