What Do Small Businesses Do?

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Financing constraints and unemployment: Evidence from the Great Recession (2015, background): “Similarly, small business may be concentrated in industries with smaller natural scales (Hurst and Pugsley, 2011).”
Solo Self-Employment and Alternative Work Arrangements: A Cross-Country Perspective on the Changing Composition of Jobs (2020, background): “Some workers might prefer greater flexibility in organizing their time or other nonpecuniary benefits of being their own boss (as in Hurst and Pugsley 2011).”
Heterogeneous Markups, Growth, and Endogenous Misallocation (2020, background): “Interestingly, they account for an even smaller 18There is mounting evidence for the importance of “stagnant” entrepreneurs in developing economics; see, for example, Schoar (2010), Hurst and Pugsley (2012), and Akcigit et al. (2015).”
Smart and Illicit: Who Becomes an Entrepreneur and Do They Earn More? (2017, background): “We show that the incorporated self-employed and their businesses engage in activities that de- mand comparatively strong nonroutine cognitive abilities, while the unincorpo- rated and their firms perform tasks demanding relatively strong manual skills.”
How Firms Respond to Business Cycles: The Role of Firm Age and Firm Size (2013, positive): “As emphasized by Hurst and Pugsley (2012) and Haltiwanger (2013), most new businesses either fail or don’t grow.”