Entrepreneurship got a huge boost this past year from the slow improvement in the economy.

According to a study by Babson College in Wellesley, MA, more than 29 million people were running or starting a new business in 2011, which was a 60 percent increase from 2010.  This increase indicates people are getting more confident about the economy and are therefore more willing to take a chance on starting a business.  It also reflects a still-weak job market where many folks either couldn’t find jobs or grew tired of looking. The study also found that nearly 40% of entrepreneurs were expecting to create more than five new jobs in each of the next five years and only 3% planned to reduce staff numbers.  Most economists believe that the economy can’t gain significant momentum unless small businesses pick up the pace of their hiring and many small businesses won’t hire more unless they feel more optimistic.

In a survey of small businesses owners conducted by Bank of America, hopes are high for 2013.  More than half of those surveyed said they anticipate increased revenues this year and 70% say they are in a good position with regards to having the capital needed to run their businesses effectively. Despite ongoing concerns about the recovery, consumer spending, and the effectiveness of government leaders, two-thirds of owners say they don’t regret their decision to go into business for themselves.  If you or people you know have dreamt about business ownership, let’s talk.

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