Young Entrepreneur Blog

So you would like to create your own business, but don’t know which type of business to choose?

Well here is a list of 5 businesses that are destined to be extinct in the near future.

1. Record Stores

Gone are the days when we spent our Saturday afternoon in the local record store… ok, maybe that was just my Saturday’s, but still, record stores are quickly becoming a thing of the past. Tower Records shut down all 89 stores last year, and we expect other companies to follow soon.

Extinction Rating: 7/10 - Probably has a few more years left, but every ipod sold is one step closer to closure for record stores.

2. Gay Bars

Don’t worry, this is not a homophobic inclusion. The fact of the issue was actually brought to out attention by The Orlando Sentinel who claimed that gay bars are slowly going out of business due to gay men and women gaining greater acceptance in society.

Extinction Rating: 5/10 - We believe there will always be gay bars, just not as many

3. Newspapers

Ok, let’s clarify… newspapers are not going to be extinct, but they will simply move to the Internet.

The newspaper has been a dying animal for over 20 years, and the popularity of the net is likely to be the final nail in the coffin.

Extinction Rating: 7/10 - I am sure that this will be a gradual thing, but we expect that 5 years from now the vast majority of all major newspapers will ONLY exist online.

4. Pay Phone / Public Phone boxes

Pay phones will still exist in the future, but they will be carried around in our pockets.

The amount of pay phones in the US has halved in the past 10 years, expect this trend to continue over the next few years. That situation is not being helped by the fact that drug dealers use pay phones to stay discreet.

Extinction Rating: 8/10 - They have 2 or 3 years left.

5. Coin Operated Video Games Machines

The Nintendo Wii has become a coin operated video game for the home… oh, and it doesn’t even require coins. Brilliant!

The Xbox 360 also has a hugely popular “Live Arcade” system where you can play all the arcade classics.

Extinction Rating: 10/10 - they are as screwed as Pac-Man surrounded by ten of those ghost thingies! 

Let’s face it, the coin operated machine industry and all of the above 5 are facing extinction, so ensure that you don’t invest your cash in any of these 5 businesses.