Everyone quit to go work for themselves
The Future. Fed up with low pay, poor worker protections, and rude customers, a record number of people are quitting their jobs or passing on going back to work. Instead, they’re deciding to work for themselves, taking the pandemic as a chance to give their passions a chance. While that might mean a bit of economic uncertainty right now, proper investment into these startups could pay dividends — they’re the job-creators of the future.
The Great CreationCorporations may be sweating the “Great Resignation,” but former employees are striking out as their own bosses.
According to the U.S. Census Bureau, 4.3 million new business applications were submitted in 2020.
3.8 million have already been submitted this year.
The Federal Reserve Bank of St. Louis found that the number of self-employed workers is the highest it has been in eight years.
Buoyed by huge improvements in remote work tech, people are leaving their jobs (voluntarily or involuntarily) to give entrepreneurship a chance. Insider calls this a “new class of solopreneurs, freelancers, and full-time side hustlers.”
Project EmployerOne of the biggest worries is that a major uptick in new businesses leaves a lot of existing businesses understaffed (mostly hospitality, retail, and services) while the upstarts struggle to make an impact on economic growth. According to the Labor Bureau, that’s fair — startups only have a 50% chance of sticking around for five years.
In reality, it’s all a transition phase. The Census Bureau found that businesses created in 2020 have a 35% chance of hiring people themselves. Expect to see a significant number of people who “refuse to go back to work” create new jobs themselves.
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