For businesses, strong leadership is one of the defining factors in achieving success. While leadership can be cultivated through various experiences, military training can provide effective and time-tested principles that, in some cases, can beseamlessly transition into the corporate environment. According to the United States Census Bureau, Veterans own about 5.4% of the nation’s employer businesses, generating approximately $922 billion in revenue, which underscores the significant impact of military-honed leadership skills in business.
Small businesses serve as the backbone of the economy, employing nearly 61.6 million Americans and driving innovation across various industries, according to the U.S. Chamber of Commerce. However, they often face economic challenges that disproportionately affect them due to their limited resources.
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According to the Office Of Advocacy, veteran-owned businesses have made a significant impact on the U.S. economy, with over 1.9 million veteran-owned businesses providing jobs for around 5.5 million people and generating substantial economic output, according to data from the SBA.
One of the biggest challenges for new nonprofits is securing enough funding. Nonprofits typically rely on donations, grants, and sponsorships, but the competition for these resources is intense. According to a report by the Network Depot, 42% of nonprofits report a lack of adequate finances/resources. Without a consistent stream of funds, it becomes difficult for nonprofits to support their programs and cover operational costs, especially for new organizations without established donor bases and reputations.
Nonprofits often time face ongoing challenges with funding, In 2023 a report from NonProfit PRO stated, that 76% of nonprofits reported significant funding challenges due to economic downturns and the erosion of donor bases. The problem is exacerbated by the nonprofit sector’s heavy reliance on large donors—contributions from major donors, who account for nearly 75% of total dollars donated, declined by 10% in the first quarter of 2023 (Association of Fundraising Professionals).
The 2022 Annual Business Survey (ABS) revealed that there were around 5.9 million employer firms in total. Out of these, 1.2 million (21%) were owned by minorities, 304,823 (5.2%) were owned by veterans, and approximately 1.3 million (22%) were owned by women. These businesses together generate over $1.8 trillion in revenue and employ 6.3 million workers. However, some minority-owned businesses are facing challenges that are holding back their growth. Bank of America's 2022 Women & Minority Business Owner Spotlight highlights that 46% of Women & Minority Business Owners have faced difficulties in accessing capital, among other challenges. Minority-owned businesses should remain vigilant and watch out for these challenges in 2024.
The franchise industry, known for its resilience and ability to adapt, is currently facing a unique set of financial challenges. Despite its historical stability, franchises are grappling with a confluence of factors that are testing their financial viability.
Elaine Szeto, the EVP/Chief Innovation Officer & Founder at Integro Bank, joins the Arizona Escrow & Financial host with their podcast "Practical and Positive Leadership: Behind the Mic" to talk about how you can build a positive team based on the book Doing the Impossible by Patrick Bet-David. Elaine Szeto has spent the last 24 months quickly building the team from the ground up at Integro Bank.
In the last two decades, the number of women entrepreneurs has increased by an impressive 114%. Recent data from 2020 indicates that 47% of women started a business, compared to 44% of men. As of 2023, there are now over 9.4 million women-owned and women CEOs businesses in the United States. This growth is a positive reflection of the increasing visibility of women CEOs and entrepreneurs in various regions.
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