An Entrepreneurial boom is right around the corner
In the world today, people are more connected than ever by the power of smartphones and the internet. We are able to communicate instantly with people all over the world, the obstacles for new businesses to enter different industries has been reduced, and every year more businesses are created. These new companies play a surprisingly important part in the progress towards full employment. Start-ups are also constantly changing and improving the ways we work and connect with one another. The need for large global behemoths has diminished, while the opportunities to become part of something new and original has only increased.
In the past, smaller companies could never truly compete with the larger companies because of the vast benefits of size that the larger companies were able to capture. Today, while those benefits are still valuable, there are many more opportunities for businesses to partner together to overcome their lack of size. Small businesses can partner with manufacturing companies across the world to create their product and then sell their products through the ever growing digital marketplace, with a handful of staff and low overhead. Smaller businesses are also significantly more nimble and better equipped to handle changes to the industry. They are constantly adapting, changing, and improving their products to better serve their customers.
Entrepreneurs aren't interested in building someone else's dream, instead they are using their passions to create new products and services - even in industries where many assumed there is little room for innovation. In the ongoing studies by the Kauffman Foundation, on the conditions that encourage or discourage the creation of new, entrepreneurial businesses around the country, Dane Stangler of Kauffman says:
“Entrepreneurship is infiltrating large portions of the U.S. economy, even in industries that do not typically see significant new business activity. Ask a banker whether she thinks we’re in an entrepreneurial slowdown, and she’ll point to the hordes of “fintech” (financial technology) startups that are picking off bits and pieces of traditional banking. Talk to folks in the automobile industry—usually associated with the opposite of entrepreneurship—and you’ll hear about the dozens of VC-backed “auto-tech” startups. Check out the “periodic tables” compiled by CB Insights in areas like insurance, payments, e-commerce, digital health, and more, and it becomes hard to avoid the conclusion that the United States is enjoying a veritable entrepreneurial revolution….”
I believe that in 10 years we will be living in a very different global economy. More of the economy will be composed of smaller and more specialized firms. Many of the jobs today will be automated while new and more flexible work options will take their place. "Work" will not disappear, but the number of "jobs" (stable, long-term employment with one firm) will have dramatically decreased. As a result, people will find themselves more responsible for managing exigencies, like health insurance and retirement planning.
Entrepreneurship is the way of the future. What dreams are you waiting to chase?
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