The global recession of 2008 followed by increasing measures of austerity has meant that many otherwise stable careers, such as the civil service and the banking sector along with many others, are no longer jobs for life. After years of loyal service highly skilled professionals are being pushed out of their corporate roles and are forced to look at alternative employment opportunities to protect the future for themselves and their families. This has given rise to the growth of Entrepreneurship and in turn an abundance of at home based businesses.
What is Entrepreneurship?
According to the business dictionary, Entrepreneurship is the capacity and willingness to undertake conception, organisation and management of a productive venture with all attendant risks while seeking profit as a reward.
It is not just corporate employees who are causing a spike in the growth of entrepreneurship. With the recession came a fall in the stock markets and plummeting property and real estate prices – resulting in shrinking investment portfolios and in some severe cases the complete eradication of retirement funds. Enter the baby boomer. A generation who after a lifetime’s experience are now looking for alternative methods of supplementing or replacing their income.
Another demographic that is contributing significantly to the growth of Entrepreneurship is the stay at home moms. Women who leave employment to raise their families and then find themselves mentally unfulfilled so begin to find new ways to challenge themselves and further their career plans by starting at home based businesses to monetise their passions.
What are the Main Factors?
When talking about the growth of Entrepreneurship one of the main factors to take into consideration is the growing ease of accessibility to the internet. The internet and web 2.0 technologies now facilitate interactive information sharing, collaboration and access to a global marketplace and with nearly 2 Billion, and growing, internet users the chances are that your eureka moment, your passion for household furniture built from matchsticks, your knowledge of financial derivatives or talent for writing will be somebody else’s passion and you could develop a joint venture or market your product throughout the world.
Then there are the younger generation. A generation that has it all. Whereas in years past it was very difficult for younger people to find the investment capital to start their own business, the younger generation today have grown up with and embraced the internet as a means of communication through Twitter, Facebook, YouTube and others. Many have the skills to design and architect their own blog and have an established internet presence from which to broadcast their musings. This has now been recognised by big businesses across the world, who are beginning to follow this lead and establish their own social media presence.
So whether you are a stay at home mom in Alberta, Canada, a Boomer in Florida, a 20 year old blog designer in Seattle, or an ex corporate employee; the growth of entrepreneurship is not constrained by region, social class or education. You just need to find that spark within yourself.
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