Category: Entrepreneurial Journey

Building Community Support to Shop Local

Faire’s “Main Street Shopping” report (Faire is a leading online wholesale marketplace that connects locally-owned and operated shops with brands to stock their stores) highlights a growing trend: consumers are willing to spend more and travel farther to support local retailers, driven by a strong desire to engage with their communities. The report encourages small businesses to embrace this trend by building a unique, locally-focused shopping experience through curated products, partnerships with nearby businesses, participation in community events, and active social media engagement. You can read more in this piece on the US Chamber of Commerce site.

“Show Her The Money” movie

“Show Her The Money” highlights the struggles and triumphs of female entrepreneurs as they battle for venture capital funding, which women receive less than 2% of, while also demystifying what venture capital is. Featuring successful female investors and visionary entrepreneurs, the film demonstrates how financial backing empowers women to turn innovative ideas into billion-dollar businesses, ultimately reshaping the American economy. See this link to learn about the film.

Verizon Survey Shows Doubling in AI Adoption Among Small Businesses

Verizon Business’s fifth annual State of Small Business Survey, conducted with Morning Consult, highlights a notable increase in AI adoption among small and midsize businesses (SMBs), driven by growing awareness and accessibility. The survey found that AI usage has more than doubled in the past year, with 39% of SMBs now utilizing AI tools to streamline tasks and improve efficiency—up from just 14% in 2023. This increase reflects the perception among SMBs that AI can significantly enhance business operations, although it also raises new security concerns. Despite financial anxieties, SMBs are investing in AI, faster internet, and digital solutions, underscoring a strong commitment to technology as they adapt to changing consumer demands.

2024 Bank of America Women & Minority Business Owner Spotlight

The 2024 Bank of America Women & Minority Business Owner Spotlight reveals that 78% of small and mid-sized business owners anticipate revenue growth over the next year, with high levels of confidence among Hispanic-Latino, Black/African American, and AAPI entrepreneurs. Many business owners, especially women, plan to expand, hire, and invest in employee development, though concerns about inflation, labor shortages, and the political environment remain top challenges.

Celebrating Latina-run Businesses

This article in Hispanic Executive highlights ten Latina-owned businesses that are revolutionizing their respective industries, from beauty and fashion to coffee and children’s literature. Despite facing significant gender and racial barriers, these Latina entrepreneurs are breaking new ground with innovative products, ethical practices, and a commitment to cultural representation, inspiring future leaders in the business world.

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