The economy is booming. Stock prices are up. Unemployment is at its lowest level in years. And, if you think that sounds like an ideal environment for new start-ups and entrepreneurship trends, you’re not alone.
New entrepreneurs are taking advantage of the situation in record numbers. Recent Bureau of Labor Statistics data shows the number of self-employed people in the US grew to roughly 8,751,000 between 2014 and 2018. So, what can all these new business people look forward to? We’ve come up with a few factors in finance, technology, and logistics that we feel will most directly influence fresh start-ups going into 2019.
Diversity Will Continue to Challenge Preconceptions of Entrepreneurship
Current entrepreneurship trends show an increasing amount of diversity in the areas of gender, age, education, and ethnicity. Women, for example, now start about 40% of all new businesses, and that rate continues to rise. In 2016, roughly 40% of new entrepreneurs identified as African American, Latino, Asian, or other non-white. Around 30% of new entrepreneurs are first-generation immigrants, and we expect those numbers to grow.
The age range of entrepreneurs is widening as well. Millennials have overtaken baby boomers as the largest generation, and members of Generation Z are bringing fresh ideas to the marketplace with a spirit that is equal parts optimism and pragmatism. Their influence is bound to alter the face of entrepreneurship.