There’s been a boom in one category of the employment sector the past year; the self-employed part of it. Entrepreneurship is alive and well and was on fire in 2022, according to data from the US Census Bureau. A total of 5 million new business applications were filed last year.
Does that number sound incredibly staggering? I agree. That breaks down to 14,000 new business applications filed daily in the US in 2022.
The big question is how many survived and thrived. It’s a little too early to tell, but Americans love the idea of working for themselves and trusting their skills and work ethic.
Prior to the pandemic, however, the number of new entrepreneurs had been dropping for a long time. One reason could be that laid-off workers cashed in on the free money the government was handing out. Plus, interest rates were extremely low, making it more enticing to take a run at being your own boss.
Entrepreneurs will face some strong headwinds and challenges in the coming months, courtesy of Joe Biden and his fellow lawmakers in DC. The recession, coupled with killer inflation and personal savings sitting at a 60-year low these days, means you better be buttoned down, innovative, and aggressive to survive in these turbulent times as an entrepreneur.
It’s also a great time for entrepreneurs to be an inspiration to many of their friends and family who wish they had the guts to go out and try something on their own.