According to Bizreport, “layoffs create the startup wave.” For every 100 people who lost their jobs in 2022-2023, 13 started their own companies. The numbers are even higher for software engineers (e.g., one out of every 3 former workers at Meta started their own businesses). Former managers are also entrepreneurial. Companies with more than 15% of their former employees becoming entrepreneurs include: DoorDash, Amazon, Flexport, Twitter, and Shopify. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.