During the pandemic, entrepreneurs across the country faced the financial challenges by starting their own businesses. In fact, today 10% of US workers are self-employed. But here in West Virginia, that number is significantly lower. According to a report by Commodity.com, only 6.8% of Mountain State workers are self-employed — the lowest of any state.
As in so many other categories, we fall behind the rest of the country in this regard, but we are not alone. Other states left behind during our decades-long economic transition — Ohio, Pennsylvania, Kentucky, and Indiana, for example — also rank low in the self-reliance category.
Here we are: In 2020, there were 11,090 new business applications in West Virginia. This compares to an average of 85,428 per state across the rest of the nation. The median annual income for full-time entrepreneurs here is $45,000. For the whole country it’s $52,000.
Most new businesses formed in the United States are in either retail or professional, scientific and technical services. For years, West Virginia officials have steadfastly resisted turning our old economy in this direction. Now only the bravest entrepreneurs dare to try something new in the Mountain State.
Public officials have a responsibility to introduce regulatory reforms and laws that encourage, not discourage, entrepreneurship.
We’re used to looking from the bottom up here, and that’s a shame. But despite knowing it’s a long way to go, climbers are brave, smart, creative and hard-working enough to get there – if politicians and bureaucracy stay out of their way.
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