The Kauffman Index of Growth Entrepreneurship is one of the highly respected platforms that are tracking the direction of the economy in various perspectives. According to the index, the United States economy pumped out 15% more entrepreneurs between 2014 and 2016. This is good news for an economy grappling with the realities of a global slowdown.
According to the Small Business Administration, there are 29.6 million small businesses across the U.S. Of course, these businesses are spread all over various industries, but certain areas have a higher concentration than others. While some entrepreneurs focus on their areas of professional competence, others may be willing to learn a new skill in order to invest in a ‘hot’ area. The following industries have seen significant activity recently.
According to the U.S. Bureau of Labor Statistics, the healthcare industry accounts for over fifty percent of the twenty occupations that should have the highest percentage increase in employment by 2024. There is a lot to look forward to in this industry and it has wide latitude for entry.
While the low entry threshold presents an attractive proposition to entrepreneurs, it also presents a challenge as the possibility of saturation also rises. There are already many players in this area, but there is always room at the top for those who bring something different to the table.
Once billed as a thing of the future, the increasing availability and influence of Artificial Intelligence (AI) indicate that the future is indeed here. Examples include virtual assistants, such as Cortana, Alexa, Siri, and chat bots. According to online statistics platform Statista, the AI industry is expected to grow to $16 billion in value by 2021.
This is a rapidly growing field, which has been seeing increased efficiency and reduced costs. Technological refinement is also having profound effects on the field with its growth expected to reach $32.78 billion by 2023.
Technological and economic dynamics continue to influence the startup field regularly and the effects are quite evident. Improved service and sharpened competition bode well for consumers. Business owners, however, need to participate in a dynamic business forum to share and learn from another, as well as improve the quality of products or services delivered.