People have, by and large, gotten tired of grinding away at their desks for other people for less than they deserve. That fact alone – along with a robust labor market and low unemployment rates – led to the phenomenon known as the “Great Resignation.”
In short, 2021 saw a lot of people (roughly four million) quit their jobs in search of something better. For a lot of folks, that meant taking a chance on their entrepreneurial dreams.
What sort of consequences has the Great Resignation had on business?
From January to November of last year, almost five million new startups were launched, which is a whopping 55% more than what was seen back in 2019. Data from the Census Bureau indicates that these new startups are no shoestring operations. There’s a lot of money being poured into new businesses that are, in turn, likely to create even more jobs in the future.
If your business is among these new startups, what can you do to boost your chances of success? Mostly, you need to learn from the past. Aim to break the cycle that caused so many talented people to strike out on their own in the first place. That means:
- Recognize that your “human capital” is the best investment you can make.
- Make sure that you structure your business so that your employees feel comfortable maintaining a healthy work-life balance.
- Be clear about your expectations for your employees and independent contractors, but don’t be stifling.
- Listen to those who work for you when they say they aren’t happy with their jobs and find out what you can do to make things better.
The events of the past few years have brought a sea change in the way people live and do business. By tapping into the feelings and energy that provoked the Great Resignation in the first place, you can make your entrepreneurial efforts a success.
As always, it’s important to have experienced legal guidance as you move forward with your business plans.