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New business launches continue to increase in the United States and globally. More than half of business owners surveyed by the Global Entrepreneurship Monitor (GEM) say the pandemic has created new opportunities.
Not all of them, however, are going to be the next big employer. More and more of these new entrepreneurs are choosing to go it alone and that trend is on the rise around the world, according to data from GEM’s 2021 report, which surveys entrepreneurs and citizens in countries ranging from the U.S. and Japan to Belarus and Colombia.
Sole proprietorship is the most common type of business, allowing individuals to start a side gig while maintaining full employment or go into business for themselves as consultants. The renewed focus on flexibility and work-life balance could make going it alone even more appealing as owners establish their own hours and avoid having to manage others.
In the U.S., those expecting to remain the only employee at their firm increased 20% over 2021. Globally, more than 50% of respondents in a quarter of the economies surveyed, said they did not expect to hire another worker in the next five years.
How did you decide whether to start your business alone or bring in a partner? What opportunities do you see in the economy that have come about because of the pandemic?
- What does Generation Z want in their workplace? LinkedIn asked and this is what they had to say.
- Inflation rose 7.5% in January, costing the average consumer $250 a month.
- Lawmakers passed a bill that allows victims of sexual harassment or assault at work to take their case to court instead of forced arbitration.
- Small business owners hope lawmakers will take additional action and pass more aid for small enterprises that are still struggling.
- Shoplifting continues to plague retailers, forcing some to close stores and others to put most goods behind lock and key.
- I dare you to leave your pets at home after watching this video (I type as I sit in the office…)
Mind Rewiring for Confident Leadership & Breakthrough Growth, Impact & Results | Success & Mindset Coach w/Specialty in EQ and Neuro-Linguistic Programming | KeyNote Speaker | Retreat Host ?? DM To Chat
3 年A very insightful share Jordyn Dahl I believe more and more employees are looking to align their career with a bigger purpose around something they are passionate about and love. It's no longer about building a business to make more income- it's a form of self expression and fulfillment. The companies who can create meaningful employee advocacy programs that promote self-expression, will be able to nurture that fulfillment and meaning for their employees without leaving their jobs. It's a win-win for everyone!
Interestingly, the growing trend of opting for sole proprietorship is an innovative approach to business ownership. When I owned my own consulting practice, I crafted the framework model of an outsourcing strategy hiring external partners to assist with billing receivables and other immediate business needs because I was looking for more of a short-term business opportunity while between career positions, so this outsourcing strategy delayed the need for hiring employees for the immediate future. If sole proprietorships are contemplating a future need for hiring employees, outsourcing deliverables is a helpful tip when controlling initial startup expenditures until a business is more established in the marketplace.
Executive Leadership | Growth/Creativity | Adaptation/Innovation
3 年This is also right in line with the latest International Coaching Federation findings that today's leaders and entrepreneurs are seeking to work with a leadership or business coach -- three out of four! Also, many are doing so outside of their organizations as they have encountered obstacles to bring coaching internal. According to the study the obstacles are: ? Limited support from senior leaders (50%). ??Inability to measure impact of coaching (42%). ??Lack of budget for coaching activities (38%). The new generation of entrepreneurs are geared to do it differently. And going it alone doesn't mean lonely. I'm seeing it in my networks and wonder if others are as well?
I started my business because I wanted to start my own thing, and I saw a need. The pandemic seemed like the push that I needed to do it. I'm a solopreneur who's bootstrapping, but I plan to bring on a cofounder, employees, and investors. First, I'm focused on my early clients and gaining more traction. I'm all in. This isn't moonlighting. It's scary but fun! My background is selling enterprise HR software. I saw a need to automate the recruiting process for small business owners. These folks hire all of the time, even more so now with the pandemic. There is an opportunity to help them automate recruiting task work while elevating a pretty horrible job hunting experience for applicants through a mobile recruiting platform. Why should big companies have all of the cool tools? ?? Good luck everyone!
Founder & CEO @ Uscreen ?? 2X Bootstrapper
3 年On the streaming end of things, more people started their own subscription video businesses than ever. eLearning and fitness content in particular, really surged in the case of new online businesses. Thanks for sharing Jordyn Dahl