The Corporate Transparency Act (CTA), effective January 1, 2024, mandates that many U.S. small businesses report their beneficial ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. Failure to comply can lead to significant penalties, including fines and imprisonment. Filing is straightforward – businesses will not incur a fee for submitting their reports, and electronic forms are available on FinCEN’s website.
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” 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 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.
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.
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.
The 2024 Women CEOs in America Report, released by Women Business Collaborative (WBC) in partnership with Ascend, C200, and Catalyst, reveals both progress and challenges for women in corporate leadership. While women are making significant gains in smaller public companies and private enterprises, their representation in the Fortune 500 remains steady at 10.4%, showing the need for continued efforts to close the gender gap in corporate leadership. Notably, women entrepreneurs are also on the rise, with women now owning 34% of all small businesses and franchises, outpacing their male counterparts in business ownership growth. To read or download the report, click here.
A recent report compiled by PwC found that while women are increasingly starting businesses, they still get a tiny slice of the venture capital pie—around 2% in both Europe and the US in 2023. Gender bias and the fact that so few women hold decision-making roles in investment firms make it tough for female founders to secure funding. However, there are some encouraging signs, like the growing number of female angel investors.
Based on interviews with women investors, the report offers five key tips for women founders: learn the investment landscape, choose investors wisely, network smartly, be ready for tough questions, and aim high with your funding goals. Despite the challenges, now is actually a good time for women to raise capital, as many funds are eager to diversify their portfolios. While there’s still work to do, women entrepreneurs have a real opportunity to secure the funding they deserve. To read more, click the link above to download the complete report.
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.
In this eCornell Keynote podcast episode, Brad Bell from Cornell University’s School of Industrial and Labor Relations discusses the challenges of managing hybrid teams and offers actionable strategies for success.
He highlights three key differences in hybrid work environments—variety, volatility, and volition—that organizations must address. Effective leadership in hybrid teams involves fostering a shared understanding, maintaining a team identity, and promoting an inclusive social climate. Bell also emphasizes the importance of delegating leadership tasks and using agile technology. Conflict resolution and ensuring team alignment are crucial, as hybrid teams often struggle with cohesion and communication. Finally, he underscores the career advancement challenges of remote work and suggests that in-person engagement can help employees progress.