A recent survey has revealed that 60% of new entrepreneurs say that the lockdowns introduced to battle the COVID pandemic has provided them with the time needed to educate themselves enough to start their own business.
In addition, the research conducted by Digital.com discovered that 32% of all Americans quitting their jobs are doing so in order to start their own business. With wanting to be their own boss the top reason for quitting a job and starting a new business, the study also identified IT, retail, and personal care services as the most popular industries for new business owners.
More Competition But Even More Opportunities
The increase in new business owners and former salaried employees taking a chance on themselves is interesting for both new and experienced small business owners. There has never been a time when access to the information needed to learn how to start a business has been more available to the common man and woman than now.
But while this means more competition for small businesses, it can also mean more opportunities to create partnerships and for businesses to help each other grow.
A ‘Far More Valuable’ Reward
The research published by Digital.com also cited start-up consultant and small business expert Dennis Consorte, who believes working with a passion for your work is the key to overcoming many of the stresses that come with running a small business.
Consorte says: “Many people believe that business ownership means setting your own hours and answering to no one.
“The truth is that for many business owners, a half-day is twelve hours, every single customer is your boss, and you have to hustle to stay afloat. However, by pursuing a passion, work won’t feel like work, but will instead give you purpose, which is far more valuable than the dollars earned.”
Other Factors in New Business Start-Ups
The research also identified secondary reasons why more Americans are quitting their jobs and starting their own businesses. While being their own boss was the undisputed No.1 reason, a good 52% of new entrepreneurs also cited the desire to focus on their health.
Other motivating factors were better pay and benefits and the desire to permanently transition to a remote working model.