One of the big stories of the pandemic, especially during the early uncertain days, was the rise of entrepreneurship. Millions of Americans started new businesses and side hustles, experimented with working from home and expressed an openness to new ways of creating economic value. Recent data from the U.S. Census Bureau on Business Formation Statistics found that the pandemic’s burst of entrepreneurship was no one-time fluke: Americans formed more than 5 million new businesses in 2022, representing a 44% increase in new business formations compared to 2019.
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