/ Home

HBR Readers Club

Note: All discussions and summary about HBR articles

Session : 1

Date: May 09, 2020 - Saturday

Title: The 10 Most Popular New Businesses for Entrepreneurs to Start

Link: http://www.inc.com/minda-zetlin/the-10-most-popular-new-businesses-for-entrepreneurs-to-start.html

Participants: Raja CSP

Summary:

Top 10 Business Plan Searches for 2014: Services Restaurant Cafe and Bakery Retail and Online Store Medical and Health Care Manufacturing Nonprofit Bar and Nightclub Farm and Food Production Wholesale and Distributor Construction and Engineering

It’s no-brainer that services tops the list, says Sabrina Parsons, Palo Alto Software CEO. “It’s always the top one because you can be a one-person business,” she explains.

“If someone has the skills they are the easiest to start because they’re usually not capital-intensive. You probably don’t need a bank loan or other financing.”

Though just about all of the highest-profile entrepreneurs head technology companies, technology never makes the top ten list for aspiring entrepreneurs on Bplans. “It really shows that entrepreneurship isn’t all about building app,” Parsons notes.

“If you’ve got a great idea, there can be good opportunities, but you need to bring that tech background to the table and if you don’t have it you’ll need a partner who is a tech person. You really need to think about the feasibility and the investment side. Will you need angel investment and venture capital? Only about 4 percent of start-ups in America are funded by those means. It can be a difficult, competitive landscape.”

“While the Silicon Valley tech scene has produced some incredibly successful businesses that have been game-changers, it’s really the traditional Main Street businesses that are driving economic growth.”