Entrepreneurship and Cultural Diversity

Virtually anyone has the potential to become an entrepreneur. Indeed, diversity is the integral part of entrepreneurship. Let us explore the diverse mix of people who make up the rich fabric of entrepreneurship –

Young Entrepreneurs — Young people are embracing entrepreneurship enthusiastically as a career choice. Disoriented with their prospects in the corporate world and willing to take a chance at controlling their own destinies, scores of young people are choosing entrepreneurship as their initial career path. People are realizing that they do not have to go to work formally dressed and don’t have to talk about budgets every day. Now they can have a job they like. They can create a job for themselves.

Minority Enterprises — Another rapidly growing segment of the small business population is minority-owned businesses. Asians, Arabs, and African Americans are the minority groups that are most likely to be entrepreneurs. The future is promising for this new generation of minority entrepreneurs, who are better educated, have more business experience, and are better prepared for business ownership than their predecessors.

Women Entrepreneurs — Even after decades of legislative efforts, the fairer sex still faces discrimination in the workforce. However, small business has been a leader in offering women opportunities for economic expression through entrepreneurship. Increasing numbers of women are discovering that the best way to discard discrimination is to start their own companies.

Part-Time Entrepreneurs — Starting a part-time business is a popular gateway to entrepreneurship. Part-time entrepreneurs can ease into business for themselves without sacrificing the security of a steady paycheck and benefits. The Internet makes establishing and running a part-time business very easy; many part-time entrepreneurs run online businesses from a spare bedroom in their homes. A big advantage of going into business part-time is the lower risk in case the venture flops. Many part-timers want to see whether their business ideas will work, whether there is sufficient demand for their products and services, and whether they enjoy being self-employed. As they grow, many successful part-time enterprises absorb more of entrepreneurs’ time until they become full-time businesses.

Home-Based and Family Businesses — Home-based businesses are booming. Home-based companies allow owners to maintain a flexible lifestyle and work style. Many home-based entrepreneurs relish being part of the open-collar workforce. A family-owned business is one that includes two or more members of a family with financial control of the company and such businesses are an integral part of our economy.

Retirees — Because people are living longer and are remaining active as they grow older, the ranks of older entrepreneurs are growing. According to a study by the Ewing Marion Kauffman Foundation, the level of entrepreneurial activity among people ages 55 to 64 actually exceeds that of people ages 20 to 34. One advantage that older entrepreneurs have is wisdom that has been forged by experience.