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In 2025, the United States witnessed a substantial uplift in entrepreneurial spirit, as evidenced by a considerable rise in business applications. According to the most recent statistics released by the US Census Bureau, a total of 5.6 million applications for Employer Identification Numbers (EINs) were submitted to the Internal Revenue Service, marking an approximate 8% increase from the 5.2 million applications recorded in 2024. This burgeoning interest in new business formation is potentially linked to shifts in the economic landscape, including a weaker labor market that encouraged individuals towards self-employment and the transformative influence of artificial intelligence, which has significantly lowered barriers to entry for startups.

The analysis of this data, which cross-references EIN applications with county population figures to determine application rates per 1,000 residents, uncovers fascinating trends. While major urban centers predictably feature prominently among the top counties for business applications, a distinctive anomaly emerged: Sheridan County, Wyoming. Despite its modest population, this small county ranked remarkably high in the number of applications, boasting a disproportionately high rate per capita. This phenomenon can be attributed to Wyoming's business-friendly environment, particularly its simplified and low-cost services for establishing limited liability companies (LLCs). These services often involve registered agents providing official addresses for business correspondence, which can lead to a concentration of EIN applications in areas like Sheridan, even if the actual business operations are located elsewhere.

For example, in 2025, Sheridan County registered 47,787 business applications, an impressive figure considering its population of merely 33,241 residents. This translates to an astounding 1,438 applications per 1,000 residents. Experts like George Mocsary, a corporate and small-business law professor at the University of Wyoming, explain that the state's established industry for low-cost business formation, including the provision of designated addresses by registered agents, allows businesses to use a Sheridan address for EIN purposes, thus skewing the application data for the county. This unique setup highlights how certain local policies and services can significantly impact statistical representations of entrepreneurial activity.

Beyond this unique case, the list of top counties predominantly features bustling metropolitan areas. For instance, Los Angeles County, California, led with 172,540 applications, followed by Miami-Dade County, Florida, with 135,758 applications. Other high-ranking counties include Harris County, Texas (99,688 applications), Cook County, Illinois (99,217 applications), and Maricopa County, Arizona (98,384 applications). These figures reflect the diverse geographical distribution of entrepreneurial ambition across the United States. The overall increase in business applications underscores a dynamic period of economic transformation and innovation, influenced by various factors ranging from labor market conditions to technological advancements like artificial intelligence, which continues to shape the future of business formation.

Teri Williams, President and Chief Operating Officer of OneUnited Bank, reflects on her family's rich history, tracing it back to her great-grandmother, Ma Honey, an enterprising businesswoman in Indiantown, Florida. Ma Honey's diverse ventures, including a candy store, barbecue joint, juke joint, and rental properties, not only secured her family's financial well-being but also provided opportunities, such as funding her grandparents' relocation for her father's high school education in a segregated era. Williams acknowledges that her great-grandmother's entrepreneurial spirit subtly influenced her own path to success, which began with scholarships to Brown University and Harvard Business School, leading to a distinguished career in national banking.

Williams, alongside her husband Kevin, co-founded OneUnited Bank in the mid-1990s by consolidating four banks serving the Black community. While building their banking empire and raising their two children, now 30 and 32, Williams instilled in them the paramount importance of saving. She stresses that savings are not just for security but enable individuals to take calculated risks essential for growth, including significant life investments like homeownership. Williams believes that a robust savings cushion mitigates the impact of inevitable financial missteps, fostering resilience and long-term prosperity.

Even with her background, Williams recognized the challenges in fostering financial literacy, not only for her children but also for the broader Black community. She authored a children's book addressing issues like check cashers and payday loans, integrating these concepts into OneUnited's school-based financial literacy programs. A revealing incident with her daughter, who mistook a credit card balance for available funds, underscored the complexity of financial terminology and the need for clear, accessible education. Williams embraces the evolving landscape of financial decisions, noting her children's preference for individual stocks and cryptocurrency over her traditional mutual fund investments. She holds an optimistic vision for future generations, hoping they will expand their financial influence globally, building upon the legacy of community service established by her great-grandmother and continued through OneUnited Bank.

Embracing financial knowledge and prudent saving strategies empowers individuals to navigate complex economic landscapes with confidence. By learning from past experiences and adapting to new financial tools, each generation can build a stronger, more equitable future, transcending economic barriers and fostering widespread prosperity.