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What is entrepreneurship?
Owning your own business comes with its risks and benefits. As more and more people enter the field of entrepreneurship to bring their ideas to the world, the popularity of being self-employed has drastically risen during the ongoing pandemic. While the ‘gig economy’ concept existed long before COVID, the idea of working independently has become a more valuable career choice in light of the hit that the global economy has taken.
Millennials taking charge
Millennials have often been praised for their enterprising and innovative nature, particularly because they are one of the most ‘technology literate’ demographics. Even before the pandemic, there were millions who generated extra income through ‘side-gigs’.
As people found ways to use their resources and time to enhance their careers whilst also following their creative passions, there was an inevitable rise of entrepreneurship and self-employment. The financial impact of the pandemic has encouraged them to develop different streams of income for better financial security. Owning their own corporate lifestyle meant that millennials felt a better sense of ownership and created their very own end-to-end experience.
How COVID-19 has accentuated this
COVID-19 was, in several ways, pivotal to the growth of entrepreneurship among millennials. When the pandemic hit, the business world was significantly disrupted. From the introduction of work-from-home, to millions losing their jobs, millennials were a group that were quickly adapted to the remote lifestyle. There was an unprecedented rise in the number of new business applications during 2020, and this can partly be attributed to the rise in unemployment rates around the world.
With more time on their hands, millennials were the demographic that took matters into their own hands and started creating their own business ventures. As the pandemic taught us to adapt to our ‘work from home’ lifestyles, people started to explore the avenue of starting to set their own corporate rules. From setting their own working hours, to making a living out of their interests and hobbies, millennials will now pave the way for creativity and thinking outside the box.
How this will change the corporate landscape
While this trend has sparked a wave of innovation, enterprise, and new working practices, it may also reshape the conventional business model. As more people start to take the rein of their work life, it could mean that businesses and the idea of physical offices may be disrupted. There could potentially be less career dependence on traditional corporate institutions, alongside a wave of new innovations that could not only help millennials bridge their financial gaps during the pandemic, but also be carried forward for the coming years.
