More Laid-Off Execs Go It Alone

August 12, 2002 ( -Laid off managers are increasingly being bitten by the entrepreneurial bug and have started their own company, a survey found.

A survey by outplacement firm Challenger, Gray & Christmas found that 11.4% of laid off managers and executives went into business for themselves during the first six months of 2002. That is 44% above the 7.9% figure from the first half of 2001.

The 11.4% represents the highest percentage since 1996 when 12% of laid off executives incorporated their own firm.

The Challenger Job Market Index is a quarterly survey of 3,000 discharged managers and executives.