This Insights article was contributed by Heather McWhorter, Regional Director of the Small Business and Technology Development Center (SBTDC). Heather believes that everyone has entrepreneurial superpowers that can be developed and that everyone should have equal access to starting a business because, after all, it is the American dream.
2020 has been a year full of unexpected events and has made many of us step back and look at life a little differently. While those of us who are on the frontline of helping businesses are witnessing business closures at alarming rates, we are also seeing something else: a surge in new business creation. This surge is giving us hope for an even stronger economy and region in the future.
This is not just a feel-good story. The data shows that despite the COVID-19 pandemic, North Carolinians are starting job-creating businesses at a record-breaking pace -- with the largest spike in a decade in the third quarter of 2020 (Source: U.S. Census Bureau). Entrepreneurs are creating new businesses for a variety of reasons, but three drivers lead: 1) new market opportunities due to our changed world, 2) extra downtime to take on new innovative businesses, and 3) a need to make a living due to layoffs and reduced wages. Whatever the reason, the surge in new business formation is good news for our region’s future.
In the midst of a pandemic, it may seem a little crazy to start a business. However, past economic downturns have proven to be a great breeding ground for successful startups. A few notable startups created during the Great Recession include:
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