The Irony of Startup Boom
It is what happens when there are fewer jobs: more companies are started. The U.S. has data to support that. This also means a heavily entrepreneurial economy may not be out of strength. Rather, it is simply people trying to survive that they end up creating a new redesign in any economy. When we have many small businesses in Nigeria, it does not mean we are doing well, it means the economy is not working well. That is what the US data is showing here: more Americans starting their companies show that most are unable to find jobs.
Despite the recession and the ongoing pandemic crisis, America is in the midst of an unexpected startup boom. While new business applications collapsed when the coronavirus first hit, just six weeks later, the numbers started rising — with the third quarter of 2020 producing the highest number of applications on record. "Most of these new businesses are seizing opportunities created by the weird coronavirus economy,,," reports NPR. "The largest area for new business creation is online retail."