Unemployed entrepreneurs increasingly turn to business formation

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While the corporate world continues to struggle, it seems many out of work Americans are finding their own solutions for success in the face of recession. According to Poder 360, the percentage of unemployed people who are taking on business formations has been steadily increasing over the past couple of years.The source says enrollment in entrepreneurship courses has risen in business schools across the country. Coupled with data from the Kauffman Foundation suggesting new business formation has been on the rise since mid-2008, with the trend continuing through 2009, Poder 360 suggests entrepreneurs are starting firms to save themselves from economic turmoil.

Experts at Challenger consultancy firm agree. John A. Challenger said, “Rather than endure several more months of unemployment as employers slowly move toward hiring, many job seekers are opting to exit the labor pool and start their own firms.”

Challenger says that entrepreneurship – once thought of as a young person’s game – is becoming more and more common among seasoned professionals who find themselves out of work. Indeed, these older startup business owners often find they have an advantage over their younger counterparts.

Entrepreneurs – young and old – who want to start a business to remove themselves from the ranks of the nation’s unemployed can turn to professionals in the incorporation service to learn how to incorporate a business.