As we close out the decade, it’s important to reflect on the changes that have occurred in the US economy and the factors that helped drive those changes. One of the key economic and job-related trends that occurred between 2000 and 2019 is the rise of small businesses overall, and in women-owned small businesses in particular.
According to economic data, small businesses are the backbone of the U.S. economy, employing nearly 60 million people or half the U.S. workforce. But, businesses owned by women have seen more growth than that of all businesses combined over the last five years, increasing 21% compared to the 9% overall growth rate.
There’s never been a better time to be a woman entrepreneur. Thanks to a combination of factors, it's now easier to launch a woman-owned small business, which now comprise 42% of all businesses in America. From our vantage point, the following factors have helped drive these changes in the entrepreneurial ecosystem.
The Internet has been a game-changer in all of our lives, but it’s truly changed the world of retail commerce. E-commerce sales totaled $453.5 billion in 2017 and have been growing at an average of 15% annually since 2010.
Gone are the days when businesses, particularly consumer retail businesses, must have a brick-and-mortar presence to be successful. Many online direct-to-consumer brands, including several that we’ve featured on meixu.com like Lively and Away, are outperforming competitors.
Since the launch of social media platforms like Instagram, Facebook and Pinterest, many successful brands are increasingly dedicating more and more of their marketing and advertising budgets to these sources. For emergent and insurgent brands, digital marketing is the key to promote, build awareness and attract a loyal following among consumers.
The gig economy has changed the way entrepreneurs create jobs, hire workers, and scale businesses. The past decade has seen the advent of an entirely new economy and way of making money with the introduction of innovative apps that enable us to do everything from order food delivery to book a hotel or homestay or hire someone to walk our dog.
The gig economy isn’t just limited to the service and hospitality industries, but includes practically every sector and encompasses writers, graphic designers, website developers, accountants, legal experts, and more – providing small businesses with a bevy of available workers that have been pre-vetted and available for immediate hir
As we say goodbye to the decade, it’s important to look back and reflect on these changes, which enabled the rise in entrepreneurship. It’s also critical to stay abreast of emerging trends, which is our goal at Meixu.com, as we’re committed to sharing advice and insights to help you grow and scale. We’d love to hear your thoughts too to keep this momentum going.