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6 Trends Affecting Small Business
The Institute for the Future, a research company in Palo Alto, CA, recently conducted a study to predict trends affecting small business over the next five years. Study participant Rhonda Abrams summarized six trends identified by the study:
- Retirement businesses: Millions of baby boomers will soon retire. Most boomers are still too energetic and engaged to just golf or garden. Others need income but can’t find jobs. Boomer retirees will start businesses in record numbers.
- Continuing rapid pace of change: Change — rapid change — is now a business constant. One participant in our future-predicting panel referred to this as “permanent whitewater” — the world around us is always swirling.
- Rising health-care costs: Health care will continue to be an ever-increasing expense, rising disproportionately to other costs. This will dampen both individual business growth and new business formation.
- Entrepreneurship education: Look for younger and better business owners in the years to come. Students are flocking to entrepreneurship classes and programs in college, and teaching kids how to run businesses starts as early as elementary school. Also, there’s a new field of small-business management.
- Immigrant entrepreneurs: Immigrants have always been a tremendous force for creating new businesses in the U.S., and their numbers will keep expanding. These businesses will be in all industries and level of complexity — not just the corner store or the new computer company.
- Reluctant entrepreneurs: Finally, as jobs in large corporations continue to be eliminated or sent offshore, many people who would rather have a job will be forced to start businesses just to survive.
In the full article, Small Businesses Can Make Change Work For Them, Rhonda also provides tips for harnessing the potiential of these trends.
The last three trends suggest that entrepreneurship is becoming a preferred (often required) career path for younger generations. Magazine covers and front page stories blast us daily with a seemingly endless stream of overnight millionaires. Envy is producing a market for turn-key systems that flatten the learning curve for entrepreneurial business ventures. Teach people how to play the part of entrepreneur and you will find a profitable niche.
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