The Rise of the Micropreneur

The Great Resignation of 2021 has shifted the way Americans conduct business in 2022. Employers are now expected to pay higher wages, offer greater flexibility, and foster a greater work-life balance for their employees. For those who have left their jobs (the number hit a record 4.5MM in November 2021), looking for a better employer is often not enough of a change. Many are choosing to try their hand at being their own boss. Americans applied en masse for new business licenses last year, hitting a record 5.4MM overall.


                                  Applications for new business licenses. U.S. Census data.

"The Great Reflection"
The same shift that led to mass resignations contributes to the growth in entrepreneurship across the country. The pandemic has shifted our priorities from a live-to-work culture to a work-to-live life, prompting many to realize that you gain greater flexibility and control over how you spend your time when you own your own business. 

For those of you who have owned a business, you might be rolling your eyes given the often increased demand on time and the compromises that self-employment requires. Still, the psychological impact of seeing your efforts create tangible results rather than disappear into a vacuum within a corporate structure cannot be overstated. From the same Vox article, one newbie entrepreneur described building app after app for her employer as a product designer, but it wasn't until she had her own baking business that she saw the true impact of her hard work.

Demographics of Solopreneurs
Just as women and people of color were disproportionately affected by the pandemic, so too are the demographics of new entrepreneurs. Women, Black Americans, and those without college degrees are increasing the rates at which they start online microbusinesses, according to GoDaddy's research initiative Venture Forward. More generally, Black women are starting businesses at a higher rate than white men.

🔑🔑🔑 to Success
For first-time entrepreneurs, failure rates are very high. Luckily, there's an industry seeking to meet the needs of new business owners. GoDaddy, for example, expanded from a domain registry service to a service offering a suite of tools for starting a business. Canva has been adding to its roster of graphic design tools for CEOs-of-one, and Buffer helps reach new customers affordably through social media.