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This August marks the annual Black Business Month. This month is meant to bring attention to the needs of black-owned businesses, and celebrate the essential contributions they make to society, our communities, and the economy as a whole.
As the number of minorities in Canada grows, so must their representation in Canadian business ownership. At Driven, we are working hard to help more minorities break into the world of entrepreneurship by providing them with the tools, advice, and support they need.
In Canada, minority entrepreneurs face numerous challenges when it comes to operating small businesses. In fact, according to a census report conducted by Statistics Canada, visible minorities represented nearly one-quarter (22.3%) of the Canadian population. In2017, 12.2% of SMEs were owned by visible minorities, a proportion that has risen slightly over the past decade. For the purposes of the Canadian Survey on Business Conditions, visible minorities are defined as individuals, other than Indigenous persons, who self-identified as non-Caucasian in race or non-white in colour, regardless of place of birth.
Furthermore, businesses majority-owned by visible minorities were more likely to face obstacles such as attracting new or returning customers (31.4%), fluctuations in consumer demand (29.7%), and maintaining sufficient cash flow or managing debt (28.3%). With this in mind, it is evident that Black-owned businesses face more challenges and need additional support to achieve success.
At Driven, we want to destroy the disparity that exists in minority entrepreneurship, and we are committed to being a force that promotes unequivocal progress for people of colour. We believe that without diversity, we become a group of people who think, feel, and act in similar ways. We grow and innovate only when we open up the table and invite those with different views, experiences, and backgrounds than ours.
“Although we shouldn’t be waiting until one particular month to honour black-owned businesses, for this Black Business Month I would like to recognize and applaud minority small business owners for their strength, resilience, and distinctiveness. At Driven, Diversity, Equity and Inclusion are fundamental elements of who we are. Minority Canadians have never had an equal ability to reap the benefits of business ownership. By establishing an atmosphere where everyone has equal voice and opportunity, we are altering the dynamics of Fintech and opening the doors up for more minority leaders and entrepreneurs to enter the market.” Says our Customer Success Team Lead, Naime Rajani.
Ensuring that minorities have opportunities to contribute meaningfully to the economy is essential. We are committed to taking the necessary actions to empower the Canadian minority business community, starting by democratizing access to funding. Learn about how you can help to support local black-owned businesses below.
If you aren’t sure where to look, it can be challenging to find black-owned Canadian businesses, but luckily there are resources available to help you. National directories such as Black Business Direct and Afrobiz.ca are convenient tools you can use. They are both free for anybody in Canada to use, and also free for entrepreneurs to join and list their businesses on.
With the help of these resources, you can look up regional black-owned businesses to support in practically every province and territory and throughout virtually every industry.
With the numerous challenges that minority entrepreneurs face in Canada, Driven is proud to support people of all different races, ethnicities, and backgrounds to reach their business goals. Empowering small businesses is a fundamental element of who we are, and we want to help grow and support the community in as many ways as we can. To check out all the ways you can use our services to improve your business, visit our use cases page.
Sources:
Tam, S., Sood, S., & Johnston, C. (2021, December 9). While all businesses in Canada have been impacted by the COVID-19 pandemic, different types of businesses have been impacted indifferent ways. this is also true for different communities that operate businesses in Canada. this article explores results from the Canadian survey on business conditions by looking at the businesses majority-owned by women, First Nations, Métis or Inuit persons, immigrants to Canada and visible minorities in the fourth quarter of 2021. Analysis on businesses majority-owned by various sub-population groups and visible minorities, fourth quarter of 2021.Retrieved July 2022, fromhttps://www150.statcan.gc.ca/n1/pub/45-28-0001/2021001/article/00044-eng.htm
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