Changing Demographics In Entrepreneurship
Over the last 10 years entrepreneurship has become a growing trend with growing importance within the global marketplace. In fact according to the Global Entrepreneurship Monitor GEM about 330 million people or 14 of the adults in the 35 countries surveyed are involved in forming new businesses.
Whether it is the desire to be your own boss pursue your own ideas or the hope of financial rewards people are changing their outlook on how to do business. Within the scope of entrepreneurship there are four demographics that are increasing faster than ever.
Women Entrepreneurs
In 2002 the most recent year the U.S. Census Bureau collected business ownership data there were 6.5 million womenowned businesses. That number is up 20 from 1997. Traditionally womenowned businesses were most prevalent in the health care and professional services industries. But surprisingly the fastest growing areas of womenowned businesses are construction up 30 agricultural services up 24 and transportation up 20.
Minority Entrepreneurs
The number of minorityowned businesses has also risen sharply over this same period. Growth in AfricanAmerican owned businesses is up 45 from 1997 to 2002. Both Asianowned businesses and Native Americanowned businesses have also increased at a rate of 24.
Senior Entrepreneurs
Although the U.S. Census Bureau does not specifically collect data on seniorowned businesses there is strong evidence to suggest more seniors are getting involved in entrepreneurship. This dramatic increase can be attributed to corporate downsizing growing worries that seniors are going to need more income to cover future health care expenses and an increasing desire for older workers to obtain personal fulfillment in their lives after retirement.
Young Entrepreneurs
Perhaps the fastest growing demographic of entrepreneurship is young people. According to a Gallup study 7 out of 10 high school students want to start their own companies. Interest in entrepreneurship is also growing on college campuses. Presently there are 1992 two and fouryear colleges that offer at least one course in entrepreneurship. This number is up from just 300 colleges in 1985.
No matter who is starting all these new businesses entrepreneurship is undoubtedly a growing trend throughout the world. As the economy is struggling and people are getting laidoff more and more people are realizing the benefits of entrepreneurship. The desire to become a corporate eight to fiver is losing steam when are you going to jump on board?
About the writer: Nick Tart is the editor of four main sites for Worldwide Marketing Solutions. One of which is Home Income News. HomeIncomeNews.com is a onestop resource to help you accomplish your personal financial goals. If you enjoyed reading this article please check out HomeIncomeNews.com.
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