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After 5-year drop-off, startups make a comeback

Startups are a vital part of the economy in Dallas and the country as a whole. In 2009, however, there was a steep decline in the number of new startups in the U.S. Mostly attributed to the Great Recession, which began in 2007, the drop was likely a sign that fewer people were willing to take risks by starting their own business.

After a five-year drop, however, the trend has been reversed. The latest numbers show an average of 310 new entrepreneurs for every 100,000 adults. Last year, the average was 280. 

More good news for the U.S. economy is that the majority -- nearly 80 percent -- of the new entrepreneurs are "opportunity entrepreneurs." Unlike those who start a business because they have lost a job or can't find one, opportunity entrepreneurs are people who choose to start a business because of an opportunity they feel exists.

Although the number of new startups is still much lower than it was two decades ago, the trend reversal is a sign of improving economic health. Of course, starting a business is not an easy process, and the beginning stages are crucial to ensuring an entrepreneur's goals are realized.

If you are considering starting a business, it may be wise to speak with an experienced business formation attorney. An attorney can assist you in selecting an entity, establishing partnership agreements and filing the appropriate tax forms, among other things.

Source: Entrepreneur, "For the First Time Since the Great Recession, U.S. Startup Activity Is Strengthening," Catherine Clifford, May 28, 2015

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