Despite the economic challenges of the global COVID-19 pandemic, a new study by Adobe Acrobat reports a significant increase in digital entrepreneurship since 2019. In the last 12 months, Google search queries have increased for terms like “how to start a business from home” and “how to start a business online.” But why are more and more people turning to digital entrepreneurship, and how are they finding success despite the troubles of the pandemic?
Work Culture
At the start of the pandemic, it became clear that remote and digital work solutions were necessary to meet the demands of a pandemic workforce. Many businesses could adapt to a remote workplace, but others could not, leaving a significant percentage of the US workforce unemployed and seeking remote opportunities. According to the Adobe Acrobat study, “This massive reassessment of work, or Great Resignation, can be attributed to the pandemic altering how people think about what’s important or meaningful to them, both in life and in their careers.” Employees are looking for work options that more conveniently fit their lifestyles, and they are finding them. This shift in work culture has catalyzed the increase in digital entrepreneurs seeking to make their own opportunities in the online world.
Market Opportunities
The pandemic changed how we think about our work, but it also opened a unique opportunity for small businesses to get easier access to small business loans and funding. Economic relief options meant digital entrepreneurs could secure funding for their startups and fill the market gaps left by the pandemic. According to the Adobe Acrobat rise of digital entrepreneurship study, “there were 1,559,950 new business applications submitted from July to September 2020 alone. Compared to the 859,345 new applications submitted during the same period in 2019,” that’s an 82% increase. Though many businesses were forced to close permanently due to the pandemic, more startups than ever registered as new businesses. Digital entrepreneurs have many options for funding and even more opportunities to grow and improve markets that struggled to adapt to the pandemic marketplace.
New Technologies
It’s never been easier for anyone to start a business from their own home. Today, the small business tools available to entrepreneurs can take all the hassle and complicated coding out of building your company. Apps for small businesses can be efficiently run from your smartphone or laptop no matter where you go. Collaboration tools and workflow automation can keep your remote team connected and collaborating effectively. Essential remote workplace software can include video conferencing, instant messaging, and document management systems. Digital entrepreneurs can take advantage of software that can help them with every step of building their business, from product ideas to branding and market strategies. Building a business from home has never been easier than in 2022.
Consumer Trends
Building a business from home is more accessible than ever, and it’s never been easier to reach your online consumers directly. The pandemic saw a dramatic increase in the US eCommerce market as more shopping was done online than ever before. Today, most of that online shopping takes place through a user’s smartphone. With the average smartphone user spending hours a day on their devices, it’s never been easier for marketers to reach consumers directly through their phones. This new digital dynamic has made the digital marketing space highly competitive as more and more digital entrepreneurs open their eCommerce shops.
Digital accessibility, convenient technology, and the demand for a better work-life balance have contributed to the rise in digital entrepreneurship since 2019. The increase in digital entrepreneurship shows that 2022 will continue to be a year of growth as more and more businesses are started online.