Entrepreneurship is booming, and that’s good news

Entrepreneurship has increased significantly in the last three years.

In 2021, US small businesses – defined as small businesses with fewer than 500 employees – surpassed 32.5 million, accounting for 99.9% of all US businesses. Businesses with fewer than 10 employees make up 78.5% of businesses in the US

Small businesses employ almost half of the US workforce. Entrepreneurs are an essential part of keeping the economy running. They are the fabric of the global economy. They accelerate economic growth, stimulate innovations and promote social change.

1. Entrepreneurs accelerate economic growth.

The creation of new products and services boosts employment and accelerates economic development. Many entry-level jobs are created by small businesses—small businesses turn unskilled workers into skilled workers. They contribute to new prosperity by boosting economic growth.

2. Entrepreneurs solve problems through innovation.

Entrepreneurship is driven either by necessity – jobs do not exist or are not created – or by lack of opportunity – a niche or market sector is not filled. Solving problems that existing products or services haven’t solved is the cornerstone of entrepreneurship. It is driven by innovation.

3. Entrepreneurs drive social change.

More recently, entrepreneurship has focused on social change. Many of the new technologies and services created by entrepreneurship are created to improve lifestyles. Innovative thinkers use entrepreneurship to build a fairer and more sustainable world.

So what is an entrepreneur? According to Investopedia, an entrepreneur is someone who takes risks to start their own business based on an idea. Its scary. And not everyone is cut out to take those risks. When you start out there is an obvious safety net that comes with a job. You do the work and you get paid for the work you do. This is not the case when you exit alone. You may work weeks, months, or even years and barely make ends meet. But what if the jobs don’t exist? What if you started your job only to get a pink slip for a reorganization? What do you do then?

Young people today have more opportunities than ever. We live in a digitally networked global economy. You have to ask yourself: Can I do that? Is entrepreneurship right for me? More and more young people say “yes”.

Here’s what you need to know.

1. Entrepreneurs are always on.

Historically, these people have been characterized as natural salespeople who were outgoing by nature and had the ability to talk to anyone. That is no longer necessarily the case. “On” is redefined. Where once it was all about personal connection, today social media allows even the most introverted person to connect. But you have to be “on”. Entrepreneurs are always in tune with what is happening around them – how can their idea be successful while making money in the process?

2. Entrepreneurs are confident.

Another common trait of entrepreneurs is their self-confidence – they tend to be more decisive (a tremendous leadership quality) and they firmly believe in their vision. It’s great to have a cheerleader in your corner, but at the end of the day you have to believe in yourself to make it happen. True entrepreneurs don’t believe in failure because everything is an opportunity for growth. That doesn’t mean you can’t wallow in defeat for a moment. It just means that as you wallow, you innovate.

3. Entrepreneurs never give up.

All entrepreneurs have one thing in common: they never give up. Serial entrepreneurs may move from one idea to the next, but they always go further. If they fail, they get back up and try again using other methods or talking to other people. Most entrepreneurs don’t get it right the first time. There’s a romantic idea of ​​tinkering with a project before you get that “aha” moment where it works and you make a lot of money. That’s not the reality. This idea has likely gone through numerous iterations, and this entrepreneur has likely heard the word “no” more than once.

We talked a lot about small business and entrepreneurship. But what are the differences? Some sources say no. Small businesses operate at the local level. Entrepreneurs want to disrupt the status quo by bringing an innovative idea to market. The not-so-subtle difference might be that small business owners get to a “enough” point, but entrepreneurs never get to that point. Two true entrepreneurs of our time are Elan Musk and Jeff Bezos. These men are the 1st and 2nd richest people in the world, respectively, but they continue to innovate. That doesn’t mean a small business owner doesn’t need the same courage and attitude as an entrepreneur, or have the same rewards. Because it does. And small business owners are critical to our economic growth.

Whatever you believe, doing it alone takes a lot of courage. But the rewards make the journey with you.

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