The Great Resignation: From Employee to Entrepreneur
5 Reasons Why People are Leaving their Jobs for Entrepreneurship
According to the U.S. Department of Labor, roughly 4 million people voluntarily left their job in April and July, 2021 -- a 20-year high that's been dubbed the 'Great Resignation'. Around the same time, business startups in the United States grew from 3.5 million in 2019 to 4.4 million in 2020, a whopping 24% increase accelerated by COVID.
Not all mass exodus employees will become their own boss. Some may hesitate to start a business on the heals of COVID, although history shows that economic downturns offer lucrative business opportunities.
For those who are considering whether to start your own business, here are five reasons why self-employment may be the best option for you.
1. Be Your Own Boss
"Freedom to be my own boss" is a top reason why entrepreneurs chose to start a business. Now after surviving a highly-contagious and deadly global pandemic, leaving the corporate world to “do more” with your life has become a common and burning desire.
Self-employment allows you to escape a negative corporate culture, bad boss, or lack of professional recognition. As your own boss, you can finally call the shots and be in control.
Given the fast pace of Western life, 'time is the new money'. A major benefit of being the boss is that it allows you to control your days and your work schedule. You have the flexibility to choose who, what, when, where and how you work.
2. Financial Opportunity
Time may be the new money, but you still need money to survive. If you are debating whether you should start your own business or get a job, consider this statistic: most millionaires are self-made or self-employed owners of business
Choosing to start a business can provide:
more wealth-earning potential versus hoping for an annual 2% pay increase,
long-term equity in a business that you can sell or pass down to your family
more job security in today's volatile workforce of contractors and offshore talent
So while self employment may look risky (common statistics state a 50% failure rate within the first 5 years) it can be lucrative if you're armed with a good business idea, a smart marketing and sales strategy and have the perseverance to see it through.
3. Easy Access to Small Business Technology and Tools
One of the biggest game changers to the growing rate of people deciding to start their own company? Unprecedented access to easy and affordable technology. From plug and play e-commerce systems, to productivity platforms, to digital media that can target a global audience with just a few clicks.
While the desire to be your own boss or to make more money is as old as time, the ability to make it happen on such a large scale is very much a modern phenomenon.
4. Ability to Work from Home
For workers able to work from home during the pandemic, some experienced an improvement in work-life balance (less commute, fewer distractions).
Working women with young children were a notable exception to this, so perhaps not surprisingly, self-employment has been growing at a faster rate among women, particularly women of colour.
According to Harvard Business Review, "In the United States, an astounding 17% of Black women are in the process of starting or running new businesses. That’s compared to just 10% of white women, and 15% of white men."
5. Purpose Driven Life
We spend approximately half of our awake hours working, so it makes sense that we want that time to be invested in something fulfilling and meaningful.
A fallout of The Great Resignation is the reality that many of us have re-evaluated our values, and want to better realign them with our actions.
Becoming your own boss allows you to control the narrative, not just on what product or service you create, but how you spend your time, energy, and life.
Join the Resignation and Reinvent Your Future
So if you’re looking for a good excuse to quit the corporate rat race and to start your own business, this is your once-in-a-hundred-years-pandemic reset button.
Why not bet on yourself? Starting and growing a business is not much harder or stressful than the corporate chaos that defines much of today's work reality.
You have the power to take control of your life. You also have the tech tools and the wifi to enable it. Make more money doing what you love and working when you want - all from the comfort of your own home.
ZipLaunch helps solopreneurs and small business owners build a future 6-figure business with our 30-day small group coaching program. Hands-on help and practical workshops that drive real results. Get on the waitlist today for our next session!