Did you know that individuals with prior entrepreneurial or business ownership experience are more likely to start a business than people who have never started a business before? Entrepreneurial studies have been conducted to discover that people who have started a business before are 6 times more likely to start multiple businesses in their career. So what personality traits do entrepreneurs possess?
Now that we know some characteristics of entrepreneurs, what is their demographic makeup? This is where conventional wisdom is turned upside down and the state of the entrepreneurial economy is rapidly changing. According to the Kauffman Foundation: More than 40% of Fortune 500 companies were founded by immigrants or their children, over 50% of American billion-dollar “unicorn” startups have at least one immigrant founder, and immigrants are nearly twice as likely as the native-born to start a new company. (Source: http://www.kauffman.org/blogs/growthology/2016/10/want-to-be-like-silicon-valley)
Think about that for a minute... immigrants are twice as likely as a native-born American to start a business. This coupled with the fact that many entrepreneurs are likely to start multiple businesses in their lifetimes -- the demographic and social makeup of people starting businesses and specifically franchise businesses is rapidly changing. While this new found world may scare some individuals, those that adopt and embrace the change early will be rewarded in the marketplace. Entrepreneurs are the lynch-pin to the American economy and vital for any organization's success so successful organizations that want to work with entrepreneurs need to be mindful of what the entrepreneurial community looks like and wants to achieve with a business endeavor.
The key takeaway is that entrepreneurs and people that are serious about starting a business are a dynamic and changing community. At Franchises for Entrepreneurs, we leverage the ability to target in on various demographics and entrepreneurial traits to help emerging and established franchises and business opportunities connect with entrepreneurs.