New report shows entrepreneurship's partial return to pre-pandemic level
Posted by Robert Norton on
- Nationally, the rate of new entrepreneurs in 2021 was 0.36 percent, meaning that an average of 360 out of every 100,000 adults became new entrepreneurs in a given month. The monthly rate increased substantially from 2019 to 2020 as the economy went through the shutdowns, job losses, and re-openings that characterized the early stages of the COVID-19 pandemic, and has only partly returned to pre-pandemic levels.
- The opportunity share of new entrepreneurs rebounded substantially to 80.9 percent from its low of 69.8 percent in 2020, but remained much lower than its pre-pandemic level of 86.9 percent in 2019. The decline from 2019 to 2020 during the first year of the pandemic was 17.1 percentage points, which is much larger than the one-year decline of 6.9 percentage points from 2008 to 2009 during the Great Recession.
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- Startup early job creation in 2021 was 4.7 jobs per capita, defined here as startups hired 4.7 jobs for every 1,000 people. Startup job creation was down from pre-pandemic levels.
- The startup early survival rate was 81.7 percent in 2021, reflecting an increase from 2020 as the economy improved.
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Bob Norton is a long-time Serial Entrepreneur and CEO with four exits that returned over $1 billion to investors. He has trained, coached and advised over 1,000 CEOs since 2002. And is Founder of The CEO Boot Camp™ and Entrepreneurship University™. Mr. Norton works with companies to triple their chances of success in launching new companies and products. And helps established companies scale faster using the six AirTight Management™ systems. And helps companies successfully raise capital.
Call (619) SCALE06 or email info@AirTightMgt.com for a complementary strategic consultation.
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