Since the beginning of the pandemic, the US has faced growing demand for digital business solutions in the face of economical insecurities and high unemployment rates. America’s workforce turned to remote employment options, which led to a significant increase in digital entrepreneurship. A new study published by Adobe Acrobat explains that despite the economic challenges of the global pandemic, Google searches for terms such as “how to start a business” and “how to start a business online” have seen significant increases. Here are some of the reasons why digital entrepreneurship is on the rise.
Changing Work Culture
Remote employment opportunities continue to be in demand even as the pandemic wanes in certain areas. According to the Adobe Acrobat study published here, nearly 1 in 3 US workers under the age of 40 have considered changing their occupation since the start of the pandemic. Remote employees also report being more productive and happier working from home than in an office. The opportunity to work from home can improve an employee’s work-life balance and overall work performance. Additionally, more people are finding opportunities to pave their own path to business success through remote work. Changing work culture has made it possible for digital entrepreneurs to find opportunities to start their businesses without leaving their homes.
Not only is work culture changing to a more balanced remote solution, but the accessibility of digital business tools has made it easier than ever for entrepreneurs to start businesses from home. Apps for small businesses can be efficiently run from personal laptops or smartphones, lowering the startup costs for digital entrepreneurs. There are more digital small business solutions than ever before that can help you and your team stay in communication, manage your time, and keep your data secure. Tools like Adobe Acrobat make it easy to set up and maintain an efficient, successful online business.
Funding and Market Opportunities
Along with greater accessibility to digital assets, entrepreneurs see more opportunities for startup funding and market opportunities. According to the Adobe Acrobat study, between March and September of 2020, roughly 98,000 businesses permanently closed, theoretically leaving significant market gaps for new companies to find success. Holes in the market allow entrepreneurs to create unique and improved pandemic-era digital business models for their market niche. The pandemic also spurred greater accessibility to startup funding for digital entrepreneurs as economic regulations changed and more investors were eager to give to new digital businesses.
More consumers than ever turned to online shopping during the pandemic. Now, most online shopping takes place through mobile phones. The increase in mobile users has created greater accessibility between digital entrepreneurs and their online consumers. The uptick in remote businesses has created new competition for digital marketing as more and more entrepreneurs turn to social media and influencer marketing to reach their consumers’ smartphones. According to the Adobe Acrobat study, “46% of respondents said they spent five to six hours each day on their mobile smartphones. This means that not only are consumers theoretically available to marketers for a significant portion of the day, but marketers are right there in consumers’ pockets.”
Despite the challenges of the global pandemic, digital entrepreneurship has increased significantly in the last two years. There are more opportunities than ever for anyone who wants to start their own business from home.