Updated: Aug 23
The Covid-19 Pandemic changed the way Americans do business. Virtual workspaces are now the norm as more and more people say goodbye to their offices for good. Millions of hard-working people started new careers altogether, and a sizeable cross-section of people decided to go into business for themselves for the first time.
Some first-time entrepreneurs started businesses because they recognized new and emerging trends as consumer behavior shifted during the pandemic. Others simply had too much time on their hands and wanted to stay busy.
We surveyed 130 people who started businesses, side hustles or created saleable digital assets during the pandemic. We asked them a bunch of questions to try and get a sense of the numbers behind their operations and figure out how the average pandemic entrepreneur is faring today.
Who are the Pandemic Entrepreneurs?
On average, about 15% of all people everywhere are entrepreneurial.
This statistic has held over multiple generations. It transcends every conceivable demographic, including age, gender, nationality, ethnicity, socio-economic status, and level of education.
The 130 participants in our study represent 45.94% of the total number of people who took our survey (283).
This percentage of qualified participants indicates a 3x increase in rates of entrepreneurship during the Covid-19 Pandemic.
Of those 130 participants who qualified for our survey, 92 started side hustles (73%), 35 started businesses (26%), and 19 created saleable digital assets (14%). It’s also worth noting that 21 participants (16%) had multiple responses to this question.
Among our general population of participants, 40 (32%) had graduated from college, and 24 (19%) had completed graduate school. An additional 30 (23%) report having attended college but not graduating.
The most common age group among the participants was 45-60, with 62 participants (48%) falling between those ages.
The next most common age group was 30-44 and included 27 participants (21%), with 18-29 finishing in third place with 25 participants (19%), and 16 participants (12%) were over the age of 60.
The gender breakdown among qualified participants was 46% male and 54% female.
What do the most successful participants have in common?
When we checked for commonalities among our most successful participants - those making over $200,000 per year - we noticed something interesting.
All of them reported earning income from side hustles, and in all but one case, that side hustle was ‘Day Trading.’
Two-thirds of them (67%) also worked at a day job, and the other third (33%) were self-employed.
None of them reported having any employees. However, 75% of them agreed that they would be interested in books, online classes, and other resources to increase their earning power.
The three most commonly used social media platforms among our most successful participants were Twitter, LinkedIn, and WhatsApp.
This statistic was an enormous deviation from the overall most-popular social media platforms among all participants: Facebook (57%), Instagram (38%), and YouTube (32%).
Our elite participants’ five most common business skills were: web development, mobile app development, cloud computing, marketing & branding, and Microsoft Excel.
In the past two years, 60% of our elite participants had purchased either Certificates of Deposit, Stocks & Bonds, or Real Estate Investment Trusts (REITs). However, only 20% of them invested in Cryptocurrency.
Our elite participants also seemed to agree on the three most critical interpersonal skills for succeeding in business: Negotiation, Communication, and Creativity.
Military service was also twice as common among our most successful participants (40%) compared to the general population of survey-takers (21%).
However, college and graduate school attendance rates were almost identical for both our elite participants and our general population for survey-takers.
For more information about how you can get started in Day Trading, check out: "Investing in Stocks and Cryptocurrency for Beginners."
The Most Common Side Hustles
The five most common side hustles among all survey participants were: eCommerce stores (30.65%), Amazon FBA stores (28.23%), Offline Methods (25%), Cryptocurrency (21.77%), and Day Trading (20.97%).
Among eCommerce store owners, 58% reported spending 8 hours or less on their eCommerce store every week; and 42% of them also reported spending less than $1,000 on start-up costs.