After waning for decades, applications to start businesses have surged post pandemic.
The coronavirus pandemic appears to have unleashed a tidal wave of entrepreneurial activity, breaking the United States — at least temporarily — out of a decades-long start-up slump.
Americans filed paperwork to start 4.3 million businesses last year, according to data from the Census Bureau, a 24 percent increase from the year before and by far the most in the decade and a half that the government has kept track. Applications are on a pace to be even higher this year.
The surge is a striking and unexpected turnaround after a 40-year decline in U.S. entrepreneurship. In 1980, 12 percent of employers were new businesses; by 2018, the most recent year for which data is available, that share had fallen to 8 percent.
The prolonged decline worried economists, because start-ups are a key source of job growth, innovation and economic resiliency. A reversal of the trend could contribute to a more dynamic, productive economy that could more easily rebound from future recessions.
October 24, 2021. Blog from our Principal. US Trust Business Loans and Alternative Capital Funding- We are in unprecedented times and there is no better time to start a business than now. Are you at a breaking point with your career and have trouble seeing the light at the end of your career tunnel? You are not alone. Are you sick and tired of your employer playing "head games" with you that things are going to get better and you will be promised that overdue promotion? Stop being caught up in someone seeing your business talents, yet that position you hold never materializes into something fruitful. If you do not determine your own destiny, someone else will. According to Linkedin, Partly as a result, many younger workers are job-hopping as they seek bigger titles and higher pay. That's making it tougher for companies to hold onto promising employees and hurting their businesses in some cases according to the survey.
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