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Small Business Center

Inequity Challenges in Reaching the $1 Million Milestone

April 10, 2024

Scaling a small business to reach $1 million in annual revenue is regarded as a significant milestone. However, a recent study by JPMorgan Chase & Co. reveals disparities in the ability of businesses — particularly those owned by Black, Hispanic and/or female entrepreneurs — to achieve this benchmark. The study explored the challenges and factors influencing business’ ability to reach the $1 million mark, shedding light on the complexities of small business growth and the need for equitable access to opportunities and resources.

By Rebecca Meiser

Contributor, Commerce + Communities Today and Small Business Center

Small Business Center

ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.

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