Trend 3: Popular Support
As more and more people are becoming entrepreneurs, popular support for entrepreneurship is dramatically rising. It is no longer taboo to want to start your own business – it has actually become a popular thing to do! Friends and family are also becoming increasingly encouraging, providing the supportive environment to help entrepreneurs get their businesses off the ground.
According to the Internal Revenue Service (IRS), there were 26.4 million business tax returns in 2002. The United States Census Bureau estimates that there are 16.5 sole proprietorships in America. A further one in 15 adults in the United States has invested in at least one start-up business. This is the highest ratio of any country in the world. Chances are if you’re not already in business for yourself, you know someone who is. As the entrepreneurship trend continues to gather momentum, popular support will only increase.
Trend 4: Technology Democratizing Entrepreneurship
Joseph Howe, Nova Scotia’s founding father, perhaps put it best when he said “You don’t need a big field to raise a big turnip.” Gone are the days where the only way to start your own business is to buy a plot of land, build a shop, and hire employees. All you really need today is a computer, an internet connection, a comfortable chair, and a reliable late night pizza delivery person and you’re in business!
Home based businesses in the United States already earn as much as non home based businesses in the construction and transportation, communications, and utilities industries. Home based businesses also already account for five percent of all firms grossing over one million dollars! Technology has paved the way for today’s entrepreneurs to quickly set up and grow the business of their dreams – and it’s only getting easier!
Trend 5: Government Support
Governments at all levels have recognized the importance of entrepreneurs to the health and growth of the overall economy and are progressively establishing channels for access to the information and capital that new entrepreneurs need to succeed. Small businesses in America contribute two thirds to three quarters of net new jobs, represent 99 percent of employers, contribute 40 percent of the GDP, and employ half of the workforce in the private sector.
Through a multitude of grants, reduced rate loans, and support programs, chances are there are a number of government resources available to you that you were never even aware of! If you haven’t checked with your city, state or provincial, or federal government to see what programs they have to offer, go to their websites or pick up the phone and call them today!
Evan Carmichael
Matthew Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Adam. Matthew is co-author of the newly released book:Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.
Hi Evan – our company helps form start-up businesses in Nevada. We have definitely noticed the popularity of starting and running your own company. Also, a lot of our clients get some type of financial help from family members. Good article and truthful information.