Almost a third of (30%) of entrepreneurs are now willing to take more risks. 44% are not intending to return to a conventional “nine to five” job. These were the findings of newly released data by Printify, a print on demand drop shipping company.
Printify surveyed over 5,000 members of their global customer base. The research was carried out to determine how the pandemic is impacting upcoming entrepreneurs around the world.
Printify Survey on Business Owners Taking Risks
The results were widely positive. Despite the economic downturn in the wake of Covid-19, many Printify users remain upbeat about the economy. About 24% of those surveyed believe the economy is improving in the US. Almost 40% of Printify customers say the pandemic has made them re-evaluate life choices. 30% say they are willing to take more risks compared to pre-COVID-19.
Prioritizing Flexible Working Arrangements
Printify’s research is important for upcoming entrepreneurs as it sheds lights on how fellow startups are currently feeling. Rather than feeling dejected by the current climate, the research gives hope for a more positive business environment. The research also shows how people are now prioritizing flexibility away from a rigid ‘nine-to-five’ structure. This could prove insightful for small business owners, showing the importance of offering employees flexible working arrangements.
Importance of Tracking Small Business Activity
James Berdigans, Printify founder and chief executive officer, notes the importance of tracking small business activity:
“While small busines activity is the best barometer for the health of any economy, it has always been hard to track, which is why we thought we should survey our own customer base to get a sense of what they’re seeing.
“To that end, we are cautiously optimistic. In fact, we have seen 304% year-over-year growth ourselves. People are enthusiastic about Printify because they can use our platform to share their own creative ideas with the world and at the same time become masters of their own economic destiny by becoming independent businesspeople,” Berdigans added.
Value of “Side Hustles”
Some entrepreneurs prefer to maintain day jobs and run a business on the side, a practice known as a “side hustle.” Printify’s study found that 72% of its customers use Printify as a “side hustle”. A quarter of the participants said they use a side hustle as their primary source of income.
Desire to Run Their Own Business
About 54% of those surveyed said they use Printify because the like the freedom of running their own business. Also, 53% said they use the print-on-demand drop shipping service because they want to be their own boss.
Increase in Demand for Products
The survey also revealed 45% of Printify users have experienced an increase in demand for their products since the Covid-19 pandemic. And 60% of Printify customers say the competition has increased recently, as more merchants are now selling online.
Printify’s survey shows there is optimism among the small business community. It also highlights the escalating popularity of selling online. During these uncertain times, becoming involved in a side hustle is an effective way to earn an additional income. Aside earning extra income through a side hustle, entrepreneurs can enjoy the freedom of being their own boss.
Feature Image: Depositphotos.com
This article, "30% of Entrepreneurs Willing to Take More Risks Right Now" was first published on Small Business Trends
August 22, 2020 at 09:00AM
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Gabrielle Pickard-Whitehead, Khareem Sudlow
