Entrepreneur Careers Outlook
Entrepreneurship is risky. It takes considerable money, time, and effort to open a business and to keep it going long enough to start seeing profits. Success also depends on trends, customer demand, political climate, competition, the economy, and other unpredictable social factors. The SBA Office of Advocacy reports that in 2005 there were an estimated 671,800 employer business openings, but 584,000 employer business closings and bankruptcies.
In spite of the risks, entrepreneurship will continue to be strong. It is part of the American identity—the United States is viewed worldwide as a land of opportunity. A study by the Kaufman Center for Entrepreneurial Leadership found that 70 percent of people between the ages of 14 and 19 were interested in becoming business owners. Of the general public, 50 percent are thinking about starting a business.
There are no educational, racial, or gender barriers to starting a new business, so there are opportunities for people of all backgrounds. According to the U.S. Census Bureau, minority-owned businesses include 4.1 million firms that generated $694.1 billion in revenues as of 2002. About one in five of all minority-owned firms had paid employees and more than 4,400 minority-owned firms had 100 or more employees. The nation’s 10.4 million women-owned businesses employ 12.8 million people and contribute $1.9 trillion to the economy, according to the Center for Women’s Business Research.
The trend in home-based businesses is growing rapidly. The trend was started primarily by women who wanted to stay home to care for their children but either didn’t want to give up their jobs or needed the income. Now more than half of the people working from home are men. Other factors that have contributed to the increase of at-home businesses include downsizing during hard economic times, the growth of the Internet and computer technology, and the growth of the service sector of the economy.
Entrepreneur magazine periodically predicts new business trends that sound promising. The popularity of disk-jockey culture has created start-up businesses in clothing, record labels, and record stores. DJs themselves are selling equipment and clothing. There is also a niche for Internet businesses that legally sell downloadable music and provide online events featuring music superstars and related products.
Another promising trend is companies that provide technical education for targeted populations, such as Cybercamps, which instructs kids in computer technology.
The entrepreneurial spirit in America is accepted and well respected. There is honor and pride associated with starting a business from scratch and working hard to make it succeed. Anyone can start a business, whether motivated by a love for making raspberry jam, the familiarity of carrying on the family printing business, the invention of a new dot-com niche, or the ability to anticipate the next craze in electronic gadgets. The opportunities are endless for entrepreneurs who are willing to accept the risks, or blindly ignore them.
Careers in Entrepreneurship:
- Antiques and Art Dealers
- Bed and Breakfast Owners
- Child Care Service Owners
- Chimney Sweeps
- Desktop Publishing Specialists
- Financial Planners
- Franchise Owners
- Greeting Card Designers and Writers
- Information Brokers
- Lawn and Gardening Service Owners
- Medical Billing Service Owners
- Personal Chefs
- Personal Shoppers
- Swimming Pool Servicers
- Tailors and Dressmakers
Related Career Field:
For More Information:
- Accounting Careers
- Edward Lowe Foundation
- International Franchise Association
- National Association of Women Business Owners
- Professional Consultants Association
- Small Business Administration: Home-Based Businesses
- U.S. Small Business Administration (SBA)