For aspiring entrepreneurs, the dream of building a successful company is a driving force. Entrepreneurs bring passion and energy to their ideas, and use that passion to get financial backing and build a team that will help make their dream a reality.
To succeed, however, entrepreneurs need more than just a great idea. A Master of Business Administration (MBA) program provides the business management foundation and leadership skills that can help sustain their ambitions.
Individuals with an entrepreneurial spirit often seek to enter industries that are primed for innovation and growth. The following industries for entrepreneurs are rife with opportunity.
Booming Industries for Entrepreneurs
Entrepreneurship is often about finding opportunities where others see roadblocks, and some industries have more challenges than others. For example, the finance, information technology, and health care industries have all experienced considerable turmoil in recent years. Climate change has led to a renewed focus on construction and agriculture, among other sectors.
The following five booming industries provide examples of how these challenges can be turned into exciting new businesses.
1. Blockchain
When people think of blockchain, cryptocurrency such as Bitcoin is often the first thing that comes to mind. Since Bitcoin launched in 2008, hundreds of different cryptocurrencies, exchanges, and products and services have emerged. Almost all of these financial products are underpinned by the digital ledger system called blockchain.
Blockchain is the process by which each transaction is authenticated. It’s almost impossible to hack, which makes blockchain a highly secure process for all kinds of applications. Financial services, health care, and other sensitive sectors increasingly use blockchain to secure transactions. It can be used in a variety of applications, including customer loyalty programs, health care records, ride-hailing apps, and authentication and verification of ownership of digital assets.
2. Environmentally Conscious Building
The construction industry has been cited as a contributor to climate change and environmental degradation. Clear-cutting forests for timber, displacing habitats for residential developments, and the use of materials such as concrete and chemically treated building materials have all had a negative impact on the environment.
However, with challenges come opportunities. Investment in environmentally conscious enhancements—like wired and walkable “smart cities” that minimize the need for personal vehicles and cut down on emissions—is on the rise. Green building with sustainable materials still has a long way to go before it can turn the construction industry around, but innovative thinkers can get in on the ground floor of this exciting sector.
3. App Development
The IT sector is an evergreen industry for entrepreneurs, as technology never stops evolving. When developing the next killer app, preparation is key. The process can be broken down as follows:
- Identify viable opportunities
- Conduct market research
- Develop functionality first, and design later
- Make sure the app meets security, safety, and usability best practices
- Test diligently
With virtually every business in just about every industry having its own app, the opportunities in this sector are abundant, particularly for those with a background in business and tech.
4. Health Care Technology
The history of medicine is one of innovation, with new ideas and products continually emerging. Health care entrepreneurs combine business expertise with medical and scientific knowledge to develop new products and services such as diagnostic applications and cancer treatments. People are constantly seeking to improve their health by leveraging technology, creating ample opportunities for entrepreneurs.
Some examples of health care tech include:
- Artificial intelligence (AI) and machine learning. AI can be used to help identify cancerous cells in mammograms, analyze research data, and take patient health information. Machine learning is the process by which AI improves its ability to identify patterns.
- Mobile health devices. Patient data can come from a variety of devices, from personal fitness trackers to mobile heart monitors. The market for products that collect, track, and transmit this data to providers continues to grow.
- Telemedicine. The COVID-19 pandemic helped make telemedicine a normal part of health care, providing patients in rural areas and those who lack transportation with improved access to care. The growing ubiquity of this technology presents opportunities for entrepreneurs.
- Internet of Things (IoT) and security. IoT connects each piece of medical equipment to the Internet, creating opportunities for improved collaboration and efficiency. However, it can also make hospitals vulnerable to cyberattacks, so further innovation is necessary.
- Electronic health records (EHR). EHR technology has been around since the early 2000s. However, systems are often user-unfriendly, making the jobs of doctors and nurses more frustrating. Solving EHR challenges is another area of opportunity for tech-savvy entrepreneurs.
5. Vertical Farming
As with construction, traditional large-scale agriculture is a contributor to climate change. Areas of concern include fossil fuel usage for machinery and in fertilizers, methane released in beef and dairy production, and monocultures that degrade soil, nutrients, and habitat.
In many cities, farmers are re-envisioning agriculture as vertical farming. This method often repurposes warehouses and other city buildings to grow food. It uses less water than traditional irrigation and relies on advanced technology such as AI and robots to manage heat, light, humidity, and other atmospheric controls.
With the increased focus on climate change, vertical farming may be an exciting area of innovation for entrepreneurs.
Drive Innovation with Entrepreneurship
Successful entrepreneurs bring new business ideas to life. If you’re excited about the idea of being a business leader and developing new business models, explore Washington State University’s Online MBA program. The program covers essential concepts for aspiring entrepreneurs, including business management and strategic leadership, providing you with the foundation to pursue your passion in a wide range of booming industries.
Take the first step toward an entrepreneurial career today.
Recommended Readings
5 Hidden Benefits of Getting an MBA
How Hard Is an MBA Online? Here Are 3 Things You Need to Know
What Is an EMBA and How Can It Benefit Career Changers and Entrepreneurs?
Sources:
Builder.ai, “15 App Development Tips for Entrepreneurs”
Construction21 International, “The Biggest Opportunities for Sustainable Construction in 2022”
Entrepreneur, “5 Best Industries to Start as a Business Right Now”
Entrepreneur, “10 Health Tech Trends Entrepreneurs Should Keep in Mind for the Next Decade”
Treehugger, “The Construction Industry Is Climate-Unfriendly—But It's Complicated”