“Do the Hustle:” Insights into Small Business Ownership

August 1, 2025

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According to a 2023 Pew Research Center survey, more than one in five Black adults say owning a business is essential to their personal definition of financial success. For GenZers (many of whom experienced economic instability either directly or through their parents)  becoming an entrepreneur is seen as a highly-desired goal . And  a 2024 working paper from the National Bureau of Economic Research shows that immigrants are more entrepreneurial than the US-born population.

 

According to a 2023 Pew Research Center survey, more than one in five Black adults say owning a business is essential to their personal definition of financial success. For GenZers (many of whom experienced economic instability either directly or through their parents)  becoming an entrepreneur is seen as a highly-desired goal . And  a 2024 working paper from the National Bureau of Economic Research shows that immigrants are more entrepreneurial than the US-born population. 

In short, business ownership is now becoming the norm, rather than the exception, for many Americans. This is particularly the case among demographic groups that are driving the nation’s population growth. But how ready are our credit unions to attend to budding entrepreneurs? What product and service options do our credit unions offer for members who want to monetize their “side hustles?” 

As part of our services, Coopera Consulting conducts small focus groups consisting of both credit union members and non-members, both in English and Spanish, in order to learn what consumers want from their credit unions. When it comes to small businesses, here are a few insights we learned:

 

• Digital apps are necessary for running a small business: Small businessowners frequently highlighted how they rely on various smart phone apps for everything from remote deposit capture, to making payments to their vendors and employees, or processing transactions with customers. Credit unions can partner with third party providers if their current platforms and capabilities are limited. 
   

• Some businesses are conducted across state (and sometimes national) borders: Small businesses nowadays easily defy traditional geographic limitations. Some businesses can be run entirely online, or a hybrid of face-to-face and online interactions. This expands their customer base, allowing them to serve a broader audience, and generating more revenue. But in what ways might your credit union be a barrier for business operations if your ATMs or other services aren’t able to accommodate to cover large geographic areas?
   

• Personalized Service and Business Advisors: Many new entrepreneurs (especially younger ones) need advice from trusted experts to help them navigate the complexities of business ownership. Highlight your credit union's personalized, relationship-focused approach. Assign dedicated business advisors who understand the unique needs of small businesses and can offer tailored advice and solutions, or invite a local expert to utilize a dedicated space at one of your branches to provide technical assistance.  
   

August also happens to be National Black Business Month. To learn more about how your credit union can improve its support and services to buregeoning business owners, reach out to Coopera Consulting today.