Pandemic pushes Americans to get entrepreneurial
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Aug 24, 2021
Pandemic pushes Americans to get entrepreneurial

While the pandemic left many people unemployed, it sparked an entrepreneurial spirit for others which has led to a substantial increase in start-ups. Whether out of necessity or inspiration, the uptake in small businesses is proving to be a much-needed boost for the economy.

The pandemic has triggered a wave of small business activity in the US, with a 24% increase in Americans applying to start a new business. Many of these start-ups are in fields such as performing arts, which have been heavily disrupted by the pandemic. While experts are uncertain as to whether the rise in entrepreneurship will die down once businesses begin to reopen, statistics signify a different outlook: in July 2021, the number of self-employed people has reached its highest point in eight years. “The pandemic forced a big realignment that we never would have seen otherwise," says John Lettieri, chief executive of the Economic Innovation Group. "What I hope is that this was the definitive moment where the sclerosis broke.”