The Changing Face of Entrepreneurship In The U.S.
Entrepreneurs offer an incredible array of value to the market, in the jobs that they create, the products that they offer us, the value that they contribute to economic growth, they inspire social change, and much more. And entrepreneurship in the U.S. is said to be growing increasingly diverse.
It is estimated that at least 550,000 new businesses start every month, but there are many who never got to that step because they couldn't handle the regulatory hurdle that it took in order to meet the state's demands. And it's discouraging to think about all of the products, developments, and services, that we might have been kept from enjoying simply because of some tedious regulatory hurdle that discouraged that individual from trying to see their business realized.
Even for those who do get to open their business in the market, many of them only stay in business for one year; estimated to be roughly 75 percent. About 45 percent are able to stay in business for 5 years, and about 29 percent stay in business for 10 years or more. For finance, insurance businesses, and real estate businesses, it's estimated that their survival rates are much higher.
Of those 550,000+ businesses that are launching in the U.S., it's estimated that at least 60 percent are being launched by men; women are steadily approaching behind them. Females are seen to be starting their own businesses at roughly 6 times the national average, with the African American female demographic specifically demonstrating the fastest growth rate.
It's estimated that there are roughly 27 million entrepreneurs in the U.S. at the moment
The majority of startup businesses do fail, but there is still plenty of room in the market for many of them to succeed and a great number of them have and continue to do well. Those who do succeed usually share some common traits, like their vision and goals that they set long term for their business, and their engagement with their core audience and target market. Social media offers a valuable tool for businesses to not only stay in contact with those who support their product, but they can also use it for branding and marketing as well.
Along with the increasing trend in entrepreneurship and favoritism for the peer-to-peer market, it's expected and has been suggested that the rules surrounding business will need to be addressed (changed) on both the federal and local levels. We have already seen these battles taking place with Uber, Airbnb, and other businesses; old ways of thinking will need to be re-examined.
Pics:
Pixabay
Sources:
https://www.entrepreneur.com/article/286574
https://www.entrepreneur.com/article/286589
http://www.inc.com/leigh-buchanan/us-entrepreneurship-reaches-record-highs.html
http://www.huffingtonpost.com/mo-seetubtim/10-reasons-why-you-should-start-your-own-business_b_8046036.html
http://www.adweek.com/socialtimes/social-media-companies/502447
http://www.forbes.com/sites/billeehoward/2016/09/22/11-business-trends-entrepreneurs-need-to-be-aware-of/#19a7c4153c35
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