Melissa Ben-Ishay founded Baked by Melissa after being fired from her ad agency job, leading her to start a cupcake business with her brother. The company grew from Ben-Ishay’s apartment kitchen to a commercial kitchen and multiple locations, leveraging social media to expand its reach, while Ben-Ishay became a successful CEO and cookbook author, overcoming gender-based obstacles in entrepreneurship. To read more about her journey, see this piece posted on CNBC
The 2024 Bank of America Business Owner Report shows a positive outlook among small and mid-sized business owners, with an expectation of revenue growth and reduced concerns about recession. While inflation and interest rates are still on their radar, these worries have lessened compared to the previous year. Business expansion plans are in place for the coming year, with a focus on customer engagement and technological advancements to differentiate businesses. Small businesses are cautiously optimistic, with a majority expecting revenue increases, while mid-sized businesses show stronger confidence, with plans for expansion and hiring. Digital tools are being increasingly adopted to streamline operations, with AI implementation on the horizon for many businesses.
Small business confidence reached its lowest point in over 11 years this past March. According to a report from the National Federation of Independent Business, concerns about persistent inflation are weighing heavily on small business owners. Despite some indicators suggesting a decrease in inflation, rising costs, particularly in input and labor, remain a significant issue for small businesses, leading to widespread anticipation of further price hikes and increased compensation.
New business owners often yearn for the wisdom gleaned from seasoned business owners to steer clear of potential pitfalls. This post from Motley Fool shares five important tips including: welcoming the skill of delegation, embracing adaptable processes, acknowledging the demanding time commitments, mastering cash flow management, and actively cultivating a loyal customer base. See the article to read more.
In 2023, the U.S. economy surpassed expectations, avoiding a predicted recession, with a notable increase in new business openings. Yelp reported that diverse entrepreneurs, particularly women, LGBTQ-owned, Latinx-owned, and Black-owned businesses, played a significant role in this growth, with home services experiencing the highest increase, signaling a post-COVID era of recovery. To read more details, please see this report released by Yelp.
The pandemic saw a remarkable increase in women-led entrepreneurship, with half of the new businesses formed during this time started by women, a substantial rise from 29% in 2019. Dissatisfaction with traditional workplaces and a desire for more flexibility led women to create small businesses and side hustles. Harvard Professor Claudia Goldin’s research suggests that women sought entrepreneurship due to the clash between demanding jobs and family responsibilities, pushing them to seek more control over their work-life balance. The upheaval caused by the pandemic accelerated this trend, prompting women, especially those handling more domestic duties, to explore entrepreneurship. To read more about this trend and its ripple effects, see this article from Technical.ly
A report issued by Merchant Maverick looked at the top ten states in the US for women-owned businesses. The top of the list included Colorado (ranking at the to of the list for the third year in a row), Texas, Florida, Washington, California, Virginia, Arizona, North Carolina, Wyoming, and Illinois. To evaluate the best states for women-led startups, Merchant Maverick considered items like total venture capital in the past five years invested in women-led startups, percent of employer firms led by women, percent of employees at women-led firms, percent of women self-employed in their own business, and the average income of women self-employed in their own business. To read more about the findings, click here.
Indigenous Women Entrepreneurs comprise small but growing portion of America and Canada’s startup environments. This piece from The Story Exchange highlights 7 women and their companies. From apparel to technology to air travel and beyond, click the link to be inspired by these amazing stories.
This post from LegalZoom which was recently updated in September 2023 highlights the top ten mistakes made by new business owners. The list includes:
Check out the link to read more detail about what to do if you think you are falling short in that area as the post goes into depth on each item in the list.
In this recorded webinar from May 2023, Andrea Ippolito, founder and CEO of SimpliFed and Director of Women Entrepreneurs in STEM at Cornell University discusses the opportunities and challenges women entrepreneurs face when launching a business while raising young children. With two small children of her own, Ms. Ippolito is an expert on starting a company and watching it grow while concurrently ensuring that her children thrive.