In the wake of the COVID-19 pandemic, many entrepreneurs started side hustles, commonly used as a means to earn extra income alongside another job. Side hustles gave entrepreneurs financial security and a sense of personal fulfillment.
As the job market underwent further disruptions, traditional employment became less reliable. The shift in job spheres also gave rise to the use of technological features, such as AI and cloud technology. This has transformed the way people work and opened up more opportunities for start-ups and entrepreneurs to scale up their online businesses.
The Role of AI and Cloud Computing
Start-ups and companies are increasingly relying on generative AI and cloud computing to generate ideas and develop solutions. For many entrepreneurs, generative AI is already a game changer; some entrepreneurs are using it to write code in the tech field, while others are using it to sift through complex legal documents. AI is also being used to edit content, create social media posts, and even answer complex payroll questions. With its prevalent use, the implications of using AI are certainly profound.
AI is not only enabling entrepreneurs to complete their work more efficiently, but it is also driving innovation and contributing to increased productivity. Take, for example, Steven Bright, an entrepreneur who started a company called Skittenz, which makes colourful coverings for mittens. Bright was inspired to create Skittenz during a ski trip with his wife; he noticed everyone was wearing traditional black ski gloves, and he thought it would be wonderful if he could put a trail map or another colourful covering over the gloves instead.
To get started, Bright turned to ChatGPT to search for ideas and answer basic questions, such as which type of dye would be ideal to use. It eventually veered to more complex search queries, including coming up with customer feedback surveys and translating patent documents into understandable terms.
While Skittenz is still in its initial stages of growth and not yet profitable, Bright says that using ChatGPT gave him the confidence needed to start the business without consulting legal experts or lawyers and incurring their fees. It also gave him a solid footing to research ideas without having to revert to other experts in the field.
According to a 2024 study by the National Bureau of Economic Research, AI use is higher among start-ups and young firms. This suggests that younger entrepreneurs and firms are increasingly embracing the allure of AI to generate ideas. After all, the general-purpose technology is not expensive to use.
Cloud computing, on the other hand, has enabled the storage of content without the need to purchase costly hardware devices. Cloud computing allows individuals to harness the power of third-party computing resources and applications from anywhere in the world. This, in turn, has saved entrepreneurs more money, allowing them to serve customers globally and eliminating the need for physical storefronts.
It is evident that technology plays a pivotal role by allowing entrepreneurs to scale up their business. When mundane tasks can be automated, it reduces training time and speeds up productivity while also saving time and money spent on research and work.
A Generational Change
Years ago, if you told an entrepreneur that they could find answers to complex problems online, they would tell you it was a hoax at best. Currently, with the prevalence of so many tools like AI and others, entrepreneurship has flourished like never before, providing fertile grounds for newcomers to showcase their talent.
The expectations that people have toward work have also shifted after the pandemic; entrepreneurship has surfaced as an attractive option for young people to create fulfilling and rewarding careers. Accelerating the growth in this current trend of entrepreneurship, technology has empowered and will continue to empower entrepreneurs to start and scale up more business ventures confidently!
David Messiha | Staff Writer
