The face of small business owners will be changing. That’s the findings of the Intuit Future of Small Business Report. By 2017, the report claims that the face of small business will dramatically change to become one of the most diverse pools of entrepreneurs ever seen. The study that looks at the next 10 years finds that seasoned baby boomers, kids fresh out of high school, mid-career women, “mompreneurs” and new immigrants will play a dominate role in the small business arena.
The report expects to see five major trends emerging:
- Entrepreneurs will no longer come predominantly from the middle of the age spectrum, but instead from the edges. People nearing retirement and their children just entering the job market will set the bar as the most entrepreneurial generation ever.
- American entrepreneurship will reflect a huge upswing in the number of women. The glass ceiling that has limited women’s growth in traditional corporate career paths will send a rich talent pool to the small business sector.
- Immigrant entrepreneurs will drive a new wave of globalization. U.S. immigration policy and the outcome of the current immigration debates will affect how this segment performs over the next decade.
- Contract workers, accidental and social entrepreneurs will fuel a proliferation of personal businesses. Economic, social and technological change — and an increased interest in flexible work schedules — will produce a more independent workforce seeking a better work-life balance.
- Entrepreneurship will be a widely adopted curriculum at educational, trade and vocational institutions. As a result, artists, musicians and others not traditionally exposed to business education will learn not just their trade but small-business management skills as well.