Environment and Racial Equality Drop As Key Issues for U.S. Entrepreneurs, Study Shows
ALBUQUERQUE, N.M., July 12, 2022 /PRNewswire/ -- A new study by impact innovation company SecondMuse in collaboration with market research firm YouGov finds that U.S. entrepreneurs have significantly deprioritized corporate social responsibility issues since 2020.
The study was conducted in March and April of this year via a survey of 275 entrepreneurs amid a period of record inflation, rising interest rates, and other economic and logistical challenges tied to the pandemic and war in Ukraine. It found that nearly all entrepreneurs think the U.S. economy is not on the right track and that most do not believe it "works" for people from their demographic.
"The State of Entrepreneurship in the U.S.," which launched today, provides a window into key changes in the perceptions innovators have about the economy and small business landscape since 2020, when the first iteration of the study was conducted.
It finds that less than a third of respondents see environmental sustainability and racial equality as key issues, down from 54% and 59%, respectively, in 2020. Poverty and immigration have moved up as the number two and three issues behind healthcare, which remains the top concern among entrepreneurs, with more than half citing it as a key issue.
"These findings reflect trends we've observed in our work with entrepreneurs across the country, who are focused on simply surviving in a volatile economy amid supply chain issues, geopolitical instability and constrained capital," said Todd Khozein, Co-CEO of SecondMuse. "It's exceedingly difficult to be an entrepreneur and this study sheds light on specific areas where they can benefit from support."
The outlook is starkly more pessimistic than it was in 2020, when the country was consumed by the pandemic and movement for racial justice.
"Some of the pessimism can be attributed to the pandemic-related surge in people starting their own businesses, who are first encountering the challenges that have always existed, especially for people from historically marginalized backgrounds," Khozein said.
Surveyed women and those from lower socio-economic backgrounds cited access to capital as their greatest need, as did immigrants, who also cited a path to citizenship as a key necessity. People who identified as Black, Asian, and Hispanic, meanwhile, said they would benefit most from less discrimination.
The study underscores the need for targeted entrepreneur support, particularly for those from marginalized groups and for those with environmental and social justice ambitions who are simply too focused on basic survival to give other goals proper attention.
SecondMuse conducts these studies periodically to gauge the perspectives of entrepreneurs from a diversity of backgrounds, particularly with reference to the challenges facing new businesses. The SecondMuse study will be conducted again to expand longitudinal data on "The State of Entrepreneurship in the U.S." More details on the study findings and methodology can be found here.
SecondMuse is an impact and innovation company that builds resilient economies by supporting entrepreneurs and the ecosystems around them. They do this by designing, developing, and implementing a mix of innovation programming and investing capital. From Singapore to San Francisco, SecondMuse programs define inspiring visions, build lasting businesses, and unite people across the globe. Over the last decade, they've designed and implemented programs on 7 continents with 600+ organizations such as NASA, The World Bank, and Nike. To find out more about how SecondMuse is positively shaping the world, visit: www.secondmuse.com.
Zach Giglio
Media Relations, SecondMuse
[email protected]
1.631.745.7551
Taylor McLaughlin
Global Head of Marketing + Communications, SecondMuse
[email protected]
1.203.644.4809
SOURCE SecondMuse
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