An ‘entrepreneurial boom’ on the rise for small business owners

Officials say there’s been a record new number of small businesses in the past few years. With multiple nationwide layoffs, this is expected to grow. AUSTIN, Texas — There’s been a record new number of small businesses nationwide in the past few years. With layoffs and shifts in the workplace, that number is expected to grow. Brett Sussman of American Express Business Blueprint said the "entreprenuerial boom" started in 2021. "In 2021, we saw over 5 million new small business applications, and that was up 50% from 2019," said Sussman. Sussman said the growth relates to two factors. The first is because during the pandemic, people had a chance to reset and understand what drives their passion, their values. "I think that really drove a lot of people to consider small business ownership. The second thing is with the technological advances, it’s never been easier to start a new small business. Now, also talk about in 2023, it’s also never been harder to maintain a small business," said Sussman. According to Sussman, in 2023, 50% of small business owners that American Express talked to were very excited that their revenue would grow and customers would come to them in-store […]

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