The Great Resignation Hits Main Street | Celebrity Entrepreneurs | Common Small Business Mistakes

Plus: Members Of Congress Say Small Business Owners Should Watch These Trends In 2022

Nearly two years ago, the coronavirus started to spread across countries and continents, spurring widespread lockdowns. As employers have navigated remote and hybrid work options, as well as new ways to engage and support employees amid unprecedented challenges, the workplace has been forever changed. 

Small businesses have, of course, been among the hardest hit by the pandemic. Paycheck Protection Program funding helped some stay afloat, but Main Street needs more help. A recent Goldman Sachs survey of nearly 1,500 small business owners finds that 82% want the federal government to provide additional financial emergency assistance to offset the rise of new Covid-19 variants. Some 71% say the omicron-fueled rise in cases has negatively affected their revenue. 

The pandemic’s impact doesn’t stop there: 86% of small business owners say economic challenges related to inflation and the supply chain have hurt their bottom lines, and the Great Resignation hasn’t helped. Here’s a closer look at how it’s affected entrepreneurs. 

Despite these economic hardships, Goldman Sachs’ survey suggests better days may be ahead: 73% of small business owners are optimistic about their finances this year. 

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"The SEC does not regulate what private companies say and there’s no governing body. The venture capital community plays a huge part in propagating these lies, and nobody questions them."

Sucharita Kodali

Retail analyst, Forrester

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E-commerce tracking startup Route’s Evan Walker sold his first business at age 19 for more than $10 million. Now, at 41, he’s running a tech unicorn that is worth $1.25 billion, following a $200 million fundraise.

Credit building platform Esusu raised a $130 million Series B funding round and broke the billion-dollar valuation barrier, making it one of the few startups with a Black founder to reach unicorn status. 

In 30 Under 30 alumni news, Melanie Fellay recently announced that her employee training startup Spekit raised a $45 million Series B led by Craft Ventures, bringing total funding to $60 million. Fellow alum Sean Petterson, founder of StrongArm Technologies, has raised $50 million, catapulting its valuation to $200 million. 

A love for street food led three friends to launch fintech startup Goodfynd, which helps food truck entrepreneurs manage their businesses and foodies find their favorite trucks. The company has grown amid the pandemic, raising $1.8 million in venture capital from the Artemis Fund, Valor Ventures and Accion Venture Lab, as well as angel investors.  

Entrepreneurship is booming—nearly 5 million new businesses launched between January 2021 and November 2021, according to the U.S. Census Bureau. For those looking to start or scale a business, here are the most common small business mistakes and how to avoid them. 

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