Changing Demographics of Entrepreneurs

Women Entrepreneurs

  There were 6.2 million women owned businesses in 2002 (the most recent statistics available).  This number was up 20% from 1997.

Minority Entrepreneurs  Minorities owned roughly 18% of U.S. businesses in 2002.  This number was up 10% from

Senior Entrepreneurs 

Although statistics are not kept  on senior entrepreneurs, there is strong evidence that the number of older people choosing entrepreneurial careers is rapidly increasing.

Young Entrepreneurs  

Interest among young people in entrepreneurial careers is  growing.  According to a Gallop study, 7 out of 10 high school students  want to start their own business.
  Over 2,000 two-year and four-year colleges and universities  offer entrepreneurship courses.

Economic Impact of Entrepreneurial Firms

Innovation

Is the process of creating something new, which is central to the entrepreneurial process? Small firms are twice as innovative per employee as large firms.

Job Creation

In the past two decades, economic activity has moved in the direction of smaller entrepreneurial firms, which may be due to their unique ability to innovate and focus on specialized tasks.

Entrepreneurial Firms’ Impact on Society and Larger Firms

Impact on Society

The innovations of entrepreneurial firms have a dramatic impact on society. Think of all the new products and services that make our lives easier, enhance our productivity at work, improve our health, and entertain us in new ways.

Impact on Larger Firms

Many entrepreneurial firms have built their entire business models around producing products and services that help larger firms become more efficient and effective.

The Entrepreneurial Process

The Entrepreneurial Process Consists of Four Steps

Step 1: Deciding to become an entrepreneur.

Step 2: Developing successful business ideas.

Step 3: Moving from an idea to an entrepreneurial firm.

Step 4: Managing and growing the entrepreneurial firm.