Covid certainly isn’t the first pandemic humanity has experienced, but it’s the only one that has had wifi. Folks lost jobs in droves, government stimulus checks put cash in people’s pockets and the markets were blindsided with the rise of the novice trader, hell bent on taking down the man. More interestingly, 2020 in America witnessed a spike in the number of new business applications (as depicted in the graph), and also the biggest surge of applications since 2007, according to the Wall Street Journal. This spring the Washington Post reported startups in Black communities are the strongest across the country.
This is excellent news for the American economy because entrepreneurship creates most new jobs and office workers successfully demonstrated that remote work is the future. A fortuitous intersection!
Rip up the old roadmap
Navigating the business world of 2020 requires vastly different skill sets and tech-aptitude than in 2008. Plus, traditional business degrees have never been a magic bullet to completely prepare someone for entrepreneurship because tenacity, curiosity and empathy are intangibles which can’t be taught from a textbook. Programs created to train and educate entrepreneurs must be at the center of moving the economy forward so folks can gain the tools they need to build and lead their own businesses. Might we suggest a slice of PAI?
Life comes at you fast
The entrepreneurial spirit is often triggered by discontent of the status quo, social upheaval and consumers’ ever-changing needs. Throw in a pandemic and that sounds like fertile ground for new ideas and fresh faces to enter the market. The normalization of remote work has made entrepreneurship a practical option for a whole new swath of talent to seize opportunities, spot unfulfilled needs and introduce their vision to the market. While entrepreneurship is essential for a thriving post-pandemic business world, it’s not easy, especially for founders with insufficient social capital. That’s why accelerators, incubators and Entrepreneur Support Organizations (ESOs) are crucial support for startups and development stage companies to steady themselves and get lift off.
Evolution of a dream
The American Dream has long been marketed as a success story of solo bootstrap tugging, particularly of the outliers like Carnegie and Hershey. However, as Dr. King once said, “It is a cruel jest to say to a bootless man that he ought to lift himself by his own bootstraps,” which has become the more increasing theme in America given the deteriorating socioeconomic conditions for the 99%.
That’s why DigitalAMN strives to create an ecosystem with comprehensive solutions and practical infrastructure that enable entrepreneurs to innovate, fund and build their businesses. A 4-year degree isn’t necessary to start a business when entrepreneurs can receive necessary knowledge and training from short term programs tailored to their specific needs. That freedom means more opportunities across the board, less student loan debt and more potential for wealth. For this generation, the American Dream could represent being collectively uplifted through effective entrepreneurship programs that fund and serve the future of poor and undervalued communities, everywhere.
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