Black and Latino owned businesses had a good 12 months despite the pandemic, according to a recently released Ernst & Young survey. However, the Entrepreneur’s Paradox: How Black and Latino Entrepreneurs Are Balancing Growth and Uncertainty says those entrepreneurs fear the unprecedented performance may stem from a short-term boost in attention.Commissioned by the EY Entrepreneurs Access Network, mentoring program and business accelerator for Black and Latino entrepreneurs, the survey sought the opinions of than 1,000 established Black and Latino entrepreneurs whose businesses have annual revenue of $2 million to $25 million.
The survey found that despite COVID-19, 88 percent of respondents met or exceeded performance expectations; 73 percent experienced moderate to significant business growth, and 77 percent anticipate more growth in 2022.
Eighty-eight percent of respondents said the strong focus on racial equality has increased attention on their business while 99 percent say this has allowed them to
Ninety-three percent who have experienced growth worry that it will provide only a short-term lift, and nearly half )say a pullback on momentum would make it difficult to retain existing employees.
Among other findings, 56 percent of respondents% say a network of trusted vendors and partners is key to business growth, and 53% identify access to a mentor as a similarly valuable resource.
