Category: Entrepreneurial Journey

Becoming an Entrepreneur in Your 50s

This article featured in Smart Company highlights how entrepreneurship in your 50s can be a transformative and rewarding experience, particularly for women. The author highlights how shifting away from two decades of traditional corporate responsibilities allowed her to pursue meaningful work aligned with her values.

By becoming a startup leader in her late 50s, she leveraged her deep industry knowledge, professional networks, and confidence gained over time to successfully navigate challenges and inspire investor confidence. The piece encourages older women to embrace their unique strengths, tackle impostor syndrome, and lead fearlessly, reminding them that it’s never too late to step into their power.

Rising Influence of Women in the Restoration Industry

The growing presence of women in the restoration industry (this industry focuses on repairing and restoring properties damaged by events like fires, floods, mold, and other disasters) signifies progress in breaking traditional gender roles, with women taking on key roles as technicians, business owners, and leaders. Despite facing challenges such as gender stereotypes, women in this field are demonstrating strong leadership, multitasking abilities, and emotional intelligence, contributing to a more inclusive and diverse industry. To read more about this growing field for women, see this article in Forbes.

Small Business Is Booming

Despite challenges like high inflation and tight credit, Americans are starting new businesses at near-record levels, with over 3 million business applications filed so far this year. The Small Business Administration (SBA) has responded by increasing loan approvals, particularly for women, Latino, and Black-owned businesses, even as the average loan size decreases. To read more about this trend, see this article in Inc.

Understanding the “Doughnut Effect” Trend

Since the summer of 2020, America has experienced a persistent boom in new businesses, initially driven by pandemic-related factors such as online retail, warehousing, and unemployment, but now characterized by broad-based growth and a significant rise in startups, particularly tech startups focused on artificial intelligence. This trend includes a “doughnut effect,” with new businesses flourishing in the suburbs while downtown areas see less growth, contributing to a nearly 60% increase in new business creation compared to pre-pandemic levels. To hear more about these trends, check out this NPR “All Things Considered” interview.

The Story Behind The Company, Baked By Melissa

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

Outcomes of the Small and Mid-sized Business Owners Report

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 Optimism Index Hits 11-Year Low

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.

5 Things Business Owners Wish They Knew In the Beginning

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.

2023 Business Openings Set New All-Time High According to Yelp

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.

Women Are Biggest Contributors to Rise in New Businesses Between 2019 and 2023

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