Washington D.C. agency, the US Small Business Administration Advocacy Office, is reporting numbers that reveal more older people, displaced workers, and minorities are starting their own businesses. With the majority of these operations being self-run or having less than five employees, they represent the new face of small business.
The agency reports that more people, 50 years and older, own small business; with many being retired or corporate workers that were let go due to their advancing age. The agency states that 51 percent of new small business owners in 2012, fell into this category.
Additionally, the number of minority small business owners grew from for 11.5% in 2007 to 14.6% by 2012. With the majority of that group being from the Hispanic labor force; simply due to population growth and immigration, according to the Advocacy Office.
Meanwhile technology advances and new sources of funding, such as Kickstarter, allow many people laid off and/or between careers choices (i.e. displaced workers) to venture out of their own and start a business.
A look around at Lehigh Valley small businesses reveals that this region reflects the new faces of small business in America very well.