We hate to be the bearer of bad news, but in case you haven’t heard: businesses are less likely to survive today than 18 years ago. In 1995, 50% of businesses survived five years. In 2005, 47% of businesses survived five years.
Today, the rate of failure is between 50 – 60% in the first five years. Businesses most likely to fail include independent restaurants, retail stores, direct sales, and consulting and business services.
But let’s not shut down all entrepreneurial endeavors. There is a silver lining. Here are 5 burgeoning industries every entrepreneur should consider when undertaking a new venture.
- Health-Care Technology.
- Mobile Games.
- Online Publishing.
With a 52% projected revenue increase between 2013 and 2017 and an estimated 334.3 billion dollars spent in USA e-commerce by then end of 2017, this is a market that will keep on growing. Example: Lyst
Thanks to the $ 19 billion dollars pledged by the US federal stimulus bill to develop a better health-information tracking system, employment in this field is expected to grow by 18 percent by 2016, according to data from the Bureau of Labor Statistics. Example: Phreesia
This field is expected to have a 173% revenue increase by 2017 accounting for 12.3 billion dollars in projected revenue by 2017 and it grew 397% from 2007-2012. With these numbers, the mobile gaming industry is definitely winning.
This was the fastest-growing category among privately-held companies in 2008 with an average growth rate of 287.5 percent. If this isn’t exciting, the US economic stimulus funds amount to $ 43 billion, signaling new opportunities for innovators to tap into areas such as biofuel and wind power. Example: BioFuelBox
More people than ever before go online for information and entertainment. Every day, almost half of all adult Internet users read web publications, and nearly a third watch Web videos. By 2017, the number of employees in the field is expected to grow to 150,422 and revenue is projected to double to 72 billion. It’s time to get your website on. Example: NewsCred
Whether you’re an entrepreneur or an investor, staying abreast of what fields are growing and attracting talent is crucial to be relevant in the digital and innovative age.