No doubt the boom in new business formation is promising. ![]() Self-employment may turn out to be a better option for older workers or near-retirees. They know fewer people who can make referrals. They missed out on training you can’t get online, such as how to handle difficult clients and keep them happy even when the economy is weaker. Will they be able to survive a recession? Perhaps-but it is harder on your own, especially when you are new to an industry. In fact, the data show that many of the new businesses are in the personal services industry, such as my hair salon. As one commenter on the paper noted, most of the growth is in small businesses, many of which won’t survive a recession, when there is no worker shortage. Alternatively, this could just be a blip that makes the economy more vulnerable if there is a recession. The technology to work for yourself has existed for years, but for whatever reason it failed to catch on. Sometimes it takes a big shock to bring about permanent change. From a worker’s standpoint, working for yourself can be more rewarding and allow for more flexibility, personally and professionally. More entrepreneurship and business creation is associated with greater job creation and GDP growth, and could be one reason the US economy has been so resilient. ![]() And while most of the new entrepreneurs are expected to operate sole proprietorships, there is also growth in the number of high-propensity businesses-that is, ones more likely to hire employees. The paper notes that many of the new businesses were formed in suburbs and in the South, both places where people moved to. ![]() Maybe it alerted people to the possibilities of working for themselves. Technology made it easier to find clients or work for yourself-yet few people did, or if they did it was more of a side-hustle. For the last couple of decades, despite the rise of the gig economy and all the hype around Silicon Valley, fewer Americans were starting their own businesses or working for themselves. The question is whether this is a reversal of the long-running trend of declining entrepreneurship. In fact, the paper cites new business formation as one explanation for higher quit rates. When the economy reopened, business formation rates dropped.īut then, in 2021, they surged again-and business formation has been going strong ever since, even as the economy recovered and amid the tightest labour market in decades. This was not unexpected: Many people were out of work, stuck at home and with checks from the government, so selling goods or services online was a viable way to earn a living. In 2020, there was a spike in new business applications. The pandemic changed many things about the economy-how we work, where we work and who we work with, for starters-but one of the most striking trends has been a big uptick in entrepreneurship.Ī new paper from the Brookings Institution tries to make sense of the trend. Part of it may be that, as my stylist described, more people are working for themselves. It has been almost four years since covid first appeared, and the shortage of workers remains a mystery. They rent a chair at a local salon, learn the more advanced techniques by watching YouTube or TikTok, and build up a clientele through social media. There are still plenty of new beauty-school graduates, but instead of starting out with low-paid apprenticeships, my hairdresser told me, more are striking out on their own. I don’t know what kind of pervert would want to do that, though.Not anymore. The new hotfix also lets players use the Magic Mirror to change the appearance of hirelings, which is great if you’ve always wanted to make a party inspired by the various alter egos of U2 frontman, Bono. ![]() The name change is a nice additional touch for rounding out any mid-game character changes you might want, for personal or role-play reasons. It’s the same mirror that was added in the game’s massive Patch 3 for players itching to change their character’s appearance, within limits (race and body type are locked). Thankfully, the latest Baldur’s Gate 3 hotfix adds the option to change your name via the Magic Mirror. “ Tav,” I thought when I saw it, “n ot bad for a random name generator.” Then I found out lots of other people have Tavs, and learned the truth: I wasn’t impressed by a random selection I had settled for vanilla. I thought, like in other role-playing games I’ve played, it was a randomly generated name. A funny story about me: I did not know that “Tav” was the default name for the player character in Baldur’s Gate 3.
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