The Future of Entrepreneurship

The Silicon-Valley based Institute for the Future is telling us what small business or micros business is going to look like within a decade, older, younger, more feminine and above all far more global. What I have been proclaiming as Globalization 3.0, has received validation in this new report out in the last few weeks.

The U.S. has now over 26 million micro businesses, like home businesses, sole-traders, freelancers and other forms of self-employment, the growth is explosive and with good reason as this report details the way into the next decade.

Some key findings make for great reading, if you are a budding entrepreneur, that is:

• Small business will be better positioned than large corporations to provide customers with highly targeted, customized, and relevant products.
• Outsourced innovation from big business will increase opportunities for small business.
• Small business will reclaim manufacturing, fueling small-scale and specialized production.
• Plug and Play infrastructures will make small business more competitive and successful.
• The shift to variable cost structures for core business operations will reduce risk and increase opportunities for small business.
• Almost half of U.S. small business will be involved in global trade by 2018.
• Social networks will fuel border-less commerce.
• Globelization will increase small business diversity and amplify economic value.

This report makes for some great reading and I have to agree with it’s findings. There was never a better time to start your own business and be successful, and the times are getting better and better, as far as we can tell this trend of rapid growth in the number of small business and business start-ups shows no signs of slowing.

Some good news in these economic difficult times for small business, great work. — ST.

One Response to “ The Future of Entrepreneurship ”

1. Dmitry
   
   Said on September 25th, 2008 at 8:43 pm

   Yes, small is beautiful! I also think that small businesses are able to meet highly specific demands of their customers than large ones. The thing is that small businesses could even go international (remaining small). It seems to me that in the future we will see lots of international fully-globalized small businesses.

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