Entrepreneurs assemble: The pandemic isn't stopping entrepreneurs — quite the opposite in fact
The entrepreneurial spirit is alive and kicking. New businesses are being formed at a phenomenal rate ever since the pandemic gripped the US in the middle of last year. Data from the US Census Bureau reveals that there were more than 4.25 million new business applications last year, up more than 20% on the year before. The data for 2021 so far is even more impressive — with more business applications being filed so far than any year that's been tracked since 2006.
Never waste a crisis
Never let a good crisis go to waste were famous words supposedly said by Winston Churchill — and often echoed now by many entrepreneurs. With much of our economy in upheaval new sectors, products and services are cropping up at an astounding rate and if you are an entrepreneur starting a company during this recession, it's hard not to be inspired by some of the successes from the past. The last major global recession saw Uber, Airbnb, Slack and WhatsApp get started — to name but a few.
Why is now a "good" time?
It's a bit counter-intuitive for people to take more risks when the economy is in such dire straits, but there are a lot of reasons to support why we're seeing this:
New work paradigm. Offices and office space will change forever — and that means opportunities for physical and digital products (collaboration software, home office desks etc.).
Funding is available. We might be in a recession, but venture capital funding is still widely available, and was actually up 13% last year.
Time. Furloughed workers, or those with reduced hours, may now have the time to turn that side-hustle or side-project into a more substantial venture.
Necessity, the mother of all invention. Lost your job? You may not have much choice but to start your own company and try and go it alone.
