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The Surge of Businesses

Business booms with the younger generation. Ever since the pandemic, the world has been amid a rise in entrepreneurs and business owners. Social media has greatly contributed to this, with people like Iman Gadzhi, Luke Belmar, Andrew Tate, and more inspiring young entrepreneurs to pursue their dreams.

What are the numbers?

According to the U.S Census Bureau’s Business Formation Statistics, there were 1.7 million applications for new businesses that were likely to hire employees in 2022. Although it is a little less than the peak of the pandemic, it is still a huge increase from prior years and it is estimated that it will continue to increase.

Chart: Economic Innovation Group Source: U.S.

Census Bureau's Business Formation Statistics

Another study conducted by Gusto, a software company, tells us that there were 5 million new companies created in the US with the gender and race of the entrepreneur also evening out. Entrepreneurship is slowly changing from a primarily white male-dominated field to an inclusive field for all. company news

The overall inflation, layoffs from jobs, and disruptions from school all are factors that contribute to the rise in entrepreneurs. With these roadblocks, many have used it as motivation, to push to be entrepreneurs and business owners. Furthermore, seeing the success of social media influencers also motivates the younger generation to start businesses, hoping to see that same glory.

What does this mean?

Even though a lot of businesses fail, the more start-up businesses there are, the more will eventually succeed, leading to more jobs available for other people, and a better overall economy. Starting a business allows for many more capabilities than those of typical jobs. Perks include having your schedule, being your boss, and the possibility of making more money. But, you must not ignore the difficulties with likely having to put up capital and work very hard to start your business. With endless capabilities, are you going to start a business?

If so, here are some links to ways to learn entrepreneurship and different businesses that you can start:

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