As the rate of entrepreneurship continues to rise, many Americans try to identify what industries offer good prospects for employment. Patrick Hull, a serial entrepreneur has helped launch or fund a lot of companies in varied sectors. Based on his experience, he talks about industries that are hot for entrepreneurs.
Internet and Data Services: While an obvious choice, it is still worth mentioning. The growth in mobile technology continues to fuel online growth and need for data services. The online revolution has created immense opportunities for entrepreneurs. Data analysis and advanced metrics has created a new food for thought for entrepreneurs. This is a top industry to start and grow a business.
Computer System and Software Services: Big data and software dominate and data technology has become significant. Software services is a growing segment, and a great aspect of software services is the need to create more software. The growth of cloud-based services means more software. The role of software is everywhere and new uses are emerging every day.
Accounting Services: With the implementation of new banking and financial regulations, the need for accounting and audit services will rise. According to a recent article in Entrepreneur magazine, private accounting firms have seen profits rise 20.9% in the last year.
Business Consulting: As the economy rebounds, businesses need more management and technical consultants. Many businesses will need help drafting business plans, strategies, marketing campaigns and budgets. The creation of more complex businesses and return of advanced manufacturing will increase the number of logistical consulting firms. Businesses will also need consultants specializing in government compliance to help navigate the federal government’s complex web of regulations.
Home Health Care: Employment in health services is expected to grow steadily, and the employment in the specialized home health care industry is expected to increase even faster. As per the National Association for Home Care, each year 12 million people receive health care services. As the baby boomer generation continues to age, the need for home health will rise considerably.
As per Patrick, these are the five hot industries to watch out for. These lists are pretty subjective and open to debate. What is your point of view? In what industries do you see opportunities?
For more information, please visit: http://www.forbes.com/sites/patrickhull/2013/09/12/top-5-industries-for-entrepreneurs/.
Thanks for reading, and until next time… stay WISE!