Company
Date Published
Author
Zapier Editorial Team
Word count
1631
Language
English
Hacker News points
None

Summary

The pandemic created a surge in new business creation among Americans, with 91% of respondents saying they would recommend starting a business during this time. The rise in entrepreneurship was driven by increased availability of key inputs such as time and lower opportunity costs. Many full-time employees launched side hustles or started small businesses to support their families, while others took advantage of new opportunities presented by the pandemic. Seasonal variations persist, with the Southeast experiencing a significant increase in new business creation. The majority of entrepreneurs were not rookie entrepreneurs but rather those who had prior self-starting work experience. The types of businesses created during this time included eCommerce and professional services consulting, which benefited from the pandemic's disruption to retail and labor supply. Entrepreneurs face challenges such as remote communication difficulties and supply chain disruptions, but are solving problems in innovative ways. Starting a business today is easier than ever before due to advancements in digital tools and no-code automation. Many entrepreneurs plan to prioritize network expansion, product offerings, and time efficiency in the coming year. The pandemic has created a lasting legacy of small business creation and side hustles, with many expecting to return to the workforce as employees while maintaining their businesses.