A small business is considered to be any company that employs less than 100 people. Today, in the U.S., small businesses employ over half of the country's workforce. Many people think that industrial giants are the most important factor in driving the economy, but small businesses are actually on top. Without small businesses, where would half of the country work?
Small business in America has been the stabilizing force in the economy. Entrepreneurs are the backbone of creativity and production. Small business is what stimulates economic growth. With over 60 percent of all private sector jobs coming from small business, it is a proven fact that small businesses are critical to the economy.
Looking into the future, here's a look at five trends, according to Laurel Delaney, a world-renowned global small business expert, that are reshaping a very bright future for small businesses.
It’s a way to thrive in a complex and connected world. We have to accept this, master the disruptive breakthroughs as fast as possible and stay ahead by making optimum use of its capabilities for growing small businesses into global powerhouses. SMBs that are poised to come out of tough economic times on top will be those that learn how to use innovation to drive growth and productivity.
“Just like entrepreneurship is not for the weak at heart, innovation isn’t either, for it requires risk, a tolerance for failure and the ability to make a move on every brilliant idea that flies across your desk,” wrote Delaney.
Today, we need technology for continuous change and affordability. It has never been easier to test ideas quickly. For instance, mobile gadgets too will continue to get smaller and more powerful, bolstering the case that going global will be a prerequisite for long-term success.
In addition, cloud computing, the next new growth environment will play a big role for SMBs in application delivery. Someday, not too far off in the future, customers anywhere in the world with a mobile device will be able to text you their next big container order.
Because the economic environment is so bad, the only thing you can count on in life is yourself, so everyone will not only think about whether they have the skill set for entrepreneurship but will jump into it as a new way of life.
She wrote, “Combine that mindset with the use of innovation and technology, and a heavy dose of determination to change the world, and you’ve got the ingredients for a global entrepreneurial revolution — a force not to be reckoned with.”
According to Delaney, we will see more and more SMB owners committing themselves to sustainability strategies because they extend the efficiency and value of products and services. Improving social and environmental conditions is fast becoming the soul of a local or global SMB enterprise.
Being environmentally conscious is not only good for our well-being, it’s even better for our planet. So, we’ll see more green initiatives put into play in the future, and consumers will begin to expect it.