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Recode Daily

BYOB (Be your own boss)

Recode Daily

Recode

Science, Technology, Society & Culture

4.61.3K Ratings

🗓️ 1 February 2022

⏱️ 10 minutes

🧾️ Download transcript

Summary

Americans are tired of working for other people, so they’re starting their own businesses in record-breaking numbers. Today’s episode was produced by Taylor Maycan, engineered by Melissa Pons (Hemlock Creek Productions) and hosted by Adam Clark Estes. Our guest was Recode's Rani Molla. Read Rani's story: https://www.vox.com/recode/22884040/more-americans-starting-own-business-entrepreneur Email us at [email protected] if you have thoughts on the show or topics you think we should cover. And if you feel like leaving us a nice review or a rating wherever you listen, we’d all really appreciate it. You can also support Recode Daily by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Are you ready to quit smoking? A little support can go a long way. Nicaret can

0:05.8

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0:10.4

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0:15.4

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0:20.9

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0:26.2

milligram gum contains nicotine, stops smoking aid, requires willpower, always read the label.

0:47.6

So we have the great resignation. Millions of people are quitting their jobs in pursuit of

0:52.6

better jobs. And we're seeing that for a lot of folks, finding that better job has meant

0:58.0

actually saying goodbye to working for someone else altogether. Ronnie Mola from Recode,

1:03.1

what's going on? So a lot of these people are starting their own businesses. They don't want

1:09.1

someone else to be their boss. They want to be their own boss. And we've seen a record

1:13.3

number of applications for new businesses. The number of people in America filing the paperwork

1:20.0

to start a business hit a record 5.4 million in the year just ended. The Census Bureau says that

1:26.4

new business applications are 30 percent since 2019. Importantly, the people starting these

1:33.2

businesses now are a much broader swath of Americans than it's previously been. You have a lot more

1:38.3

women and people of color, even people without college degrees. And that could sort of reverse a

1:44.0

decades-long decline in the rate of new businesses.

1:50.0

And what do we know about all these new businesses? Well, we know that some of the biggest jumps

2:00.3

are in industries like retail, especially non-store retail, where you don't have to have a location.

2:05.6

And that's for a variety of reasons. In the pandemic, people aren't going to physical

2:09.2

locations as much. Also, the barrier to entry is easier because you don't have to build a store.

2:14.4

You could just kind of open up something on an online platform. You also have lots of people

...

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