It’s true that some of the most successful businesses were born during difficult times. For example, General Motors was formed in 1908 during a recession, and HP started during the recession of the late 1930s. More recently, the Great Recession birthed companies like Uber, Square and Groupon.
Though it’s been economically and emotionally tough for many, the COVID-19 pandemic has seen no shortage of new business ideas and entrepreneurs looking for new opportunities.
According to data from the U.S. Census Bureau, amid the pandemic, Americans have been filing applications for Employer Identification Numbers (one of the first steps in forming a new business) at the fastest rate since 2007. And the number of new business applications soared between June and early September (as many states had eased their stay-at-home orders).
The team at LegalZoom explored why so many would want to become an entrepreneur — a COVID-preneur — during such uncertain economic times. For some, it’s a necessity amid rising unemployment. For others, the pandemic presents a once-in-a-lifetime opportunity to run with an interesting business idea.
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