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A recent report by Entrepreneur revealed a significant rise in the number of entrepreneurs initiating small businesses while holding down other employment commitments.
According to a survey conducted by payroll company Gusto, the prevalence of new businesses originating as side hustles nearly doubled from 2022 to the following year. Gusto’s principal economist, Liz Wilke, attributed this surge in side hustles to economic uncertainty, stating to Bloomberg, “Uncertainty around which way the economy’s going made people a little skittish to give up something they’ve got to go for something that they want.”
Wilke also highlighted the impact of hybrid and remote work arrangements, suggesting that the flexibility afforded by these setups gave individuals the time and space to explore their entrepreneurial aspirations.