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Some employees who were laid off during the pandemic launched their own businesses.

Jul 01 2021

Some employees who were laid off during the pandemic launched their own businesses. YPulse’s Life Plans Rewritten trend research found that the number of Millennials who say they want to start their own company grew from 29% in 2019 to 44% in 2020. The pandemic forced employees everywhere to rethink their careers, and new research from Salesforce found that 32.9% of new entrepreneurs started their own company during COVID-19 as a result of being furloughed/laid off. For Millennials, the interest in starting their own company likely stems from the fact that many (64% according to YPulse’s research) say they’ve reassessed their career goals because of the pandemic. More than four million new small businesses were created in 2020, according to the Peterson Institute for International Economics—a 24% increase from 3.5 million in 2019. (Fast Company)