Entrepreneurship: The Time is NOW!

Instinctively at the start of a new venture, there is a moment of hesitation. Should I dive into the pond of seemingly refreshing water? Or will I be shocked by icy cold temperature? The truth is, very few people act without thinking. Yes, there are risks involved in starting a new business-but if you don’t take the plunge you will never know how rewarding your own business can be.

“New entrepreneurs are not confident about their own competencies, and thus aren’t sure if it would be the right decision,” said Hao Zhao, associate professor of management and entrepreneurship at Rensselaer Polytechnic Institute. “Such hesitation is normal.”

If you are torn between freedom and stability and are not sure if following your dream career path is a good idea right now, look at the numbers. Research shows that the time is now!

According to an article in the Huffington Post, last year three out of every 1,000 American adults chose to start their own business. This is among the highest levels of entrepreneurship in the last 16 years! Currently the recessions high unemployment rate sits at around 8%, this has bred incredible creativity and motivation to build individual success and income. Be among those following their passion!

Chris Guillebeau, entrepreneur and author of The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future sat down with Business on Main, and offered tips for creating a microbusinesses on a budget based on your passions and expertise.

Guillebeau said, “I’m not sure it’s only young people who are doing it now. Obviously, younger people get more attention because they’re having a harder time competing in the job market, so they’re forced to go out on their own. But I hear from people of all ages who are doing it.”

There are many considerations when starting your own business. Guillebeau suggests focusing on how your passion will benefit others. Innovation is not always key, but usefulness can bring value to your product or service. It is also beneficial to look at the types of businesses that are booming today.

Forbes.com published statistics stating that of the approximately 27 million businesses in the U.S., a growing number are one-person operations.

Listed below are 5 of the top mentioned business startup industries to get involved in right now!

E-commerce- Thanks to the ease of comparison-shopping right from the comfort of your own home, Americans are spending more money online than ever before. This is a trend expected to continue, growing 8.8% annually through 2017. Employment is also expected to move from 177,642 e-commerce related jobs last year to 183,396 by the end of 2012 and nearly 206,000 in 2017. Americans are expected to spend $334.3 billion online by the end of 2017.
Residential Construction- After years of stagnant residential construction, the industry is finally expected to make an upward turn. Demand and improving incomes will drive the industry. It is projected to increase 10.4 percent per year until 2017.
Restaurants- From food trucks, fast and casual restaurants, to full-service dining, pocketbooks with more disposable income are allowing for even the budget-conscious to eat out. Restaurant sales are poised to increase by 4.5% this year and 5.5% in 2013. Fast casual restaurants are the perfect endeavor for entrepreneurial leaders. They often attract innovative and passionate operators who want build their small business while growing a respected brand.
Information Technology Consulting- In the past five years, IT consulting has grown an average of 8.3% per year as businesses move to mobile and cloud based computing. Their best customers are energy, health care, and other businesses that require a significant amount of customer interaction. The IT consulting field added nearly 200,000 jobs from 2007 to 2012.
Internet Publishing- Internet publishing is thriving. More people are going online for both information and entertainment than ever before. The fastest growing segment now is online video. For example, sites like Hulu, attract advertisers by requiring viewers to sit through commercials before they can view the content they publish.

To top it off, the great thing is that many of the businesses with strong sales growth require minimal investment up front. Other industries that are growing rapidly such as personal services businesses (i.e. pet or house sitting, shopping services or party planning) rely mostly on your own labor to generate the income. Consulting is another field that has been growing and requires little in the way of equipment to get going. Consulting also allows you to take advantage of the knowledge and skills you have acquired in your career and work for yourself!

Now it is time for you to decide, where does your passion lie? What are your skills? How could these skills be beneficial to others? Will this help me live the life of my dreams? Take a chance! The time is now!

Are you looking for a team to help support you and your new business? Check out The Dream Team starting later this month!

Dream it. Live it. BE it!

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Keri Murphy and the Inspired Living team is on a mission to empower people to use their unique talents in a way that allows them to Dream, Live and BE all that is possible through speaking, coaching, celebrity interviews and original on-line content. Get Inspired at inspiredliving.tv