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Why Starting a Business in 2024 is Essential: US Corporations Layoffs

 

 

 

Read Time: 5 Minutes

 According to a Newsweek article, " A recent string of mass layoffs across the U.S. could be the sign that the country's economy is finally sliding into the recession many feared would hit the nation last year, financial analyst Gary Shilling told Newsweek" (Delayed Mass Layoffs, 2024). 

 In a Final Call Newspaper article titled, Business Is Warfare’ What is Required for Our Economic Independence?, The Honorable Minister Louis Farrakhan raised a quote from The Honorable Elijah Muhammad that states, "As a people we must become producers, and not remain consumers and employees.

 Also the minster pointed out that "At the 10th Anniversary of the Million Man March (“The Millions More Movement”), we brought to us Nine Ministries that we must establish as a people.  Among these Ministries was a “Ministry of Trade and Commerce.”  Here you have people all over the Earth who would do business with us if we had a product that we could offer them!  And if they didn’t have money, then trade; barter:  “this for that.” (Farrakhan, 2022).

In a Reuters article, titled, US, Canadian companies kick off 2024 with layoffs, it provides a list of job cuts (See List Below):

1. Amazon's  job cuts include less than 5% of employees at Buy with Prime unit, 5% at audiobook and podcast division Audible, several hundred in streaming and studio operations.

2. Microsoft is cutting around 1,900 jobs at gaming divisions Activision Blizzard and Xbox.

3. Ebay plans to cut about 1,000 roles or around 9% of its workforce.

 4. Cisco is planning to restructure its business which will include laying off thousands of employees.

5. PayPal Holdings is  planning to cut about 2,500 jobs, or 9% of its global workforce this year.

6. Estee Lauder plans to cut 3% to 5% of its global workforce.

7.  Wayfair plans to lay off 1,650 employees, or about 13% of its workforce.

8. Macy's is cutting 2,350 jobs, closing five stores.

9. Nike  will cut about 2% of its total workforce, or more than 1,600 jobs, as the sportswear giant looks to cut costs after flagging weaker profits this year.

10. United Parcel Service (UPS) plans to cut 12,000 jobs to cut costs.

(US Canadian Companies, 2024)

 As a result of mass layoffs by corporations in the United States, now would be a good time to consider starting an online business. The next step after writing a business plan is the design  of an online store. To get started designing your business website for $1, the first month, use the following link: https://shopify.pxf.io/Vm52oR

Nadine Muhammad has a Master of Science in Economic Development and Entrepreneurship. She is the owner of an online bookstore Nation's Products and NLM Economic Development Services. To learn more about writing a business plan or developing an economic development strategic plan for your community send an email to nlmeconomicdevelopmentservices@gmail.com 

References

Farrakhan, L. (2022). The True Meaning of Education. Business Is Warfare’ What is Required for Our Economic Independence? https://new.finalcall.com/2022/10/25/a-business-is-warfarea-what-is-required-for-our-economic-independence/

Newsweek. (2024). Delayed Mass Layoffs Spells Bad News for US Eonomy. https://www.newsweek.com/delayed-mass-layoffs-spell-bad-news-us-economy-analyst-1892805

Reuters. (2024). US, Canadian companies kick off 2024 with layoffs. https://www.reuters.com/business/job-cuts-spill-beyond-tech-sector-2024-02-09/

 

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