When the chips are down, Americans create.
Never has that been more evident than during the past year. As COVID lockdowns forced scores of American businesses to close and sent millions into unemployment – Americans began creating.
Last September, in the throes of the crisis, the The Wall Street Journal reported that year-to-date at that point, new business applications were rising at the fastest rate since 2007 – the globe’s last economic crisis. The Journal reported that applications totaled 3.2 million, compared with 2.7 million at the same point in 2019.
That new business creation has continued, with the U.S. Census Bureau reporting that new business applications for January 2021 totaled 492,133 – an increase of almost 43% over the prior month.
Not all of those business will survive, of course, and some of those would-be entrepreneurs will be lured back into working for other companies as the economy improves.
So what can these new entrepreneurs do to increase their likelihood of thriving in their newly created businesses?
I provide four suggestions in this Texas Business Daily op-ed.