Current in Entrepreneurship Blog

Exciting news for aspiring entrepreneurs!  A recent Gusto survey reveals a significant increase in side hustles turning into full-fledged businesses.  

Here's a breakdown of the key findings:

Side Hustle Surge: The number of businesses founded by those with existing jobs nearly doubled in 2023, jumping from 27% to 44%.

Balancing Act: A quarter of respondents juggled full-time jobs while launching their ventures, with another 19% managing part-time positions.

The "Why" Behind the Trend: Economic uncertainty may have led some to pursue entrepreneurship while maintaining a safety net.

Remote Revolution: Hybrid and remote work arrangements may be freeing up time and space for employees to explore entrepreneurial pursuits.  

AI Advantage: Over 20% of new businesses are leveraging generative AI tools, primarily for marketing purposes (76%).

The Age Factor:

The survey also highlights a generational trend:

Millennial Momentum: Nearly half (49%) of founders aged 25-34 started their businesses while employed elsewhere, with over half (51%) still holding onto those jobs. ‍

Side Hustle Across Ages: While millennials lead the pack, entrepreneurship as a side hustle is present across all age groups surveyed (35-44: 42%, 45-54: 43%, 55+: 38%).

Fuel Your Entrepreneurial Fire:

Feeling inspired? Check out the linked resources below for creative side hustle ideas and success stories!

Creative Side Hustles: Entrepreneur article on side hustle ideas: link to Entrepreneur article on side hustle ideas Insurance Agent Side Hustle Success: Entrepreneur article on insurance agent side hustle