The process of designing, starting, running and growing a new business to make a profit is usually referred to as entrepreneurship. This new business starts with a small business to offer a product or service for sale or hire. Those people who create, organize, manage and develop small businesses are known as entrepreneurs. According to the 2017 Kauffman Index of Startup Activity, the number of entrepreneurs increases almost every year. However, several businesses fail and have to close. This results from an economic crisis, lack of funding, lack of market demand for a product or service, inability to make right business decisions or lack of necessary business skills. If you want to avoid all of these problems, need to become a successful and efficient entrepreneur and have the desire to discover more about entrepreneurship, take a look at the following list of five upcoming entrepreneurship trends in 2018.
1 The appearance of new female entrepreneurs
Most of the new businesses are launched by men, but this does not mean that women are not there. More female entrepreneurs are expected to appear. The rate of female entrepreneurs has been growing faster than that of male entrepreneurs. Women start about 40 percent of all new businesses. Those companies owned by women in the United States are predicted to provide over 5 million new jobs — which are estimated to be more than half of the new small business jobs that are expected to be created — by 2018.
2 The rise of diversity in entrepreneurship
The diversity of gender, age, education, and ethnicity can help in increasing the number of entrepreneurs, creating new jobs, encouraging economic growth, offering new products and services and meeting different needs. In the United States, there are white, African-American, Latino, Asian and native-born entrepreneurs. Besides, you can find immigrants who start new businesses. African or black Americans are more likely than white Americans to become entrepreneurs. Around 30 percent of all new entrepreneurs in the US are first-generation immigrants, according to Annual Kauffman Index Reports. Immigrants use what they have learned in their countries to create their businesses. They come with new creative ideas that help them to be successful entrepreneurs.
3 The growth of green entrepreneurship
Entrepreneurs do not start new businesses just to make money and increase profits. Some entrepreneurs really care about our planet, want to save it and try to make it a better, healthier and more sustainable place to live in. Those entrepreneurs are called green entrepreneurs. The popularity of green entrepreneurship increases every day and more consumers have become quite interested in purchasing eco-friendly products and services. As a result, the number of green entrepreneurs or eco-entrepreneurs is expected to increase. There are many green business ideas that eco-entrepreneurs can invest in such as manufacturing green products, recycling, developing green apps, collecting waste, offering organic meals, upcycling furniture, making eco-friendly soap and installing solar panels.
4 A positive future outlook for entrepreneurship education
Entrepreneurs — who are believed to be business leaders and do not work as employees — should have the ability to see unmet market needs, create new ideas and business processes, act as managers, effectively manage financial, material and human resources, develop business plans and provide leadership. The only way to learn all that you need, equip yourself with more necessary business skills and stay motivated is to take advantage of the training programs offered by colleges, universities and business schools as well.
The increasing interest in small business is highly responsible for making entrepreneurship education more important. Education can shape entrepreneurs and affect entrepreneurship activity. Graduates with entrepreneurship degrees are the most likely to be self-employed, run their own businesses, survive at least two years and become very successful.
5 Increase in support for entrepreneurs
Many cities around the world try to help their entrepreneurs start new businesses and achieve more success. According to Dell Women Entrepreneur Cities Index (WE Cities) report, New York City ranks first on the list of the world’s best cities for female entrepreneurs. Women Entrepreneurs NYC (WE NYC) — an initiative based out of the NYC Department of Small Business Services — supports the success of female entrepreneurs through allowing them to access local resources, attend workshops and events and connect with mentors for receiving personal guidance.
More governmental and non-governmental organizations are going to promote entrepreneurship and support entrepreneurs through offering advice, creating a small business-friendly environment and presenting great entrepreneurship programs and services. Many entrepreneurship centers and websites will be available to help entrepreneurs become more successful.