Record numbers of start ups

Posted on 22 Apr 2024
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Record numbers start up new businesses

Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics. Women made up 49% of the new business owners surveyed. Black entrepreneurs made up 6% of new business owners in 2023, double the 3% rate seen before the pandemic. Hispanic entrepreneurs made up 13% of new owners, compared to 8% last year. Meanwhile, more businesses are being started as “side hustles,” with 44% of entrepreneurs starting a new business while working another job.

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