Before Starting Your Own Business, Ask These Four Questions

This past June saw more than 425,000 new business applications in the United States, more than double the number of businesses started the same month 10 years ago. Economists have speculated that the combination of easily accessible new technologies plus pandemic-era home confinement might have catalyzed many of the new businesses being launched. Until this recent turnaround, the long-term decline of entrepreneurialism was an economic concern because startups constitute a significant source of job creation, innovation, and economic resiliency. This entrepreneurial shift might better equip the economy to bounce back amid future downturns.