During the pandemic, Americans’ bank accounts got plumped up with stimulus payments and money saved from not going out to dinner or on vacation. Blend in a hefty dose ofShark Tank
, fold in a measure of Musk- and Bezos-inspired dreams of becoming the next centi-billionaire, and the result is a boom in small-business formation. In 2021 the US saw a record 5.4 million registrations of startups, census data show. Two years on, the effect continues as inflation spurs many Americans to look for a side hustle and the acceleration of e-commerce and remote work makes it easier than ever to launch one. More than 5 million new business applications were filed in 2022, a 42% increase from pre-pandemic levels. “People want freedom,” says Karen Jenkins, an independent management consultant in South Carolina. “They want to take ownership of their lives and are willing to take more risks.
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