Celebrating National Entrepreneurship Month
In 2023, a record-breaking 5.5 million new business applications were filed, according to the U.S. Department of Commerce.
In Texas, more than 500,000 new business applications were filed and Texas ranked No. 14 of 2023 business applications per capita, according to the Commerce Department.
“The entrepreneurial spirit is alive and well,” said Mitsu Frazier, senior vice president and executive dean of the School of Business at Western Governors University. “I applaud the go-getter mindset of entrepreneurs whose tenacity and innovation not only boost opportunities in communities, but they also help improve our society by striving to do good for themselves and for others.”
According to Eric Van Nostrand, assistant secretary of the treasury for economic policy, “small businesses play a disproportionately large role in (the U.S.) labor markets.” In a Department of the Treasury article published in September, Van Nostrand wrote that half the Americans who work for a private business work for a small one.
“And with entrepreneurship surging since the pandemic, that role is poised to grow further. Americans are finding it an especially good time to start a small business,” Van Nostrand said.
According to the Department of the Treasury, small business and entrepreneurial work has been booming since the pandemic.
Small businesses have created over 70% of net new jobs since 2019.
More than 70% of small business leaders expect revenues to grow over the next year, the most since the pandemic.
The United States is averaging 430,000 new business applications per month in 2024, 50% more than in 2019.
There is more diversity among entrepreneurs. More than 40% percent of self-employed Americans are female, more than ever before. Black, Asian and Hispanic shares of self-employed Americans are also near all-time highs.
“By creating new jobs and addressing unmet market needs in creative ways, entrepreneurs are industry change-makers,” Frazier said.
Advice for Entrepreneurs
Mitsu Frazier
Senior Vice President & Executive Dean
WGU School of Business
My best advice for an entrepreneur starting out is…
One of the most essential tools in every business owner’s toolkit is the business plan. I want to focus on why a comprehensive business plan is crucial for achieving your business goals and securing investment. Developing a strong business plan is both an art and a science.
A business plan is not a static document; it is a living, breathing roadmap for your success. It’s more than just a prerequisite for funding—it’s a pledge to yourself and your stakeholders. This plan is your North Star, guiding you through every phase of your business. Remember, it’s okay to revise and adapt it as you go along. What matters most is that you stay committed to your vision, keep refining your strategy, and use your business plan to hold yourself accountable for the goals you’ve set.
Casey Clark
Vice President & Dean
WGU School of Business
My best advice for an entrepreneur who is already open for business is…
Stay adaptable while staying focused on long-term goals. Even if your business is established, the market, customer expectations, and industry landscapes are always evolving. Continuously update your market research and adjust strategies to meet changing demands.
Regularly update your business plan to align with new goals and market conditions and don’t shy away from innovation—exploring new technologies or offerings can keep your business competitive and help sustain long-term success.
Margaret Simonis
Vice President & Dean
WGU School of Business
My best advice for someone thinking about starting their own business is…
Start with a clear plan and purpose. Begin by identifying a problem or need in the market and ensure your idea provides a valuable solution. Validate your idea through research and test it with potential customers to ensure there’s demand.
Craft a solid business plan that outlines your goals, target market, financial projections, and operational strategy. This will guide your decision-making and help you secure funding if needed. And surround yourself with mentors and a support system that can offer advice, motivation, and resources.
How the WGU School of Business Supports Entrepreneurs
The WGU School of Business empowers students to learn at the speed of business and earn the skills needed to achieve their professional goals. More than 7,400 Texas residents are currently enrolled in WGU School of Business programs, and more than 11,500 Texas residents are school alumni.
WGU School of Business master's and bachelor's degree programs offer real-world application, the ability to graduate faster, and industry relevancy so students can pursue their career goals at their own pace.
WGU degrees are designed to be more affordable and help working individuals fit higher education into their busy lives. That means students can work around their schedule to earn their degree.
