Monday, 23 May 2016

Millennials and million dollar one person businesses

Starting a business as a one man band is scary, and expecting it to become a million dollar empire is like expecting pigs to grow wings. But, in our current time period where millennials are dominant, more and more people are opting for the option of entrepreneurship. This is of course more so prevalent in developed countries than it is in non developed countries. 

In the US an average of 22.5 million entrepreneurial one person firms were founded in 2011 alone. The average revenue of these businesses were surprisingly close to that of the average revenue of the typical employed person. Difference being that the employed person has no over head fees to pay. This makes you wonder, is it really a lucrative choice to run your own business? and if so what is the most cost effective way of doing so. Lets dive into some statistics.

* 1.6 million owners rang up sales in the the $100,000 to $249,999 range (up from 1.5 million in 2010)
* 484, 479 had sales from $250,000 to $499,999 (up from 453,694 in 2010)
* 209,415 had sales between $500,000 to $999,999 (up from 198,755 in 2010).
* 26,744 had sales between $1 million and $2.49 million (up from 24,945 in 2010)
* 1,723 had sales between $2.5 million and $4.99 million (up from 1,618 in 2010)
*368 had sales of $5 million or more (down from 442 in 2010).
(Statistics: cur-to-see
Based on the above figures we can see just why people are choosing instead the path of owning their own business. It clearly is more than a viably way to sustain ones life. However, what type of companies are these that are succeeding at this way of life? Let's take a look see, shall we....
Individuals earning upwards of $4.5 million work in either finance , art and entertainment or retail. Finance holds the largest amount of individual business owners while arts and entertainment come in a close second and retail come in 3rd. 
The numbers don't lie, and are increasing every single day. Just take a look at the internet giant YouTube, they are popping out internet thousandaires and millionaires left and right. 

As long as an individual is willing to put in the hard work and dedication necessary into building his/her own company, this too can be your future. More and more companies are going to feel the pinch as workers are more qualified, skilled and creative and less willing to settle for a lack of job security or even poor wages.