The so called great resignation is more than what is being reported in the news.
Corporate America is filled with negativity, office politics, long hours, if in sales quotas not met you are fired, and dehumanization. Let's be honest, humans are not meant to sit for 8 hours or more a day at a desk on the phone, staring at a computer, and endless unproductive meetings. Vicious co-workers with office politics can create a hostile work environment that is intolerable for most. Bosses with unreasonable expectations and demands have made many leave their jobs. I'm sure you all can relate.
Having faced a pandemic and their own mortality as well as lost friends and family. Many people are looking for more meaning in their lives. Many people are reevaluating their lives, quality of work life balance as well as their wages and benefits. People want more fulfillment, happiness, and better quality of life. No surprise they quit their jobs in mass and are seeking a way to generate income that is more fulfilling to each person and flexible with schedules. There are some that seeking location independence as well. People want to enjoy their lives and still generate income from work in a new way.
These people that have quit their jobs exactly what are they doing now for income?
Everyone has bills of some sort, so where are these people getting their money now? Savings? Are they younger and still living with their parents? Unemployment? Rent and mortgages are expensive. Did they sell their house or end their leases and moved into a camper trailer? Let's see if we can get some answers.
The data has come out from year 2021 that shows a record breaking new business filings. Over five hundred thousand new businesses were started. The highest number of new business startups on record.
Here is a graph from the Census.gov website showing the number of business filings from year 2006 to 2022. I'm not certain the data is there yet for year 2022 because the numbers are still coming in for this year.
The business filings from the Government lacks some data. Filings I would assume means they registered a Limited Liability Corporation or LLC for short. The Gov. could also be counting doing business as filings, but are uncertain with the information they provided. A DBA is basically have a business name that you use and get paid in, but still file taxes of all income earned under your personal name. Basically self employed.
Many of these business startups in the above graph does not take into account count the people that decided to do the "Gig" economy, freelancing, sell products or services online, or went into a business opportunity such as network marketing.
Here is what I was able to uncover on where some of these former employees may have jumped to for their new way of earning money.
Here are some of their online business ideas these people gravitated towards for their new startup.
According to Statista.com, their data shows the number of sellers on Etsy doubled from 2019 to 2020.
Ebay saw declines in sellers on their platform for the last few years.
Amazon picked up globally 1.3 million new sellers on their platform in year 2020.
I could not get accurate information on the number of people that went to Fiver for selling their services on their site.
Appears most people are looking to work from home and be their own boss. Tired of the corporate grind they are becoming entrepreneurs. New startups are being formed. These people are adding value to themselves, their communities, the State they reside in as well as their country. The first job they created was their own. Maybe we will see the next Elon Musk rise up in the next few years.
The news has mentioned that university enrollments are down.
Many young people have chosen not to enroll in colleges and universities now. The number of people that are interested in earning an advanced degree are down. According to the Washington Post, American colleges and Universities have seen a five percent (5%) decrease in enrollment. The five percent supposedly equates to around one million students that have decided to blaze a different trail over higher education.
Some students have stated that the job market is paying decent wages and they just want to make some money for now and may enroll in the university at a later date. Those interviews were conducted prior to the inflationary effect and supply chain breakdowns. Let's see how this plays out with the younger crowd continuing their education.
The value of obtaining a higher education and the probability of going deep into student loan debt for education has potential students exploring other opportunities and options that are available now.
The student loans by the government and private lenders will loan a lot of money for a university education that over charges for their courses. If you want to start a business, no one can get a loan for a new business that is not generating income. Why is this principle not applied the same for getting an education? The business has to have income coming in to the business and profits to be considered for a loan. Which is riskier?
Don't let lack of access to funding from a loan deter you from starting a business. Most businesses can be bootstrapped with little or no funding, financed through a credit card, or savings. I would recommend put energy and time in your startup and save your capital. Great way to test your idea before investing.
I thought that I would toss this graph in to show the number of business owners that do have degrees. A degree is not necessary to start a business.
Here are some statistics on small business owners in the USA based on education level.
[Source: U.S. Census Bureau]
In the small business arena, there are some college educated entrepreneurs. The assumption would be these business owners are a bit older and have work experience.
If you bought the lie and went into debt to finance your higher learning,
President Biden should wipe out the student loan debt for all borrowers because college students were fed faulty information, not provided with all of the facts before making a huge decision to make a financial and time commitment to their education. I'm not excusing their decisions, but more serious research should have gone into their decision to enroll in university, chosen major field of study, and job prospects upon graduation.
There are others that say "these students took the loans and owe the money therefore, they should pay their debts" Let's consider this angle. Our tax dollars which are not voluntary are handed out to countries all over the world as well as weapons, and wasteful spending that has zero accounting or accountability to the citizens nor our consent to squander this money. What if we used that money in productive ways by cutting taxes or just taking care of our own citizens.
Most countries have free or reduced cost for higher education.
Why does the USA not have free or inexpensive tuition? If you sincerely feel that you need to get a college education, research universities that are offshore. These universities that are abroad provide excellent education for much lower cost are accredited even medical schools.
Only you know what is right for you.
Breaie wishes each of these people much success and happiness in their business or any other venture or path they choose to take.
Our motto on everything we read online is do this: Question everything, analyze it, and always do your own research to reach your own conclusions to "Be In The Know™" Breaie®
Article written and contributed by Brenda
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This article came out after I had written this article. I thought would be a good additional read on this subject.
Here are some interesting facts on entrepreneurs from around the world on Markinblog.com
Cited Sources:
Graph on number of startups over time: https://www.census.gov/econ/bfs/index.html
https://www.statista.com/statistics/1020034/new-sellers-on-amazon-marketplace/
https://www.washingtonpost.com/education/2022/03/31/college-enrollment-down-recruitment-freshmen/
https://www.northone.com/blog/small-business/entrepreneur-statistics
https://www.census.gov/econ/bfs/index.html
