Creating your own business is one way to work on your own terms and achieve the success you want. It allows you to develop a product or service that fits your vision, and it gives you the freedom from the standards and procedures of other workplaces, as well as the opportunity to help employees get fair wages and family leave time.
Many people start businesses because they have a specific project that they’re passionate about or because they want to be their own boss. But even if you’re just curious about the entrepreneurial lifestyle, it’s worth starting by doing some market research to see if there’s a demand for your idea.
Nurturing entrepreneurship is beneficial for an economy because it can create new jobs and spur economic growth. Entrepreneurship also provides a way for people to make a difference in their community. For example, if an entrepreneur starts a technology company that employs hundreds of people, it can lead to other businesses in related industries that expand and provide jobs.
There’s also a school of thought that recessions are good times to start businesses because competition might be lower and inputs (labor, supplies) cheaper. This is reflected in the 2020-21 surge in business applications tracked by the Kauffman Foundation and by Census Bureau data, which shows that about 380,000 out of every 100,000 Americans were involved in starting a business in any given month of that year. However, a strong recovery will require intense work to determine what policy actions are actually meaningful and supportive of entrepreneurs.