Many individuals have the dream of one day working for themselves and some of them become entrepreneurs. We hear the word “entrepreneur” thrown around pretty frequently these days, but what does it actually mean? Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. Those individuals that create and launch these businesses are referred to as entrepreneurs. Entrepreneurship, and entrepreneurs themselves, have been growing and evolving over the last century. Read on to delve deeper into how entrepreneurship has changed in the 21st Century.

Entrepreneurs Are Younger

Entrepreneurs today are younger and much more casual than their predecessors. It is no longer required to have a few degrees to your name and mounds of experience to bring to the table. Instead, innovation and efficiency trump the need for a degree or two, and a suit and tie is not necessary. If an individual has an innovative idea and possesses the will and drive to turn their idea into a reality, they do not need to be of a certain age or have a certain education level to complete it. For example, JP Morgan did not see any success until he was in his 50s. Mark Zuckerberg, on the other hand, was only 19 years old when he created and launched Facebook.

Entrepreneurs Are More Diversified

Men are no longer the only gender starting their own businesses. Women have thrown their hats into the ring and are embarking on the entrepreneurship journey as well. In the last 10 years, 75% more women-run businesses have reported an annual income of $10 million or more in sales. Women have decided to become entrepreneurs for many reasons, some including:

  • They want to be their own boss.
  • They want to have more control over their lifestyle.
  • They want to start a business that reflects their passion for a specific cause.
  • They want to provide a service or product to meet a need that is not currently being met.
  • They’ve had a business idea for years and would like to implement it.
  • They want to have more flexibility to spend time with their families.

Technology Development

Thanks to the advancements of technology and the internet, it is no longer necessary to have a brick-and-mortar business. Instead, businesses can be run from the comfort of your own home, or anywhere else around the world. Technology advancement has all but removed the need for large amounts of capital to start a new business. There are many web hosting companies that offer fairly monthly cheap rates, removing some of the risk factors that kept people from previously pursuing their dreams. Many individuals already obtain the skills needed to setup and launch a business from home. If you have a laptop or computer, a cell phone, and an internet connection, it is easy to deliver digital products. Additionally, with smartphones and social media, the combination allows for ease of promoting, marketing, and building a brand online.