An unprecedented surge of entrepreneurial activity may be on the horizon as more people turn to Google to learn how to start businesses.
According to data from Google Trends, there has been a substantial increase in searches for “building a business,” “side hustle,” and other related terms in the past several months.
This heightened interest reflects a growing desire among individuals to explore entrepreneurial opportunities, diversify income streams, and cultivate self-reliance.
Ask Google
As the economic landscape continues to evolve, more people are turning to the Internet for guidance on launching and sustaining successful ventures.
The term “building a business” has witnessed a considerable uptick in search frequency, doubling the number of searches in 2019, indicating a widespread interest in entrepreneurship. Users seek information on business planning, funding strategies, and effective marketing techniques. The surge suggests that a significant portion of the population is not only contemplating but actively pursuing the realization of their entrepreneurial dreams.
During the same period, the search term “side hustle” is five times higher than prepandemic levels, signifying a shift in how individuals perceive and approach income generation.
The concept of a side hustle, a secondary source of income pursued alongside one’s primary occupation, is gaining traction. People are eager to explore diverse avenues for supplementing their earnings and starting over in the face of future economic uncertainties.
A Simple Market Response?
High-interest rates have played a role in promoting a culture of saving, providing a financial buffer against uncertainties, and bolstering confidence in entrepreneurial ventures.
As savings grow, so does the inclination to explore independent business initiatives. The 3.9% unemployment rate signifies a favorable job market, prompting a shift in how people view their professional paths. With increased job security, more individuals contemplate entrepreneurship as a viable and attractive option.
A Result of Work From Home?
This trend aligns with the broader societal shifts. “Working from home” is causing employees to reevaluate traditional career paths, and individuals seek greater professional autonomy. Realizing they can earn money when and where they like leads more people to consider side hustles and ultimately start businesses.
Financial expert Michael Dinich, founder of Wealth of Geeks, suggests another more practical and immediate cause.
“Rising costs and stagnant wages are making a compelling economic case for building a business or side hustle. Owning a business provides flexibility in scheduling and work/life balance that cannot be matched by traditional employment.”
The surge in interest in “building a business” and “side hustle” suggests a collective eagerness to embrace entrepreneurship, create additional income streams, and navigate the evolving landscape of work and finance.
A Change in Values?
However, a shift in society’s family values is a more powerful motivation. “I work more than 40 hours each week on my businesses,” Dinich continued, “however when I need to be available for my family I can be.”
This change in values is an apparent reaction to the pandemic as many rearrange their priorities and goals for 2024. It isn’t only that people want to spend more time with their families, however.
The rise in popularity of the Sigma male, an intelligent and introverted businessman, creates a new model for potential entrepreneurs. Elon Musk is the best example; quiet and thoughtful but heavily outspoken on social media.
Without the extroverted nature or confidence to gather a team and build a company, introverts would have been less likely to act on their business ideas. Building a business behind a screen was never an option for them until recently.
It’s Never Been Easier
Along with the desire to build new businesses and the accessibility of information, there is a lowered barrier to entry.
E-commerce platforms like Amazon, Shopify, and Etsy have made entry into the online business space possible for anyone. Entrepreneurs and influencers are tapping their social media followings to make money in the digital marketplace.
New entrepreneurs can reach a broad audience and quickly build a customer base without the constraints of physical location or procrastinating due to expense.
AI Employment Extinction Unlikely
Despite frequent fears that developments in AI technologies mean the end of paying jobs for many Americans. The AI revolution is also fuelling these emergent opportunities for new start-ups. New companies always mean new jobs.
Googling “How to start a business” and having access to the tools to take the advice is fuelling the rise in home-based businesses and the increasing prevalence of freelancers. New ventures will drive economic growth and create new employment opportunities, revitalizing communities and boosting local economies.