During the pandemic, Americans’ bank accounts have been filled with stimulus payments and money saved from not going out to dinner or on vacation. Incorporate a good dose of social networks– agitprop focused on the ease of launching a business, enhanced with excessive viewing of shows such as Shark tank, add some measure of Musk and Bezos-inspired dreams of becoming the next centi-billionaire, and the result is a boom in small business creation. In 2021, the United States saw a record 5.4 million startup registrations, according to census data.
Two years later, the effect continues as inflation prompts many Americans to seek a side hustle and the acceleration of e-commerce and remote work makes it easier than ever to start a business. More than 5 million new business applications were filed in 2022, an increase of 42% from pre-pandemic levels. “People want freedom,” says Karen Jenkins, an independent management consultant in South Carolina. “They want to take ownership of their lives and are willing to take more risks. »