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Entrepreneurship is Trendy

Recently, I was researching some material on entrepreneurship for a lecture I was giving at the Siena College School of Business. According to the Department of Labor and the Small Business Administration, here’s are a few interesting trends I learned:

An entrepreneur is anyone that initiates and runs a new business venture, assuming all risk for the sake of profit.
A micro-business consists of 5 or fewer employees requiring less than $35,000 to start.
In New York State, there are 1.6 millions micro-businesses represent 89% of all businesses and 20% of workforce. Nationally mircro-businesses generate $58 billion in annual revenue.
From 1996-2006, self-employment increased by 50%, and increased fastest in the service industry.
The more educated you are, the more likely you are to start a business.
By 2010, entrepreneurs will be increasingly minorities and women.
40% of entrepreneurs say skills and ideas for the business came from previous work experience.
Entrepreneurs make 27% more than non-entrepreneurs.
The number one regret of entrepreneurs: “I wish I had done it earlier.”

(This article originally appeared in AC-Chamber Visions Article – SEC June 2006 Issue.)

Thomas J. Denham, MEd is the Managing Partner & Career Counselor of Careers In Transition LLC. He helps people explore their options with career testing, make job changes, write resumes and cover letters and prepare for interviews. He can be reached at (518) 366-8451 and at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it