Mary: This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at tiny companies. Mike, many people dream of owning their own company. And, of course, this happens for thousands of people. But do we have any information about the ultimate in company ownership, where the owner is the entire company?
Mike: Summary Answer
- Called single person companies, and they’re on the rise
- For example, single person companies in manufacturing are up 17% in the last decade
- Among some segments, even faster rise: single person companies making soaps and perfumes are up 700% in the last ten years
- Three reasons for the rise: response to the slow economic recovery from the recession; technology making small firms more viable, and paperwork involved in hiring employees
- Need to focus on the last factor so one person companies can grow
- I’m MW
Mary: And I’m Mary Walden for the North Carolina Cooperative Extension Service.