A growing number of older and immigrant people are discovering a passion for entrepreneurship. That’s according to a new study (PDF) by the Missouri-based non-profit Ewing Marion Kauffman Foundation.
Findings from the 2017 Kauffman Index
Older Adults Form a Growing Segment of the U.S. Entrepreneurial Population
According to the report, entrepreneurs aged 55 to 64 made up for 25.5 percent of all new entrepreneurs in 2016, up from 14.8 percent in 1996.
The number of younger entrepreneurs (aged 20 to 34), on the other hand, has witnessed a decline, down from 34.3 percent in 1996 to 24.4 percent in 2016.
Number of Immigrant Entrepreneurs Also On the Rise
Much like the older adults, an increasing number of immigrants are now becoming entrepreneurs.
The study shows immigrant entrepreneurs now account for almost 30 percent of all new entrepreneurs in the United States. And that’s not all. The percentage of immigrant entrepreneurs in the U.S. is at a two-decade high, reflecting the increasing population of immigrants and their entrepreneurial spirit.
What’s perhaps even more fascinating is that immigrants are almost twice as likely as the native-born to become entrepreneurs.
Startup Activity Index Went Up Slightly
The startup activity index, a comprehensive indicator of new business creation in the U.S., has given a reason for businesses and the market to cheer.
In 2013, the Index was at its lowest point in the last 20 years. Today it has gone up three years in a row, reaching close to its peak before the Great Recession drop.
The report suggests this rebound has been driven mostly by more people opting for entrepreneurship.
New Entrepreneurs Should Follow Their Passion
Whether you are an older adult or an immigrant, you must take your business seriously if you want to succeed. Entrepreneurship is all about focus, dedication and a lot of hard work. It is therefore crucial for you to focus on your value proposition, market strategy and competitors to stay ahead.
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I am really inspired by all of these older entrepreneurs who did not give up on their dreams even though they are older. It seems that success is not exclusive for the young ones. It can come to you as long as you choose to not give up.