The Weekly Stripe – 15.05.20
Most business news concerns large businesses, which means that understanding smaller business is predicated more on personal contacts or interest. As such, this week’s theme explores the realities of small- and medium-sized enterprises. What they are, what it takes to run one, the inevitability of f*cking up, the unequal conditions in funding and alternative ways of thinking about entrepreneurship.
Did you know that across the OECD, SMEs account for 99% of all businesses and between 50% and 60% of value added. Almost one person out of three is employed in a micro firm with less than 10 employees and two out of three in an SME (less than 250 employees).
In a 2015 US survey 84% of small business owners said that, if given the opportunity, they would do it all again. This is despite the same survey revealing that just over half of small business owners said they can never be away from the business or focus on themselves.
Fuckup Nights is a global movement and event series that shares stories of professional failure. Each month, in events across the globe, three to four people to get up in front of a room full of strangers to share their own professional fuckup. The stories of the business that crashes and burns, the partnership deal that goes sour, the product that has to be recalled, they tell us all.
Kathryn Finney’s #ProjectDiane2016 found that there were only 12 Black women led startups that had raised over a $1million in outside venture funding. There were only 88 startups led by Black women in the US, with an average raise of $36,000. The average raised by mostly male, white founders of failed startups is $1.3 million
“When people think of a queer business, they think about rainbows — but when I think of a queer business, I think of applying anti-oppressive practices to the process of doing business. That’s what queering entrepreneurship means to me now, not just hiring queer people.”