While getting funding is a big reason many start-ups fail, it has not deterred millions of people from starting a new business. Many of these new entrepreneurs are unemployed.

In 2009, the number of start-ups from unemployed workers rose to 8.6% – up from the 2008 rate of 5.1% which was the lowest number since this data was recorded. According to the outplacement firm Challenger, Gray and Christmas, Inc., jobless managers and executives account for the highest start-up activity in four years causing the 2009 average to go up 69% from 2008.

Yet, the National Federation of Independent Business (NFIB) reports that the number of small businesses claiming difficulty obtaining credit in December 2009 reached a record high. Nevertheless, the NFIB Optimism Index averaged 88.2 (on a scale of 100) over the second half of 2009, up from a monthly average of 85.2 in the first half. How can these entrepreneurs continue being confident in the face of a pinched money supply?

Challenger believes tight credit is not a deterrent to those who want to be their own boss. Government data seems to agree showing a rise in self-employed Americans to 8.9 million for 2009, up from 8.7 million a year earlier with the biggest gains among those 55 and older.

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