No matter how small or big your business is, the need to think outside the box is essential. (Giggsy25/Shutterstock)

When it comes to jumping economic hurdles, small business owners are digging deep and finding new ways to overcome the impacts of inflation and workforce shortages this year.

More than 31 million small businesses currently operate in the United States, with an anticipated 17 million new startups set to kick off by the end of the year.

Meanwhile, the post-pandemic challenges small entrepreneurs face are daunting.

During a 12-month period that ended in June, the Consumer Price Index for all urban consumers increased 9.1 percent. This represents the highest inflation over the same length of time since 1981, according to the Bureau of Labor Statistics.

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