Ever since the Federal Reserve began to adjust interest rates, the prognosticators have been predicting the chances of the economy falling into a recession. As word of an economic slowdown has made headlines, the younger generations continue to weigh out their options as they begin their career journeys. For some, it entails controlling their own destinies with self-directed experience by starting their own business.
The application process for new businesses shows an interesting trend exacerbated by the pandemic. Between 2017 and 2019, the average number of new business applications was roughly 3.5 million yearly. In 2020 and 2021, the figure increased to 4.38 million and 5.4 million, respectively. Also, more people searched online for “how to start a business” than “how to get a job.”
Receiving a business degree is expensive and starting a business is easier said than done. It’s a challenging journey for anyone just starting out or with experience. The choice has added uncertainties when made in response to a recession or other economic and societal stressors.
