Spurred by a mix of pandemic disruption and personal ambition, business ownership in Minnesota is at a 10-year high.
New business formations are rising across the nation. In 2021, for instance, business formations in the U.S. topped 400,000 each month for the year, the first time that has occurred in at least 20 years. Online data on U.S. business formations compiled by the Census Bureau date only to 2004.
"One explanation is the pandemic has really prompted a lot of people to think carefully about what they really want to do in their working lives," said Dan Forbes, an associate professor of strategic management and entrepreneurship at the University of Minnesota's Carlson School of Management.
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