The Next 60 Seconds Could Change Your Life

Every minute, five women become self-employed across the United States. That’s seven thousand new ventures every day. According to the Center for Women’s Business, female-owned businesses grew at twice the rate of all business. The Small Business Administration reports that 28 percent of all privately owned businesses are owned by women.

People who choose to go into business for themselves are a trend that just won’t quit. This small-business trend appears to be driven by three distinct groups: those 55 and older, women and immigrants.

According to the Ewing Marion Kauffman Foundation, an organization that encourages entrepreneurs, those in the 55 – 64 age group are more likely than anyone else to start businesses. According to the Department of Labor nearly half of those working for themselves fall in the 50-plus category. The Kaufman Foundation also found increased entrepreneurial activity among immigrants and Latinos. Did you know immigrants run one-fourth of Silicon Valley high-tech businesses.

Why are senior citizens, women and immigrants leading the way of American entrepreneurs? For many of the senior citizens it’s a matter of necessity. They can’t find a job, but they still need income. For women, it’s serves as an opportunity to spend more time with family as a work-at-home-mom and to establish independence from a demanding, stressful 9 to 5 job in Corporate America. It also gives women the chance to turn their hobbies or passions into a worthwhile living.

It’s no secret that people are happier and do a better job at doing something they truly love.