Becoming an entrepreneur is a difficult task. There are a lot of financial and potentially life-altering risks that you must take to make your dream a reality. You may invest a lot of money into your business, and will face pressure to get a return on those investments. Before charging ahead with your vision for your small business, it's wise to consider your opportunities within your field, market or industry.
Based on projections from the Bureau of Labor Statistics, there are some industries that are easier to get into and yield a higher rate of growth and success than others. The best include tech, health, energy, media and consumer retail.
The Bureau of Labor Statistics projects output and job growth across a wide variety of industries, and the tech industry has a 135% forecast output growth and receives 44.2% of venture capital dollars — putting it ahead of all industries. The health industry is also up there with a 136% forecast output growth, and it receives 24% of VC dollars. The energy industry isn’t far behind either with a 133% forecast output growth.
Output growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. Venture capital dollars are pools of money collected from a variety of investors that a fund manager invests into a collection of startups. The BLS projects both of these things to see how profitable and successful industries will be in the future.
These are just some of the many factors to consider when starting your own business. Another aspect to consider is location, and these are the best places for working moms and the best cities for jobs in America.