Over the last week, there’s been a lot of discussion about small business sentiment. On the one hand, data clearly shows that small business optimism fell in August. On the other, the Fed is poised to cut interest rates, with Powell saying that small business owners could see “several years of upcoming prosperity” similar to the 1990s alongside the development of the internet.
Here’s my take:
Small business owners are going through a helluva lot right now… we’re all going through a lot right now, aren’t we? The world is in a weird place; interest rates are still high, many are uneasy given the upcoming elections, there’s violence all over the world, and it feels like we are more divided than ever with many people trying to steal our attention away from what really matters; our family, our business, or our community.
We started Novo as a bet on the backbone of this country: small businesses. Because small businesses have always been and will always be the engine that pushes our nation forward.
If we have learned anything about small businesses over the last 9 years, it is that they are one of the most resourceful and resilient segments on the planet. Since the pandemic, entrepreneurs have filed a record 19 million applications for new businesses (with applications staying above pre-pandemic levels), while creating 71% of the net new jobs since 2019!
Once interest rates drop and we’re through the November elections, small business sentiment will quickly rebound to the near-record high levels we saw earlier this year. And, coupled with the technology tailwinds, I agree with Powell - the future will be very bright!
Branded Content Director, Creative Producer, Talent whisperer
7moMichael Rangel my distraction quotient is with that power jacket.