It was the Greek philosopher Plato who wrote – “A need or problem encourages creative efforts to meet the need or solve the problem.”
Covid is the problem and people need income. The number of entrepreneurs filing for a new tax ID has jumped by a third this year, spurred forward by necessity and a need for invention in troubled times.
Michele Price is managing director of Start-Up Grind in Houston, an online platform where hopeful entrepreneurs can gather, share ideas and commiserate the bumps in the road. She says hard times prompt people to ask hard questions about themselves. “When am I tapping into my genius vs. when I am tapping into something that doesn’t propel me forward with purpose?”
They enter the most challenging business climate in decades as one in five small business owners are facing potential failure. But Price says in tough times people question working for someone else. “You know, I’m tired of trying to make this for other people. If I’m going to put my blood sweat and tears into it how about I create something for myself, and create a legacy and a foundation of wealth for my family.”
In 2020, more than 70% of start-up businesses have had to let some full time employees go.
photo: Getty Images