Entrepreneurial ventures in technology, telecommunications, health care, and food service are on the rise.
The natural cycles of business, the constant evolution of new industries, and the unfortunate deterioration of other industries force the wise entrepreneur to closely gauge industry action to determine where the greatest chances of business and financial success lie. The four industries above – technology, telecommunications, health care, and food service – represent the four fastest-growing industries that offer the greatest opportunities – for both entrepreneurs and employees. Data from the Bureau of Labor Statistics (www.bls.gov) supports this claim.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Service-producing industries and professional occupations will continue to be the dominant occupational generators.
According to the Bureau of Labor Statistics (www.bls.gov), the outlook for entrepreneurial and employment success is strongest in the service-producing industries and professional occupations. In fact, BLS forecasts a 16.7% gain between 2006 and 2016. As noted in the previous trend, the positions are principally in the technology, telecommunications, health care (particularly home health care), and food service industries, with equally strong performance projected for management, scientific, and technical consulting (i.e., self-employment and entrepreneurship!).
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Mobile technology impacts the direction and organization of social enterprises.
Entrepreneurs focused on social issues, global aid, international development, and more are finding that the “latest and greatest” applications in mobile technology are becoming increasingly more valuable resources for establishing mobile information centers in remote corners of the world. These new technologies promise to allow for even more effective, accurate, and coordinated programs around the globe, as reported in an article on the top trends in social entrepreneurship featured on www.change.org.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Home-based businesses continue to become more sophisticated.
According to BusinessWeek.com, two key factors are influencing the explosive growth of sophisticated home-based businesses. First, technology has made it easier to start and run a business from anywhere. Second, and just as important, there has been, and continues to be, a change of consciousness in the business world that now recognizes home-based enterprises as legitimate.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Western US shows greatest entrepreneurial growth rates.
According to the 2009 annual report from the Kauffman Foundation, a report considered to be the earliest yearly indicator of entrepreneurial growth in the nation, the western US has experienced the greatest increase in new business creation while the midwest experienced the lowest growth. It is projected that this trend will continue. As such, entrepreneurs who plan to work within their local markets and serve a local clientele would be wise to consider geography when planning and developing their new ventures. The Kauffman report also forecasts that entrepreneurship rates will continue to increase more for lower- and medium-income-potential types of businesses than for higher-income-potential businesses.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
Younger generation of 21st century becoming most entrepreneurial.
As reported in the journal article, “The Emergence of Entrepreneurship Education: Development, Trends, and Challenges” by Donald Kuratko, the younger generation of the 21st century is becoming the most entrepreneurial generation since the Industrial Revolution. As many as 5.6 million Americans younger than age 34 are actively trying to start their own businesses today. And now, with the economic recession, many are forced into considering an entrepreneurial path.
Contributed by Wendy S. Enelow, CCM, MRW, JCTC, CPRW
