88% Of New Entrepreneurs Are Happy They Started Their Business During COVID-19 Pandemic
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Many of the world’s largest corporations were devastated by the COVID-19 over the last two years. Fortune companies like  J.C. Penney, Chuck E. Cheese, and Guitar Center among many others were adversely affected by plunging profits and high overhead, ultimately leading to them downsizing or closing their doors altogether. However, results from a new survey by Clarify Capital found that those who launched small businesses during the pandemic don’t regret taking the plunge into entrepreneurship. 

The survey found that entrepreneurs invest 22 hours a week into their own business/side hustle and 88% of entrepreneurs report being happy with their decision to start their own business. 

The survey also found that almost two-thirds (61%) were already employed elsewhere when they made this decision, with more than half now being self-employed. The report also said that many entrepreneurs shared that they have a side hustle in addition to an entirely different career, and women led the charge, with 34% working full-time while balancing a side hustle.

Findings also state that when leaning into entrepreneurship, the most common work opportunities included selling one’s own product (45%), providing a personal service (26%), and freelance work (21%). The pandemic also built the foundation for an array of new side hustles, including clothing consignment, food delivery, and online teaching.

Another key finding revealed the financial breakdown of upstart costs. Respondents shared that they invested over $6,700 in the past year alone. Businesses initiated prior to the COVID-19 pandemic required a higher dollar investment ($8,112) as opposed to during the pandemic ($3,824). 

The survey also revealed that nearly 2 out of 3 entrepreneurs said they will continue to work on their business after 5 years.

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