It's hard to believe, but over 4.4 million new businesses were started in 2020, and in June of 2021, 440,000 new businesses opened their doors. These are the highest numbers in history. Why now?
There are many reasons. A recession can create ideal conditions for people to start their own business. People have the time to pursue their dream. They're spending most of their time at home. Many people either lost their job or worked at home, which gave them time to think about another career. Start up costs have gone down because online platforms have made small ventures viable.
Many jobs involve things like online mindfulness coaching business. Entrepreneurs need to be creative. Direct to consumer is the model of choice. Many businesses just need a computer to get started.
Will these businesses survive? Many of them will survive and prosper. One man took a used food cart and turned it into a hot dog business. He's doing well. A woman lawyer who was out of work took her love for horses and everything equestrian and began making riding pants at a fraction of what store bought pants would cost. Within a few months, she had thousands of orders.
One final thing. Most of these businesses have 5 or less people working in the business. This eliminates the need for a lot of management costs. Talk about making lemonade out of lemons. Millions of people have found a way to do it. Never underestimate the entrepreneurial spirit of Americans!!
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