There is a movement afoot. No, this time it’s not Obamania. It’s the prolific growth of entrepreneurship and the one-person business. The U.S. Census Bureau reports there were 20, 392, 068 one-person businesses in 2005, up from 16.5 million in 2000. And, this number is rising at a rate of 4%-5% per year (compared to 9% for all U.S. businesses) due to the growth of several social and business trends.
FACTORS DRIVING GROWTH OF SOLO ENTERPRISES
- Boomers retiring early or being displaced
- GenY distrust of corporate culture
- Youth’s increased interest in entrepreneurship as a means of controlling their destinies
- Mainstreaming of entrepreneurship education
- Increased interest in work-life balance
- Increased availability of geographically-agnostic work
- Technology! Technology! Technology!
These factors have led to one-person businesses growing faster than the U.S. population and equaling nearly 80% of all U.S. businesses. One-person businesses bring in over $950 billion, an average of $46,000 per business. These businesses include single-person consultancies, freelance writers, carpenters, hair stylists, massage therapists, bookkeepers, programmers, graphic designers and attorneys.
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PROFILE OF A ONE-PERSON I’m a Boomer or a Gen-Yer (two fastest-growing demographics of one-person businesses) If I’m a Boomer, I’m well-connected, have deep business experience and money of my own to invest If I’m a Gen-Yer, I’m tech-savvy, independent and bold I’m a woman fed up with the glass ceiling or wanting more work-life balance Increasingly, I’m a person of color (African-American, Latino, Asian Indian and Asian) I’m engaged in one of these industries (Top 5 industries for one-person businesses):
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