All this media coverage on the Great Resignation (fantastic article on this topic by the Atlantic’s Derek Thompson) brings those sweet, sweet Johnny Paycheck lyrics to mind: “Take this job and shove it, I ain’t working here no more.”
But less reported in these strangest of times is the surge in new business applications. According to an article in the World Economic Forum, in 2020, new business applications in the U.S. hit a 15 year high and have remained at peak levels ever since.
Despite the dismal prospects for startups that we hear repeatedly, I am hopeful for all these new businesses! We do live in an age where information is instantly accessible. But access to knowledge is only part of the equation. The reality is that no matter where you are on your entrepreneurial or business journey, you need access to resources in the form of capital and the people who have been there and done that.
Last month I talked about the importance of access to networks in my interview with Thrive Global, and in the spirit of National Entrepreneurship Month, I want to share a little more about why this matters so much.
Here is a snippet from the interview:
Access to a network is one of those things that can make success easier to achieve. In a recent HBR article, “How Venture Capitalists Make Decisions,” Sara Kunst of Cleo Capital noted that networks are a reflection of where we work and live. Because of how these networks cluster, the adverse effects for those consistently underpromoted, underpaid, and without peers to appoint them to boards and committees can be devastating to future success.