This post is inspired by an interview first published on Bloomberg.com about a study done in 2007 with predictions about what entrepreneurs will look like in 10 years. Find the original report here: The Face of Entrepreneurship in 2017
What a memorable year 2007 was. It brought us the first iPhone (video), the mortgage crisis, the last book in the Harry Potter series, and the Television Writer’s Strike. What I want to discuss most crucially now is the study conducted in 2007 that prompted the article The Face of Entrepreneurship in 2017 on Bloomberg.com. As the title implies, the study tried to predict the future of the entrepreneurial landscape in ten years. Well, fast forward (almost!) ten years, and here we are. Let’s review how the study did.
Was the Study Accurate?
The main question is, are the entrepreneurial trends we see today the ones we thought we would see 10 years ago? The article gives gentle reminders of popular trends long since forgotten (MySpace anyone?). Besides the good chuckle I got from reminiscing, the article was enlightening. In a nutshell, the study predicted that the landscape would have more overall entrepreneurs, with women, older generations, and immigrants leading the pack. So, is that what we see now?
As it turns out the study is amazingly accurate. There are more entrepreneurs now than 10 years ago (see Forbes article U.S. Entrepreneurship Hits Record High). And many of these entrepreneurs are older – in fact, older entrepreneurs tend to be more successful. Some of these older entrepreneurs may be baby boomers who are not ready to stop working yet but also do not want a 9-5 job. Many mothers (commonly called “mompreneurs“) who are looking for a work-life balance that does not interfere with their family are opening up businesses. First generation immigrants are opening new businesses as well.
All of this looking back is making me wonder what the entrepreneurship will look like in another ten years. With the internet though, it probably already exists – and it does. Kaufmann.org has written up demographic data and predictions on entrepreneurship in the next 10 years: Demographic Trends will Shape the Future of Entrepreneurship.
Where do you think entrepreneurship is heading in the next 10 years?
Let’s hear your thoughts in the comments below.