Entrepreneurs Don’t Fear Recession, Be Prepared

• Survey reveals 65% of aspiring entrepreneurs see opportunity in economic downturn
• Job dissatisfaction drives startups – 1 in 2 people are dissatisfied with their jobs

A new generation of “side hustlers” are set to lead the startup boom in the face of an economic recession and cost of living crisis.

A survey of 17,600 entrepreneurs looking to start their own business or start a full-time business from a side hustle found that 65% were unable to move forward with their plans due to the worsening economic outlook. revealed to be highly viable. Postponed.

One in five people surveyed by the Entrepreneurial Seminar, an online educational program, has already taken the plunge to start a business or sideline (a business that runs alongside a salaried job) in 2022.

Job dissatisfaction is a driving force for many aspiring entrepreneurs. 54% of those employed are not satisfied with their current role. A second motivating factor is the need to make more money as the cost of living crisis looms. One in three, he says, are satisfied with their current roles but are looking for additional sources of income.

But the impact of the massive resignations caused by the Covid pandemic is still evident. Pursuing a passion is the top motivation for starting a business in 2022, cited by 30% of those surveyed. That was more important than making more money or having more flexible working hours.

The most popular startups in the current economy are online e-commerce and e-learning, targeted by 45% of surveyed entrepreneurs, followed by consulting (20%) and technology and real estate (both 10%) is higher than

More than one in two aspiring entrepreneurs are currently employed by a small business, but only 12% work for a company. 1 in 3 are in middle management and 22% are in senior or C-suite positions.

Financial management is the biggest obstacle to starting their own business, cited by 30%, and 21% are most concerned about having to invest in a digital presence to reach new customers online. increase. Reflecting the challenges of the current labor market, 19% say hiring is their top concern. In contrast, only 15% said the economy was their biggest challenge.

entrepreneur seminar CEO martin warner said:

“A recession can be a golden opportunity rather than a safe excuse for entrepreneurs. We hope to convert it into a full-time business. The demand for education and training has increased in recent months as the economy has deteriorated and people want to invest in their future prospects.

We have been running entrepreneurial seminar programs for over 20 years and know that consumers and investors are more open to innovation and market disruption during market downturns. With the right mentoring and support, many of these ambitious entrepreneurs with ideas already tested in the market should have the confidence to take it to the next level.