Goldman Sachs CEO David Solomon encourages small businesses to 'stay the course':
n a muggy summer night in Baltimore, Goldman Sachs CEO David Solomon is holding court at the iconic Bengies drive-in movie theater as over 300 entrepreneurs graduate from his firm’s 10,000 Small Business Program. It’s just one of many celebrations concurrently taking place at historic sites across the country, from Cleveland’s Auto-O-Rama to Dallas’ Coyote Drive-in.
For Tisha Skinner, 46, who owns multiple Smoothie King franchises in the Baltimore area, those resources proved to be a lifeline. “Being a small business owner, I sometimes feel like I’m on an island by myself,” says Skinner, who filed for bankruptcy during the Great Recession. She believes her participation in the program helped her secure over $500,000 from the Paycheck Protection Program and Restaurant Revitalization Act.
, aspiring business owners tried their hand at entrepreneurship at the highest rate in decades. With nothing to lose, 4.5 million Americans bet on themselves and registered for new business applications—that’s a 35% jump from 2019, according to the U.S. Census Bureau. But Solomon, who likens hiring in this environment to a “hand-to-hand combat sport,” doesn’t think this will be a long-term trend. “It’s going to get easier to attract talent as we get into the fall, as some of the extended unemployment benefits roll off and the economy picks up,” he says. “Stay the course.”
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