You’ve been thinking about starting your own business, and maybe you’ve run the idea past colleagues. Maybe you’re already pursuing it by writing a business plan and actively seeking funding. It has to be the right time and place, or you shouldn’t take the leap, especially considering the challenges faced by entrepreneurs — even in the best of times.
Then the unexpected happens. Months of uncertainty ensue. Long-established businesses struggle and the future is unknown. Everything seems to point to putting entrepreneurial pursuits on hold. Yet this past year could have been one of the best times to launch a business and become an entrepreneur. Here’s why:
1. Entrepreneurs are multiplying
The U.S. Census Bureau’s records of business applications for the third quarter of 2020 showed a 77.4% increase over the second quarter of