Then, Now, and the Future of Small Business
March 29, 2018
We’re living in a golden age for small business. Many are expanding, handing out raises, and foresee great things in the future of the economy.
Partners around the world are just an email away, and entire customer support departments are a Twitter feed. Optimism is at an all time high.
The previous century of small business is nearly unrecognizable. But, is our current course the best one?
With great opportunity comes greater hurdles. Our increased connectivity has solved many problems, while creating its own.
Like the small business owners of my parents’ generation, today’s leaders must learn from the past, and adapt for an unknown future.
But, who better to face the challenges?
The Power of Small Business
The small business sector feels stronger than ever.
For many, creating a business has never been easier, and management is becoming simpler by the day. Whether you’re an established owner or an entrepreneur looking to get into the game, the opportunities are seemingly endless.
The resources of today simply weren’t available to the entrepreneurs of the past. More than anything, technology is the catalyst for the unprecedented growth of the American small business.
Strides in finance, supply chains, and even advertising have automated and optimized many operations. Saving time is everything, and technology allows you to do just that. More time means more focus on growing your business.
But, that’s just the beginning. Technology has made our world more connected than ever before, regardless of the policies coming from the White House.
Saving time is everything, and technology allows you to do just that. More time means more focus on growing your business.
From the comfort of a desk chair, business owners and entrepreneurs can reach previously inaccessible markets around the world. With a few emails, you can hire the perfect candidate in France, advertise in Asia, and speak with suppliers in South America without moving an inch.
No more flipping through the phone book, flying for twelve-hours, or paying for expensive long-distance phone plans. No more being stuck in domestic markets.
Technology has enabled the entrepreneurship and innovation that lies in the American psyche. Global markets are just clicks away.
But, of course, ease comes with its own problems. There used to be a high barrier of entry when it came to starting a business. Now, the hurdles are unrecognizable.
A smaller hurdle means more competition.
The Challenges of Small Business
If it’s is easy for one, it’s easy for others.
Technologically speaking, anyone can start a business these days. This is great news. Increased numbers of small businesses stabilizes the economy, creates jobs, and creates diverse markets for consumers to find exactly what they’re looking for.
In the small scheme, however, you’re facing more competition now than ever.
It’s not just small versus big anymore. It’s small versus everyone.
Today’s markets create a ton of problems for the average small business owner. Not only are you dealing with global competition, you’re working with global customers.
Because the options for products and supplies are endless, small businesses have to constantly research and be aware of market trends and what others are doing to adapt.
Customers know what they want, and will scour the internet to find exactly that. If a product isn’t stacking up to the rest, your bottom line will be the first to know
Today’s consumer markets are very specific. Customers know what they want, and will scour the internet to find exactly that. If a product isn’t stacking up to the rest, your bottom line will be the first to know.
Many small businesses are using technology to meet these needs. Utilizing resources from around the world, mixing and matching to become more different and unique than others are and have been is a distinct advantage for small businesses of today.
The future of small businesses is foggy yet. But, we can speculate, and imagine the future that everyone’s so optimistic about.
Where Do We Go From Here?
It’s becoming harder and harder to keep pace with small businesses.
With the rate of technology as fast as it is, we can only assume that entrepreneurs will keep innovating, and taking advantage of dynamic markets.
Small businesses are flexible, and can much more easily follow the dynamism of today’s markets
The modern economy is tailored. There’s no need for compromise. If someone has a certain need, someone can fill the order. That isn’t going away.
Products are becoming more specific, more unique, and just can’t be found on a Macy’s rack.
The future of small business may very well be as successors to the dominant players in the global economy. While others struggle to adapt, small businesses are flexible, and can much more easily follow the dynamism of today’s markets.
The power of small business continues to amaze me. The ease that technology provides doesn’t take away from the drive and passion of the entrepreneurial spirit.
Wherever you go and whatever you do, your businesses are at the heart of our economy globally and at home.
While we can’t predict the future, we can watch in awe, and wait anxiously for what comes next.