April 11th 2024.
A recent report by Entrepreneur revealed an interesting trend in the business world: more and more individuals are starting their own small businesses while also working other jobs. According to a survey by payroll company Gusto, the number of new businesses that began as side hustles nearly doubled from 2022 to the following year. Liz Wilke, the principal economist at Gusto, explained this increase as a response to economic uncertainty. She told Bloomberg, "With the economy being so uncertain, people are hesitant to give up their stable jobs to pursue something they want." Wilke also pointed out the impact of hybrid and remote work arrangements, which have given people the flexibility to pursue their entrepreneurial dreams.
In an interview with FOX Business, Wilke expanded on this idea, saying, "I don't think AI is the sole reason for this increase, but I wouldn't be surprised if many side hustlers were using AI tools to save time and streamline their businesses in the early stages." The survey, which gathered responses from 1,345 business owners, showed that 44% of new businesses in the United States were started as side projects in 2023, a significant jump from the 27% reported in 2022. Interestingly, 25% of these entrepreneurs were still working full-time jobs while building their businesses, and 19% were balancing part-time employment with their new ventures.
The rise of generative AI tools, like OpenAI's ChatGPT, has also played a role in making it easier for people to start businesses. These tools have helped entrepreneurs expedite product development and streamline operations, and the survey showed that over 20% of new companies are already utilizing generative AI tools, primarily for marketing purposes.
As BLACK ENTERPRISE recently reported, Atlanta has been named the top city for starting a business in 2024. According to Jaime Seale, author of "2024 Data: What Are the Best Cities to Start a Business?", Atlanta has seen significant growth in its entrepreneurial sector in recent years. Seale noted that Atlanta has climbed up from its previous ranking of No. 5, surpassing cities like Las Vegas, to become a leading hub for entrepreneurs.
The study, conducted by Home Bay, also named Miami, Orlando, Tampa, and Austin, Texas, as top cities for new businesses. On the other hand, cities like Providence, Rhode Island; Hartford, Connecticut; Buffalo, New York; Milwaukee, Wisconsin; and Louisville, Kentucky, were identified as the least favorable environments for new ventures. This information provides valuable insights for aspiring entrepreneurs who are considering where to start their businesses.
In conclusion, the survey and study conducted by Gusto and Home Bay have shed light on the current state of entrepreneurship in the United States. It is clear that more people are taking the leap and pursuing their passions while still maintaining other employment commitments. This trend, along with the rise of AI tools, has made it easier for individuals to start businesses and has contributed to the growth of cities like Atlanta as top destinations for entrepreneurs.
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