Thoughts on National Minority Supplier Develpment Council Conference 2022
Reflecting on this years National Minority Supplier Development Council (NMSDCHQ) conference which officially ended last night,...
Hustling traditionally refers to income-generating activities that occur in the informal economy. It has also become synonymous with job-adjacent work that looks like it is embedded in the formal economy.
A recent Bank of America survey found that 62% of Gen Z’ers and 56% of Millennials started a side hustle since the pandemic began. The survey found that the key motivators were that 53% wanted to earn extra money while 36% wanted to fill their free time effectively. But there is no doubt that the pandemic spurred innovation and business creation. The U.S. Census data showed new business formation rose by 42% in 2020
According to Side Hustle Nation, The most popular side hustles are online businesses (blogging, online courses, and affiliate marketing), freelancing and consulting, eCommerce, investing (real estate, crypto, stocks, etc.), self-publishing, local services (cleaning, notary services, pet waste removal), and gigs (DoorDash, Uber, etc.)..
"New businesses do all kinds of great things for the economy — everything from spurring innovation to creating lots of jobs to injecting more competition into the marketplace. These are the things that make an economy stronger in the long run, which is why this recent boom is so exciting. If it continues, it really could put the US economy on a permanently better path."