The Rise of Entrepreneurship Post-COVID: A Positive Shift for Humanity

The COVID-19 pandemic has dramatically reshaped the landscape of work and business, leading to a significant rise in entrepreneurship. As millions were forced to reevaluate their careers and personal lives during lockdowns, many discovered a renewed desire for independence, flexibility, and purpose. To me, this is one of the most exciting shifts of this decade, and I believe that we will continue to see a positive impact from this shift for years to come. 

The Numbers: A Surge in New Businesses

According to the U.S. Census Bureau, the number of new business applications soared during the pandemic. In 2020, there were approximately 4.4 million new business applications filed in the United States, compared to about 3.5 million in 2019. This represents an increase of around 25% year-over-year (Census Bureau, 2021).

In 2021, the trend continued, with applications reaching an unprecedented 5.4 million, illustrating a sustained interest in entrepreneurship (Census Bureau, 2022). 🤯 (This is amazing!!)

Moreover, a study by the Global Entrepreneurship Monitor (GEM) found that in 2021, around 22% of U.S. adults were engaged in some form of entrepreneurial activity, a significant increase from previous years (GEM, 2021). This rising tide of entrepreneurship is not limited to the United States; similar trends have been observed worldwide, indicating a global shift in the approach to work and business.

A Shift in Work-Life Balance

One of the silver linings of the COVID-19 pandemic was a collective reevaluation of work-life balance. Many individuals who were previously working long hours—often juggling multiple jobs—found themselves with a new perspective on life. Remote work allowed people to reclaim their time and prioritize well-being. According to a survey by FlexJobs, 65% of respondents reported that they wanted to leave their traditional jobs to pursue self-employment or freelance work due to the flexibility and balance it offered (FlexJobs, 2021).

This shift has led to a significant transformation in how people view work. No longer is the traditional 60-hour workweek considered the norm; instead, many are seeking simpler, more meaningful ways to live and work. Entrepreneurs are capitalizing on this desire for balance by creating businesses that cater to wellness, sustainability, and authenticity. (More on that here)

Positive Impacts on Society and the World

The rise in entrepreneurship post-COVID has far-reaching implications for society and the global economy:

1. Job Creation: New businesses contribute to job creation, which is crucial for economic recovery. According to the Small Business Administration (SBA), small businesses accounted for approximately 64% of new jobs created in the U.S. over the past two decades (SBA, 2021). As more entrepreneurs enter the market, they create diverse job opportunities, helping to revitalize local economies.
2. Innovation and Resilience: Entrepreneurs are often at the forefront of innovation. They bring fresh ideas, products, and services to the market, driving competition and improving consumer choices. This innovation is essential for a resilient economy, especially in the face of global challenges.
3. Community Impact: Many entrepreneurs are deeply connected to their communities and focus on addressing local needs. This grassroots approach fosters social responsibility and strengthens community ties. For instance, during the pandemic, many small businesses pivoted to provide essential goods and services, demonstrating the importance of local entrepreneurship in times of crisis.
4. Empowerment and Diversity: The entrepreneurial boom has also opened doors for underrepresented groups. Women and minorities have increasingly taken the plunge into entrepreneurship, often motivated by the desire for greater autonomy and the ability to create inclusive work environments. This shift enhances diversity within the business landscape, leading to more equitable economic opportunities.

A New Way of Living

The rise in entrepreneurship since COVID-19 has not only transformed the economy but has also empowered individuals to pursue more fulfilling lives. As people move away from the grind of traditional work hours and embrace the freedom of entrepreneurship, they are discovering new pathways to success that honor their values and well-being.

The pandemic may have posed numerous challenges, but it also catalyzed a movement toward a more sustainable, balanced, and meaningful approach to work. By fostering entrepreneurship, we are not only enhancing economic resilience but also paving the way for a brighter, more inclusive future for humanity.

If you've been thinking about the journey of entrepreneurship, I'd love to chat with you! I can offer you my experiences, support and creativity to help you on your journey.  Schedule a free hang out with me. here. 

---

Sources:

• U.S. Census Bureau. (2022). "Business Formation Statistics."
• Global Entrepreneurship Monitor (GEM). (2021). "Global Report 2021."
• FlexJobs. (2021). "The Future of Work: Remote Work Trends."
• Small Business Administration (SBA). (2021). "Small Business Economic Research."