Laura Chase de Formigny Photography
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The latest business formation number is out. People started over 440 thousand businesses in June 2021. The sixteen-month period from March 2020 to June 2021 marks a record high for business startups. Which factors are responsible for this wave of entrepreneurs?
Economist Julia Pollak says economic recessions can create ideal conditions for people to start their own businesses – and the economic downturn caused by the pandemic is no different. Many people suddenly had time and, in the case of COVID, the financial resources in the form of stimulus checks, to consider entrepreneurship. In addition, startup costs have gone down over the years and online platforms have made small ventures viable. Julia thinks many of the new entrepreneurs are resilient and can grow from the pandemic economic downturn.
Chris Van Jura is a business owner in the Washington D.C. area. After being laid off from his restaurant work, Chris had an idea. He bought and converted a used food cart into his new hot dog business, Catalyst Hot Dogs. The good news is that the business is picking up steam.