February 5, 2010 by Maria
Anyone looking for a job right now can tell you that there are slim pickings, especially at the biggest companies, who are more focused right now on who they can afford to keep and who they can fire than finding new talent. With job prospects looking grim, Americans are instead finding the entrepreneurial spirit and starting their own small companies.
Tough Times Lead to Innovation
According to the US Labor Department, unemployment is currently around 9.7%, with 20,000 jobs lost in January, and an estimated 8.4 million in total since the start of the economic downturn in 2007. There simply aren’t enough jobs available for all of the people who are now unemployed, and wit the economy still on uncertain ground, established companies aren’t feeling secure enough to expand and hire.
However, for someone who is unemployed, the possibility of starting your own business, especially in this economic climate, may seem more probable than finding a job. A study by Challenger, Gray & Christmas, an outplacement firm, shows that the number of unemployed workers starting their own businesses is up 69% from 2008.
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Source: MyBankTracker
**** Do you think it is a good time to be starting a business in this economy. I agree with the article, the increase in entrepreneurs would be great for the economy.
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Maria Smith-Alvira