Category: Entrepreneurial Journey

Insights from the 2024-25 GEM (Global Entrepreneurship Monitor) Report

Entrepreneurial activity in the U.S. has bounced back to a historic high, with a diverse group—including veterans, immigrants, and underrepresented communities—actively launching businesses, though many are doing so out of necessity rather than opportunity.

Digital tools, AI, and sustainability are becoming increasingly important, especially among younger entrepreneurs, and women are making international strides despite persistent confidence gaps. Black and Hispanic individuals show especially high optimism and motivation for entrepreneurship, highlighting the need for targeted support to fuel inclusive economic growth.

To read more details from this report, see this link.

Why 2025 Is a Great Time to Start a Small Business

2025 is shaping up to be a great year for small businesses. With AI, automation, and digital tools leveling the playing field, small businesses can innovate faster than big corporations. There’s more support than ever—grants, training programs, and online platforms make entrepreneurship accessible. (To see our list of grants and opportunities for small businesses, check out this link)

Consumers are also prioritizing values like sustainability, giving small businesses an edge in building authentic connections. Plus, remote work is expanding opportunities, making it easier to find talent and reduce costs. If you’ve been thinking about starting a business, now might be the perfect time! To read more about this, see this article in Kiplinger.

Factors That Can Make or Break Your Small Business Growth

Starting a business is thrilling, but success depends on more than just a great idea—it requires strategic planning to navigate potential obstacles like shifting consumer trends, economic conditions, and workforce availability. Factors such as business costs, digital infrastructure, local competition, access to funding, and regulatory policies can significantly impact growth and sustainability. By researching these elements in advance, entrepreneurs can make informed decisions that position their businesses for long-term success in the right location. To read more about this, check out this article in BNO News.

Breaking out of the Side Hustle Mindset

Many women start side hustles for flexibility and financial security, but staying in a side hustle mindset limits growth, income, and long-term success. To build real wealth, women must shift from seeing their businesses as extra income to treating them as scalable ventures by setting ambitious revenue goals, investing in marketing, and creating systems that allow for expansion.

To read more on this, see this article in Forbes entitled “Beyond The Side Hustle: Why You Must Think Bigger About Your Business” (note: Forbes has a paywall but you get 4 free articles if you don’t have a subscription)

Small Business and Entrepreneurship in the US After COVID

According to this report issued by the US Department of the Treasury in September 2024, small businesses are thriving in the post-pandemic economy and playing an even bigger role in job creation than before. Since 2019, they’ve generated over 70% of net new jobs, with entrepreneurship surging—averaging 430,000 new business applications per month in 2024, a 50% increase from 2019. Business optimism is on the rise as inflation concerns ease, and more small business owners expect revenue growth in the coming year. Importantly, entrepreneurship is becoming more diverse, with record numbers of women and minority business owners entering the space.

However, challenges remain, particularly in securing credit, as lending conditions remain tight. Despite these hurdles, the data suggests that now is an especially good time to start and grow a small business in the U.S., with strong policy support and a resilient economic outlook.

How Trump’s First 100 Days in Office May Impact Small Business

President Trump’s first 100 days in office for his second term are expected to impact small businesses through trade tariffs, tax reforms, immigration policies, and deregulation.

These measures present opportunities such as lower tax rates and reduced regulatory costs but also challenges like higher costs from tariffs, labor shortages, and potential supply chain disruptions. To read more, check out this article from Inc.

Supporting Small Businesses Still Recovering After Helene

As news outlets focus on the tragic fires in Southern California, showcasing the heartbreaking destruction of residential and commercial properties, it’s crucial to remember that tragedy also struck Western North Carolina and Eastern Tennessee this fall. Businesses, homes, and critical infrastructure like roads, water, and electricity were lost.

While one disaster is not “worse” than the other, it’s important to recognize that the devastation felt by residents and small business owners in these areas endures long after the headlines fade.

If you’re based in or know others in Western North Carolina or Eastern Tennessee, here’s a list of resources that may provide help to those affected.

For those outside the area who want to lend a hand, consider “shopping local” to support small businesses recovering from this disaster. Your purchases can make a significant difference in helping these communities rebuild.

Entrepreneurship Can Be A Pathway Out of Poverty with the Right Support

In this article, Michael H. Morris, Professor in the Keough School of Global Affairs at the University of Notre Dame, highlights how entrepreneurship can help alleviate poverty by providing people with valuable skills and creating jobs, stability, and community benefits. Success for poor entrepreneurs doesn’t have to mean massive profits; even small ventures can improve lives and reduce poverty. With the right support—like training and mentorship—entrepreneurship can be a powerful tool for breaking the cycle of economic disadvantage. Check out the article to read more about Professor Morris’ thoughts.

Anticipated Changes for Small Business in 2025

Small business owners should prepare for significant changes in 2025, including a potentially more business-friendly federal administration, state-level overtime and minimum wage adjustments, the phased implementation of new FinCEN registration requirements, and expanded tax regulations on third-party payment platforms like Venmo. Inflation remains a key concern, with conflicting policies from the incoming administration potentially impacting costs, while the Small Business Administration transitions to new leadership under Kelly Loeffler. To read more about these items, see this article in the AP News.

Preparing for Black Friday and Cyber Monday as a Small Business

This blog post from WooCommerce encourages small business owners to start preparing early for Black Friday and Cyber Monday. If you don’t have a solid plan in place, all is not lost! You still have time to build excitement with your loyal customers by offering them early access to exclusive deals, and focus your marketing on specific products that will grab attention without cutting too deep into profits. Make sure your website is ready for the rush—optimize for speed, simplify the checkout process, and use tools like chatbots and FAQs to keep things running smoothly. See the blog post for more tips!