Xero CEO: Why America’s entrepreneurship boom is only half the story

Source: Fortune ·

Xero CEO: Why America’s entrepreneurship boom is only half the story

Right now, we’re flying blind on owner outcomes.

From the source

One of the most consistent things I hear from founders is some version of: “The business is doing well, so why don’t I feel like I’m winning?” That question is critical. Because on every headline measure, they are winning. In 2025, the U.S. recorded approximately 5.7 million business applications, a new annual record. This rise was driven by AI, with 60% of new business owners saying they used it to help launch their business that year, double the rate from 12 months earlier. Small businesses generate trillions in economic activity. They create jobs. They power entire communities. And yet the owner, the person who took the real risk, is asking: Was it really worth it? We’ve seen this tension before, and speaking from experience, I have felt it. I think about my older sister Nicky, an optometrist who owned a practice in a shopping mall. She worked day and night to make her business succeed, but that stress never fully translated into her bank account. She had the company P&L, but not…

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