The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
The life of an entrepreneur is one that’s both daring and risky. They work out of their comfort zones to make great breakthroughs within society. This year was no exception for entrepreneurs. Even with a pandemic, entrepreneurs continued to dedicate themselves to their craft. Continue reading to learn more about the industry and how COVID-19 has affected it.
Today, over 31 million people are working as entrepreneurs in the United States. Believe it or not, more than half of adults in the U.S have started their own businesses. A quarter of adults today have gone even further to start many businesses. As time progresses, the importance of a college degree in the industry is slowly decreasing. In 2019, only 56 percent of entrepreneurs had one.
Entrepreneurship and COVID-19
The pandemic has caused much hardship for entrepreneurs and their small businesses. It can be difficult at times to keep your business afloat when the world has seemed to shut down. As of this September, around 164,000 businesses have had to close their doors to the public. A majority of these businesses are of dining, retail, and entertainment. With everyone at home, they saw very little attraction and need for their services.
However, in these hard times, people’s loyalty and trust in small businesses rose. 75 percent of people had high confidence in small businesses and entrepreneurs. This is the first time since 2007 that society’s confidence has reached such a high level. Not to mention, over 100,000 people in the past few months submitted applications to start a small business.
While the pandemic closed many doors for entrepreneurs, it also promoted a new appreciation for the industry. The hard work and determination of entrepreneurs continues to grow, even amidst a global pandemic. Check out LegalZoom’s visual on the rise in entrepreneurship during COVID for more information.