The Entrepreneur's Checklist

The Future Of Entrepreneurship

As we all know, an increased number of people now elect to work from home, either through telecommuting or running home businesses.

While this trend has commonly been attributed to the growth in the number of working women wanting to be home for their children, over half of all people who now work from home are men.

A recent Purdue University study concluded a number of factors seem to favor the continued high rates of new firm formation:

1. Continued high rates of change (change creates opportunities for new firms)

2. Continued growth of the service sector (the highest growth area for new firm formation)

3. An increase in the number of virtual corporations to which firms can outsource their functions, and create opportunities for entrepreneurs

4. Positive climate for small business - a general perception that small business is a positive influence on the economic wellbeing of the country, giving entrepreneurs legitimacy and respect

5. Growth in international business opportunities

With the traditional corporate-employment track seemingly on the decline, the trend towards forming strategic alliances with other businesses that are closely aligned with yours, or with someone who can add value to your product, is steadily emerging. In fact, futurists envision a return to extended community living, with shared resources but individual living and working relationships. They see entrepreneurial activities as the basis of these communities. Strategic alliances are a first step along this path.

So, if you have determined that entrepreneurship is for you, you can be confident that you're part of the wave of the future! But understand what it will demand of you, and assess whether you're prepared to give what it will take. The allure of entrepreneurship is undeniably strong for many, but it's important to make sure you're moving into it for the right reasons.

Being miserable in your job doesn't automatically make starting your own business the best idea in the world. In fact, it could be the worst reason of all! The right choice may instead be to find another job that you won't be miserable in. But if you've taken into account what's been said above, and you're adamant that you have what it takes, by all means grab the bull by the horns and become an entrepreneur. You might just find yourself creating something absolutely fabulous.