A National Renaissance in Entrepreneurship
In growing numbers, Americans are concluding that starting a business is less risky than having a job.
Here are today’s highlights:
In this week’s video, Lou Mosca offers suggestions on what you should look for in a management consultant.
Josh Patrick talks about embarking on his third and final act.
“I’m the C.E.O. of Oura, and you’re Steve Jobs. Ask me 10 questions.”
On a scale of one to 10, President Trump rated his deal with China a 12. Business owners might disagree.
ENTREPRENEURSHIP
New-business starts have been surging: “While many new businesses fail within their first year, millions of workers remain willing to take on the risks of entrepreneurship — and experts say the allure of new-business creation is here to stay. There were more than 473,000 new-business applications across the country in August, according to the Census Bureau. That is close to the highest it has been since a massive spike in 2020 amid the onset of the pandemic. It also is far higher than the years leading up to the pandemic, when new-business applications gradually grew from 200,000 a month during the aftermath of The Great Recession to just under 300,000 in late 2019.”
“‘Starting your own business, even in an uncertain economy, is no longer seen as the risky option. For many, it is the only option to gain control — over their time, money, energy and productivity,’ said Julika Novkova, a business psychologist, in an email. ‘The 2020 pandemic was a global psychological pattern interrupt. It revealed that the safe 9-to-5 corporate job was the real risk.’”
“While many of the new-business applications represent one person’s employment, the Census Bureau also tracks so-called ‘high-propensity’ businesses, which are more likely to be companies that hire employees as they grow. In August, nearly 170,000 applications were submitted for high-propensity businesses, the highest number since the pandemic-fueled surge in entrepreneurship in 2020 and far higher than the roughly 100,000 monthly before the pandemic.”
“Small-business owners overall share a profound sense of optimism even as they are pessimistic about the broader economy. Eighty-seven percent of respondents to a survey conducted by payroll and benefits provider Gusto said their business was meeting or exceeding expectations. Gusto senior economist Nich Tremper said in a blog post that America was in a ‘national renaissance in entrepreneurship.’ That means 5.3 million new companies launching in the last 12 months, about double the pre-pandemic level, Tremper said.” READ MORE
MANAGEMENT
In this week’s video, Lou Mosca discusses what you should expect from a management consultant: At American Management, we work with those who’ve built something real: businesses under $100 million in revenue, often started in a garage, inherited from family, or built from pure grit. We don’t show up to tell you what’s wrong. We’re here to enhance what you’ve already built—with respect, perspective, and a challenge or two along the way. You know your business. You know your product, your people, and your market. Our job is to help you see new angles, refine your edge, and keep growing. CONNECT WITH LOU
