Many people chose to work from home as a result of the outbreak, which pulled millions of Americans out of their offices. They did so for the freedom and flexibility it afforded. Consequently, a large number of small enterprises sprang up in the aftermath of the disaster.
According to PhD economist Tatiana Bailey, who also serves as the director of the Economic Forum at the University of Colorado-Colorado Springs, around 500,000 sole proprietorships and 4.5 million larger small enterprises were established during this time period.
According to the newspaper, “One of the silver linings of the epidemic has been the increase in self-employment and entrepreneurial activity…
Entrepreneurs, according to Bailey, are the “seed of capitalism,” which is why economists are so fascinated by the subject matter.
Because many women are forced to juggle a work-from-home position with the additional burden of supervising children who are learning at home, according to Bailey, now is an exciting time to pursue occupations in which they are their own boss.
One of the possible reasons why women are making the switch is the need for greater flexibility in their work schedules.
As Bailey points out, “I believe the pandemic has helped many people realize that flexibility is a wonderful thing, not only from the perspective of family care, but also from the perspective that what they achieve in a given day or week has more to do with results and perhaps passion than it does with being physically present in an office.”
An often-cited statistic is that nearly half of all businesses fail within the first five years of operation; however, Bailey is unconvinced that this will be the case in the post-pandemic economy.
As a result, she is looking forward to seeing what new firms will be able to contribute to the nation in terms of innovative ideas. According to Bailey, entrepreneurs and new enterprises are more likely than existing corporations to develop new procedures, advance ideas, and generate new technological advancements.
As one researcher puts it, “When individuals come up with new ideas on how to accomplish something, or when they develop a new product or service,” it “simply opens up the possibilities set of what we can do as nation,” she adds. “Not to mention the spillover effect on jobs.” “To tell you the truth, innovation is today more vital than it has ever been in the history of the United States. We are confronted with a slew of global difficulties, but we also have the power to create on a scale that has never previously been seen.” As well as to achieve previously unimaginable heights.”
According to Bailey, anyone interested in starting a new business or in need of assistance once they have begun the process can take advantage of the resources listed below:
Pikes Peak Small Business Development Center reports that this is indeed the case.
- The Pikes Peak Small Businesses Development Center
- LinkedIn’s Open for Business