Emmet Dulaney

If the image that comes to mind when you think of an entrepreneur is that of a middle-aged man, then you’re slightly behind the trends. For a better image of what today’s entrepreneur resembles, look no further than your mirror.

Defining an entrepreneur as someone who starts a new business venture in which they not only have ownership, but also assume accountability and significant risk, explains what is on the inside. On the outside, the face of entrepreneurship is rapidly changing. Once it was a field predominantly populated by white, middle-aged men, but it is now being undertaken by individuals from all walks of life and shows no sign of slowing its transition.

In a study done by the Institute for the Future and funded by Intuit, it was predicted that by 2017: “People nearing retirement and their children just entering the job market will set the bar as the most entrepreneurial generation ever.” Those nearing retirement age are choosing to start their own businesses as they face downsizing and outsourcing without a comfortable level of savings, while those just entering the job market are more likely to embark on their own business venture when they find it offers more promise than the positions that are open working for others – often viewing it as a path to both independence and success.

This study (available at www.intuit.com/futureofsmallbusiness) also identifies and predicts an upswing in the number of women entrepreneurs and “immigrant entrepreneurs (with the) skills, contacts, and technology to exploit the global marketplace.”  While women comprise 46% of the labor force, they hold only 6.4% of the top earner positions according to the 2005 Catalyst Census of Women Corporate Officers and Top Earners of the Fortune 500 report, so becoming entrepreneurs offers them the ability to escape the glass ceiling and define their own accomplishments. Locally, in the 2006 paper What do We Really Know about Entrepreneurs? An Analysis of Nascent Entrepreneurs in Indiana, the authors found, “…the female percentage of emerging entrepreneurs in Indiana is astounding…” (http://ageconsearch.umn.edu/bitstream/28622/1/wp060014.pdf).

As with many other groups, immigrants face identifiable barriers in the workplace and pursuing their own ventures provides a venue through which they can avoid these impediments. Statistics from the Center for Immigration Studies cited in the third part of the Intuit-IFTF study released in February point out that almost one out of every eight people living in the U.S. is an immigrant – the highest ratio since the 1920’s.

With entrepreneurship now being practiced by young and old, men and women, residents and immigrants, it is safe to say that the face of it has truly changed and will continue to do so in the years to come. As long as you are passionate and willing to start a new business venture where the accountability and risk are on your shoulders, your face can be added to those pursuing this calling.

***SIDEBAR: Indiana Entrepreneurship Information

Before you consider becoming an entrepreneur, do your homework to better understand the risks and rewards. In addition to the links referenced within the article, visit these websites for more information :

About the Author: Emmett Dulaney teaches entrepreneurship and business at Anderson University.