Record Numbers Pursue Business Ownership Dreams in 2022 Boom
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Americans started record numbers of new businesses in 2022 - over 5 million applications. This has led to a small business boom, with 40% more businesses on Yelp compared to pre-pandemic.
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The business boom began during the pandemic when people had stimulus checks and nowhere to spend them. Many startups responded to new pandemic living and spending habits.
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Hybrid remote work has enabled more new businesses by lowering costs and expanding the talent pool available to hire.
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Workers increasingly believe in themselves more than employers and are quitting jobs to start their own businesses. This is especially true among younger generations.
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Business owners who successfully adapted during the pandemic have a confidence boost to start new ventures. Federal pandemic aid also enabled aggressiveness.