Exploring the Potential Relationship between Home-Based businesses and Regional Crises: An Exploratory Research Study

Abstract

The global economy has experienced significant disruptions and certain business trends have been accelerated due to the effects of inflation, shifts in political leadership, armed conflicts, and a pandemic. In recent years, entrepreneurship has emerged as the preeminent pathway to achieving financial independence, resulting in the significant growth of small businesses. This growth has had a positive impact on economic growth and innovation. Despite changing societal needs, businesses have remained a vital component of society, constantly evolving to meet new challenges and demands, and providing opportunities for entrepreneurial solutions. Alongside these innovative business ideas, has emerged an increasingly popular business sector known as home-based businesses. A home-based business offers individuals the ability to work from the comfort of their own home without having to invest into a commercial building, which in hindsight requires less startup capital compared to a traditional business setup. The rise of technology has also made starting a home-based business easier and more accessible.

The business environment has been significantly affected by the COVID-19 pandemic, leading to the emergence of home-based businesses as a notable trend. With the pandemic taking the world by surprise, many companies were forced to quickly adapt to remote operations due to lockdowns and social distancing measures. As a result, companies increasingly relied on technology and the internet to maintain operations, leading many individuals to consider home-based businesses as a viable alternative. Furthermore, the pandemic also resulted in high rates of layoffs, prompting many individuals to start selling products or services online,

contributing to the growth of the home-based business sector. This trend has continued to gain momentum in the years since the pandemic, highlighting the appeal of entrepreneurship and the potential of driving economic growth and prosperity with a home-based business.

This study aims to investigate the emergence of home-based businesses and entrepreneurs at the outset of a crisis that began in March 2020. Younger generations are shifting their focus from traditional careers to those that offer financial independence and flexibility in their work and personal lives. This possible trend has been attributed to the impact of the ongoing pandemic crisis. Other factors have been taken into account and will be researched alongside the impacts of the pandemic. Due to the limited information and data regarding home-based businesses in certain regions, the findings of this study are expected to have a favorable influence on future research related to this subject matter.