Starting a business is no longer reserved for the wealthy, educated and "old boys' club." There is a new wave of entrepreneurship that represents all people and the only requirement is desire. More than ever before people are starting to launch businesses. Here are some reasons we found for this growing diversity.
#1 YOU DON'T NEED TO BE RICH
It takes less money to start a business than ever before so people are able to. Technology advancement have lowered the barriers to entry and people are starting with less capital. According to QuickBooks Survey 64% of small business start on $10,000 or less.
#2 MILLENNIALS ARE BOLDER
USA Today article takes a deep dive into the research of entrepreneurship through the different generations, shinning that nearly 30% of millennials have already participated in some kind of business. USA states, "people in their 20s and 30s are eager to launch new companies and be their own boss and that they trust themselves to provide their own financial security more than they trust others."
#3 IMMIGRANTS ARE FUELING THE FIRE
As an immigrant myself, this is personal for me. The 2016 Kauffman Index of Startup Activity shows that immigrants are twice as likely than native-born Americans to become entrepreneurs. Even Harvard Business Review tries to understand why immigrants are more entrepreneurial including; selection, discrimination and cross-cultural experiences as some of the reasons.
#4 INCREASING DIVERSE REPRESENTATION
There is a quickly growing representation of diversity in entrepreneurship according to Entrepreneur Magazine. Women make up for about 40% of all new business and African American women are the quickest growing demographic of female entrepreneurs and the share of Latino entrepreneurs has doubled to 20% over the last 20 years.