In a striking sign of America’s entrepreneurial strength, small business activity has hit a historic high with over 10 million new small business applications filed in just two years — the strongest period on record, according to business owners and federal data.
President Biden recently proclaimed November 2024 as National Entrepreneurship Month, designating November 19 as National Entrepreneurs’ Day. The announcement comes as the 2024-2025 Global Entrepreneurship Monitor reports Total Entrepreneurial Activity in the United States has reached an unprecedented 19%, with entrepreneurs rapidly adopting AI tools while the demographic makeup of business owners continues to diversify.
Small Business Renaissance
“Main Street is vibrant once again with most small businesses rebounding strongly from the Covid-19 pandemic,” said small business owner Dawn McGruder. She credits “generational legislative accomplishments like the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act” for the surge in entrepreneurship.
This marks the second consecutive year Biden has recognized November for entrepreneurs. Last fall, he stated, “I call upon all Americans to commemorate this month with appropriate programs and activities and to celebrate November 21, 2023, as National Entrepreneurs’ Day.”
The administration has backed its ceremonial recognition with concrete investments. During a recent visit to North Carolina, the President announced $82 million in new funding to support small businesses and improve community connectivity in the state.
Bipartisan Recognition of Small Business Impact
Support for entrepreneurs crosses party lines. Looking ahead, former President Trump has designated May 4-10, 2025, as National Small Business Week, highlighting efforts to cut regulatory burdens and foster growth.
“I call upon all Americans to recognize the critical contributions of America’s entrepreneurs and small business owners as they grow our Nation’s economy,” Trump proclaimed for the upcoming observance.
What’s driving this entrepreneurial surge? The GEM report indicates technological adoption has accelerated, particularly with AI tools becoming mainstream among new business owners. The data also shows continued diversification among entrepreneurs, with more women and minorities launching ventures than in previous decades.
Both Biden and Vice President Harris have emphasized small business support in public appearances, including a joint address during National Small Business Week earlier this year. The President also spoke about actions to ensure banking system stability to protect small businesses.
Beyond Washington, grassroots efforts are emerging to support entrepreneurship in unexpected places. Jackie Killings, in a recent TedX talk, explored how even small communities can build ecosystems that nurture innovation and business creation.
As entrepreneurial activity continues breaking records, the proclamations from both administrations reflect a rare point of political consensus: America’s small business owners remain the backbone of economic resilience and growth — with or without official recognition months.
