A study looking at the complete entrepreneurial life cycle for Black business owners in Britain.
A collaboration between the Black Business Network, Lloyds Bank and Savanta to learn more about the business journey for Black people in Britain.
Black entrepreneurs have a long history in Britain of innovation, creativity and endurance in business; from hair & beauty giants Dyke & Dryden, to the property ownership of Caribbean & African migrants, and the political power of the Mangrove restaurant and Notting Hill Carnival. We add to the richness of British economics and to the fabric of British culture. It’s time that our contributions are documented and counted for our own benefit.
Black. British. In Business & Proud doesn’t want to be just another survey delivering the message that Black entrepreneurs are at a disadvantage. With the support of Lloyds Bank, we have the opportunity to use our collective voice to dictate and create real change. Our aims are to deliver the following outcomes based on the research response:
Discover and quantify the majority view of Black entrepreneurs’ vision for progression together
Create an action plan to support Black entrepreneurs in future-proofing their businesses
Produce tangible outcomes and products via the Lloyds Bank's Black Business Advisory Committee
Supporting Lloyds Bank in implementing institutional change that will positively impact Black entrepreneurs moving forward
Empower a future-proof mindset for Black entrepreneurs
Lead by example and set a standard for the engagement and support Black entrepreneurs actually want!
We are keen to have the most diverse and widest range of Black entrepreneurs to share their voice, thoughts and solutions and therefore those who agree to be contacted, will be invited to take part in our virtual roundtable discussion groups taking place in July.
Our selection process will be taking place the week commencing 21st June 2021, so if you would like to be considered but have not yet completed the survey, there is still time. - Surveys completed by the 20th of June will be considered.
Our results so far have allowed us to highlight 3 themes which we want to explore more:
1. Advice and support: Black entrepreneurs currently look to local & informal sources that they trust, rather than bigger institutions. More support is required for funding and a wide range of other skills.
2. Understanding financing a business: Many Black entrepreneurs would appreciate a deeper understanding of the types of business finance, how much might be needed and how to apply. Despite high awareness of financial support via banks, business owners are unlikely to have turned to this when setting up their business, we’d like to understand why and what could improve this.
3. Inspiration & equal opportunities: Black entrepreneurs want to see banks and government help increase knowledge in the ways of business, create opportunities for young future entrepreneurs and help tackle the cultural factors that hold Black businesses back.