Entrepreneurs, What are the 2019 Trends?

March 21, 2019 by OSYB Staff

Intuit QuickBooks shares the the biggest trends for entrepreneurs in 2019.   Have you heard about them?  Well, here they are:

• The diversity of business owners continues to grow.  Minority owned businesses are on the rise.   In 2018, 45% of small business owners were part of a minority ethnic group as compared to 2015 when minority business owners were just 15% of entrepreneurs. African American business owners have increased the most and Hispanics entrepreneurs are the next largest group of minority entrepreneurs.  There is diversity in the age of start-up founders, the average age is 42.  As for education levels, entrepreneurs without four-year degrees currently take the lead over those holding bachelor’s degree or higher, according to a CNBC/SurveyMonkey poll.
• There is a strong movement away from a goal of explosive growth towards a long-term goal of profitability.  A  steady upward approach is the more desired trajectory versus a desire to grow as quickly as possible.
• Everyone is recognizing that profitability is important but connectivity to a social concern certainly adds to a company’s profile.   “A Cone Communications report reveals that 87% of consumers would buy from a company that supports the causes that matter to them. Three-quarters would refuse to buy a product from companies that support issues contrary to their beliefs.”
• Specialization in niche markets is a trend worth considering.  Marketing to a niche market is optimal and cost-effective, as the clientele is clearly identified.  Smaller markets accord the ability to customize customers’ experiences and the content shared with them.  Remember that, “a 5% increase in customer retention, can boost your profits 25-95%”.

Knowing the 2019 trends for success, may make it easier to consider pursuing an entrepreneurial dream.

For details:  The biggest Entrepreneurship trends in 2019

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