BLUF

Another outcome of the pandemic is the growth in self-employment which is largely attributed to a mix of personal capital accumulation and time out to reflect on lifestyle choices.

Summary

America has experienced the trend of a rise in self-employment attributed to the pandemic. Reasons for engaging in this riskier employment venture  are varied:
  • Increased savings  to actually launch their businesses
  • Many of the benefits of traditional employment lack relevance  and are in decline
  • Easier for people to get health care without going through their employees (US context)
  • The realisation that people hate their boss or that they want to be their own boss
  • Wanting to spend more time with their kids and less in a car.
  • A feeling of control over their own destiny
The new businesses were in:
  • Retail (especially online)
  • Transportation and warehousing
  • Professional services (like online accounting or graphic design)
  • Construction
The growth of technology companies like Zenefits, GoDaddy, PocketSuite, QuickBooks, are important tools in helping to easily establish small businesses and prepare them to compete with larger or brick and mortar businesses.
Learn why there is an increasing trend for people to leave employment for self-employment

References

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Source: Vox Magazine