A recent study by Adobe shows that despite the economic challenges of the COVID-19 pandemic, the last two years have marked a significant increase in digital entrepreneurship. The demand for digital business solutions has allowed many to launch their startups and find success in online markets. Here are the key ways digital entrepreneurs have found success during the pandemic and why it’s never been easier to start a business from home.
The pandemic saw many businesses close stores and offices for good as consumers opted for online shopping and remote services. The loss of business generated a new market demand for online consumer options and digital business solutions to help companies switch to digital business models. These opportunities allowed digital entrepreneurs to get creative and meet the needs of a pandemic economy. E-commerce platforms and other online services saw tremendous growth as new companies offered innovative solutions for consumers and businesses. Adobe reports an 82% increase in new business applications from 2019 to 2020, despite the loss of business at the pandemic’s start. This period of digital innovation allowed many entrepreneurs to find success in the digital marketplace.
Before the pandemic, starting a business may have seemed daunting to many. However, with more and more online resources available to help anyone build, manage and scale their startup, it’s easier than ever to start a business from home. Digital business tools such as collaboration software and automation technology can make managing a team of remote workers easy and efficient. Digital entrepreneurs worldwide can conceptualize and launch their businesses without having to leave their homes. Online business courses, user-friendly website builders, and eCommerce platforms make creating an attractive online store easy.
Changing Work Culture
The pandemic forced many to stay home and seek remote employment options. According to the Adobe Acrobat study on digital entrepreneurship, “More than 3 in 4 adults would rather apply for jobs that offer remote work options.” While more workers stayed home, they could reassess their work-life balance, and many found that they would prefer to maintain a remote position. Working remotely can provide many benefits to employees and businesses. Remote workers have shown improved productivity, and many have more time to pursue their interests and personal goals. This change in the way we think about work has led many to alter their career goals and start their online businesses, which can be run remotely.
Direct Line to the Consumer
The pandemic saw more people turn to online shopping than ever before. Online shopping through mobile devices has become the number one way consumers spend. The increase in mobile usage has led to fierce competition within the digital marketing world. More and more businesses, creators, and marketers utilize social media and other entertainment apps to market and sell their goods and services. The rise of the influencer has gone hand in hand with the rise of the digital entrepreneur as business owners and marketers get creative about directly reaching the consumer. As people spend more time online, small business owners and marketers have the opportunity to reach a broad audience quickly and affordably. Many entrepreneurs saw great success during the pandemic by creating engaging social media campaigns that built their brand recognition.
The pandemic created unique economic challenges that closed many businesses for good. However, the pandemic also allowed many digital entrepreneurs the opportunity to enter a growing digital marketplace. As consumer and work trends continue to change, entrepreneurs continue to launch their digital startups to meet the demands of the pandemic.