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Recession Hurts Self-Employed

Thursday, March 5th 2009

Recent statistics are showing that small and entrepreneurial businesses are suffering at an alarming rate due to the global recession. Reguardless of the increased struggle, many entrepreneurs still prefer working on their own and for themselves.

Approximately 70% of small business start-ups survive the first two years and fewer than half survive the first four, according to the U.S. Small Business Administrations reports.

While roughly 16-21 million people in the United States are currently self-employed, the self-employment rate in nonagricultrual industries last year was only 6.9% which is the lowest the U.S. Bureau of Labar Statistics has ever recorded.

From August through December 2008, the nation lost around 800,000 self-employed workers.