Is Entrepreneurship Increasing? Here’s What the Statistics Say

Is Entrepreneurship Increasing? Here’s What the Statistics Say

Entrepreneurship is a term that has been gaining popularity over the years. With advancements in technology and the rise of the gig economy, more and more people are turning towards entrepreneurship as a career choice. But is entrepreneurship really on the rise? let’s take a look at what the statistics say.

The Global Entrepreneurship Monitor

The Global Entrepreneurship Monitor (GEM) is a project that has been tracking entrepreneurship activity worldwide since 1999. According to their report, the rate of entrepreneurship has been increasing steadily over the past few years. In 2019, the total early-stage entrepreneurial activity (TEA) rate was 13.5% globally, up from 12.6% in 2015.

Moreover, the GEM report also shows that the percentage of entrepreneurs who started a business out of opportunity rather than necessity has been steadily increasing. In 2019, 58.6% of entrepreneurs started their business because they saw an opportunity, as opposed to 41.4% who started out of necessity.

Female Entrepreneurship

Another interesting trend that the statistics reveal is the rise of female entrepreneurship. According to the GEM report, the percentage of women starting businesses has been increasing globally. In 2019, the female TEA rate was 10.5%, up from 8.9% in 2015.

The rise of female entrepreneurship is also evident in the number of women-owned businesses. According to a report by American Express, the number of women-owned businesses in the United States has increased by 58% since 2007, with women of color starting businesses at a particularly high rate.

Factors Contributing to the Rise of Entrepreneurship

Several factors have contributed to the rise of entrepreneurship. One is the growth and accessibility of technology. The internet has made it easier than ever for entrepreneurs to start and run a business from anywhere in the world.

The gig economy is another factor. Many people are turning towards freelance work and starting their own businesses as a means of making a living. This has led to a rise in entrepreneurship as people seek to take control of their own careers and financial futures.

The Benefits of Entrepreneurship

Entrepreneurship offers many benefits, both for individuals and the economy as a whole. For individuals, entrepreneurship can offer greater financial independence and the ability to pursue their passions and interests. It can also provide more flexibility and control over one’s schedule.

For the economy, entrepreneurship can create jobs, drive innovation, and stimulate economic growth. Entrepreneurs often bring new ideas and approaches to existing industries and create entirely new industries altogether.

Conclusion

The statistics clearly show that entrepreneurship is on the rise, with more and more people turning towards this career path. Factors such as technology and the gig economy have contributed to this trend, and entrepreneurship offers many benefits for individuals and the economy as a whole. Whether you’re considering starting your own business or simply interested in the trend, it’s clear that entrepreneurship is here to stay.

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