Employment and Entrepreneurship
Covid-19 has "sparked a surge in entrepreneurship amid a high jobless rate. Roughly 1.5 million new businesses filed with the IRS in the third quarter, up 82% from the same period last year, according to the U.S. Census Bureau."
It is what it is: when there are limited job opportunities, small business ownerships rise. This is a validation that sub-Saharan Africa which has many small business owners is as a result of limited employment opportunities. And the trajectory is universal: if Americans do not have employment, they move into small business operations for survival.
Yet, there may be a difference: covid-19 will seed new domains of new companies in the U.S. economy that by 2030, some of these small firms will grow to become great businesses.
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