A looming recession isn’t stopping people from starting new businesses
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America’s entrepreneurial renaissance isn’t slowing down anytime soon. The pandemic lit a fuse under the new wave of businesses. And despite growing fears of the U.S. entering a recession, people are still going into business for themselves with new business applications again increasing in October.
As layoffs continue in the tech industry, this trend is only likely to continue. Many of today’s most well-known companies started in the Great Recession as workers shift to entrepreneurship out of opportunity or necessity.
However, the gains of entrepreneurship are not being evenly felt. While women outpaced men in new business starts in 2021, LinkedIn data shows their numbers are dropping off as they continue to face hurdles with childcare, rising healthcare costs and an uncertain economic environment.
Launching a business is hard regardless of the circumstances. But the stakes are even higher in a downturn. I spoke with Drybar founder Alli Webb a few months back, who shared her advice for those interested in turning a side hustle or idea into a full-time gig. She started Drybar in 2010 on the heels of the recession and has actionable advice on scaling, hiring and finding product market fit in a slower economy. See the whole interview here.
Are you considering launching a business now or do you have a side gig??
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Finance Leader | Building today for Scale tomorrow
2 年Beautiful - downturns seem to be a fertile period for new ideas and companies. Im excited to see how innovative people continue to change the world!
LPasC, Brd Cert Professional Counselor, Certified Christian Counselor, Professional Life Coach Author, Blogger, Podcaster, Educator #griefsupport #griefisreal #mentalhealth #podcaster #therapy #Christcentered
2 年Depending on the field. I will say my counseling practice will hold its name. People fesr it because it reminds them of truth. "GRIEF " I rather perform in a business I am compassionate about. The funds will come. I will have to reach out a learn the skills set for the job.
Editor in Chief of Entrepreneur Magazine
2 年This is great data —?thanks for flagging it!
Self Employed at Adirondack Acres Trail Site
2 年Trying to expand and start back up our family business. My Grandmother passed in March 2021, she and her mother started our tiny flower shop by Word of Mouth, then closed in 2003, before the internet BOOM! Now, I'm trying to collect funds to help get me going. My husband and I also have an active side gig business, Hipcamp, Adirondack Acres Trail and Camp, during camping season, April to November.
"I educate you where the classroom failed you." | entrepreneurial polymath } Fit in NO boxes; I create new polygons :-)
2 年Jeri Quinn Esther Deutsch