Is Entrepreneurship on the Rise?

Responses by the UK and US in proportion to th...

Responses by the UK and US in proportion to their GDPs (Photo credit: Wikipedia)

Is Entrepreneurship on the Rise?

Although entrepreneurship comes with its challenges and risks, being your own boss and creating a successful business can be extremely rewarding! Not only is it possible to make substantial amounts of money through being an entrepreneur, but the personal satisfaction that comes with this vocational choice can be very gratifying. In fact, due to the recent economic downturn and the realities of today’s global economy, many people are electing to give entrepreneurship a try.

New Economic Realities

According to a recent study by Babson College and Baruch College, the number of entrepreneurs in the United States has risen by approximately 60% since 2010. The study found that even more people are continuing to choose entrepreneurship, despite the fact that the worst of the “Great Recession” that began in 2008 appears to be over.

Historically, the number of entrepreneurs increases during times of economic hardship, as sales drop and businesses lay off workers. In other words, during economic recessions and depressions, many people have no choice but to go into work for themselves. The aforementioned study found, however, that more people are feeling optimistic about the economy, and that as a result, they believe their chances of being a successful entrepreneur are greater.

Another reason more people are electing to try entrepreneurship is because of globalization and the realities of contemporary economics. For example, the vast majority of stable, manufacturing jobs that paid middle class wages have been sent overseas. Without these positions, many people have elected to start their own business. In addition, due to advances in information and mobile technology, many organizations and corporations have downsized to increase their productivity.

These same technological advances, which may have led to layoffs, have also provided thousands of people with the means to start their own business from their own home or remotely.

Advantages and Risks of Entrepreneurship

Of course, anyone who likes the idea of being their own boss is probably interested in entrepreneurship. While being an entrepreneur may mean you don’t have to take orders from anyone else, and you’re free to pursue your own vision, you’ll also be on the financial hook if your business fails. In other words, you could swim quickly to financial prosperity through being an entrepreneur, but you could also sink into debt and bankruptcy. A great idea and a lot of hard work are keys to any entrepreneur’s success.

Robert Butler has taken the leap into entrepreneurship and created his own ecommerce website that sells iPhone Cases at http://www.ace-case.co.uk/. After struggling to find work after he graduated university, it seemed like nobody would give him the chance to work. Competition was fierce for graduate schemes in the UK, with over 500 applicants per job role. After long consideration and testing the market on eBay, Robert decided to launch his UK website and take risk of going into full time self employment. The business is still in its early stages, and is progressing month by month. Robert confirms Entrepreneurship is a hard route to take, but the rewards ca

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