By Gemma Dodd
The Covid-19 pandemic caused millions of Americans to lose their jobs and forced businesses to close due to lockdowns and a destabilized economy. As a result, the 2020 State Of Independence Report from MBO Partners found that 56% of Americans would feel more secure working for themselves than within a traditional job. Considering women, people of color and the older generation of workers were impacted significantly by pandemic job loss, this figure isn’t surprising.
These developments have inspired many people to start and come to rely on side hustle businesses to bring in additional income. Due to economic instability, relying on one sole source of income was too big a risk for those in uncertain positions. According to the US Census data, entrepreneurship has risen by almost 42% -over 30% since 2011.
Turning Adversity into Opportunity
Despite the negative effects of the pandemic, Covid-19 has caused changes to the working landscape that present some unexpected opportunities for would-be entrepreneurs. The transition to remote and hybrid working structures has given employees more autonomy and flexibility over their work/life balance. The time freed from the lack of commuting to a workplace represents several hours a week that can be devoted to other pursuits. As telecommuting is being embraced as the new normal, it has never been easier to pursue further education remotely to support entrepreneurial goals.
For professionals looking to turn their side hustle into a small to medium business (SMB), the potential upside is high. Having a financial stake in the company is motivational and rewarding. Being your own boss is a chance to build a company aligned to your own values through the policies you create and people you choose to work with. Studies have found that independence and autonomy are linked to high levels of job satisfaction, and leading a company provides more freedom over scheduling and more variety within each working day than traditional employment.
Entrepreneurship also comes with risk as profits aren’t guaranteed, personal assets and reputation are at stake when projects are unsuccessful, and employee benefits provided by larger corporations can no longer be relied on.
Skilling Up Your Side Hustle
Being an entrepreneur requires the drive to persevere through adversity, the ability to identify opportunities and the tenacity to pursue them. However, these skills can be learned, along with the range of other skills that will be advantageous for leading your company’s growth. Successful entrepreneurs have a growth mindset and are continually looking for ways to gain valuable knowledge and skills.
Many people have the drive and courage to start their own business, but as the majority of start-ups fail within their first year, strong business skills can be crucial for surviving these initial hurdles. Whatever type of company you are building, pursuing a qualification in business management will provide the background skills necessary to meet challenges and avoid potentially costly pitfalls.
Online education institutions were uniquely set up to weather the pandemic storm and facilitate professionals within the socioeconomic transformation it has accelerated. These providers were already equipped for remote learning structures pre-pandemic, with sophisticated technology designed for studying online and flexible courses created to support the individual, rather than the institution. Now, the majority of individuals have substantial experience with remote structures, task management software, and virtual communication, adapting to virtual learning environments is a simple and intuitive process.
Translating Learning into Success
Depending on work experience, there are many transferable skills gained from traditional employment that will benefit the future of your business. A business degree will guide you towards recognizing those skills and repurposing them into your entrepreneurial toolbox.
Communication, goal-orientated focus, organization and the ability to learn are all vital skills for a business leader. However, when it comes to the nuts and bolts of running a company, navigating operations, finances, legal requirements, etc can be a steep learning curve with potentially costly pitfalls. Gaining these skills at the start of your business journey is an investment in your future success.
A business degree can provide the key skills and knowledge needed to manage strategy, finances, marketing, leadership, networking, and business ethics. A degree is also a signal of credibility to potential investors, lenders, partners, and clients. The course you choose may also be an opportunity for networking that can lead to valuable connections for the future.
The pandemic has impacted the careers of many; but, has also inspired entrepreneurship that could boost the economy through providing products, services, and jobs. Gaining a degree has never been so accessible and achievable. In the post-pandemic climate, online education has a vital role to play in supporting this new generation of business leaders.
