Report: Economy boosted entrepreneurship in 2011

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Associated Press

Posted on November 29, 2012 at 3:00 AM

Updated Thursday, Nov 29 at 3:02 AM

NEW YORK (AP) — The slow improvement in the economy gave a huge boost to entrepreneurship in the U.S. last year.

That's the finding of a study released Thursday by Babson College in Wellesley, Mass., and Baruch College in New York. The study shows that more than 29 million people were starting or running new businesses last year. That was a 60 percent gain from 2010, when entrepreneurship was hurt by uncertainty about the economy.

The gain also matched the increase in entrepreneurship recorded in 2005, when the economy and small businesses were booming.

Researchers at the colleges say the report's findings are a good sign for the economy. It says nearly 40 percent of the entrepreneurs it counted expected to create more than five new jobs each in the next five years.

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