Over the past 10 years, entrepreneurship has become a growing trend with increasing importance within the global marketplace. In fact, according to the Global Entrepreneurship Monitor (GEM), around 330 million people, or 14% of adults in the 35 countries surveyed, are involved in starting new businesses.

Whether it’s the desire to be your own boss, to pursue your own ideas, or the hope of financial rewards, people are changing their perspective on doing business. Within the realm of entrepreneurship, there are four demographics that are growing faster than ever.

Entrepreneurial Women

In 2002, the most recent year that the US Census Bureau collected data on business ownership, there were 6.5 million women-owned businesses. That number has risen 20% since 1997. Traditionally, women-owned businesses were more prevalent in the healthcare and professional services industries. But surprisingly, the fastest growing areas for women-owned businesses are construction (up to 30%), agricultural services (up to 24%), and transportation (up to 20%).

Minority Entrepreneurs

The number of minority-owned businesses has also increased considerably during this same period. The growth of African-American-owned businesses increased 45% between 1997 and 2002. Both Asian-owned and Native American-owned businesses have also increased, at a rate of 24%.

Senior entrepreneurs

Although the US Census Bureau does not collect data specifically on senior-owned businesses, there is strong evidence to suggest that more seniors are getting involved in entrepreneurship. This dramatic increase can be attributed to company downsizing, growing concern that older people will need more income to cover future healthcare expenses, and a growing desire for older workers to gain personal satisfaction in their jobs. lives after retirement.

Young entrepreneurs

Perhaps the fastest growing entrepreneurial demographic is young people. According to a Gallup study, 7 out of 10 high school students want to start their own businesses. Interest in entrepreneurship is also growing on college campuses. There are currently in 1992 two and four year universities offering at least one entrepreneurship course. This number is higher than just 300 universities in 1985.

No matter who is starting all these new businesses, entrepreneurship is certainly a growing trend around the world. As the economy is struggling and people are laid off, more and more people are realizing the benefits of entrepreneurship. The desire to become an eight to five company is losing steam, when are you going to get on board?