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- In recent years, millions of Americans have started their own businesses.
- Insider previously spoke with four of them to learn how they made this big life change.
- They shared their stories and advice for aspiring entrepreneurs.
As the new year approaches, many people are reflecting on their work and setting future career goals. Some decide to join the millions of US workers who have started their own businesses in recent years.
Americans will file more than 5 million new business applications in 2021, the most since 2005. As of June, 16.8 million U.S. workers were self-employed, making up more than 10% of his workforce, the highest share since 2008.
Experts point to several potential explanations for the surge in self-employed people. With millions of people out of work early in the pandemic, some Americans in need have decided to start their own businesses. Others bet that it is your best bet for financial success. Inflation-adjusted earnings declined.
If the economy hits a recession next year, more Americans could turn to self-employment. For example, layoffs have historically increased during economic downturns because they force people to find alternative ways to support themselves and their families.
Insider previously spoke with four Americans who have started their own businesses in the last few years. They shared their stories and advice for others hoping to follow in their footsteps.
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