I had the pleasure of spending the day yesterday at the Institute for the Future in Palo Alto, CA, participating with a diverse group of people who care deeply about small business. Our participation is part of a project they are working on to try and forecast the future of small business in the US over the next ten years. I look forward to sharing the results of this project sometime in the near future. In the interim, I would welcome your thoughts on trends that will be shaping small business and what the future of small business looks like to you.
By the way, one of the participants in this discussion was Anita Campbell, one of my favorite bloggers. She hosts Carnival of the Capitalists at one of her blogs, Selling to Small Business. It was a highlight of this trip that I finally got to meet Anita in person. We have commented on each others’ blogs, e-mailed, and talked on the phone. But, even in the world of the wired, there is still something special about meeting face-to-face, shaking hands, and having an old fashioned conversation.
Dr Jeff Cornwall
Co-founder of The Entrepreneurial Mind, serial entrepreneur and professor of entrepreneurship.
I think that the future of small businesses looks bright, espcially in the professional services sector. Factors that forecast a bright future for small businesses include:
-more people are becoming educated
-more emphasis on entrepreneurialship in schools
-economy becoming a global one providing more opportunities for businesses
-small businesses that specialize in professional services can provide individualized services to clients whereas large corporations find it difficult provide special attention to each client
-Inexpensive technology costs
These are just some of the factors that provide a bright future for small businesses.
Jeff,
I am very excited about small business. I find it interesting that in the mortgage industry, 70% of the nations mortgage loans are originated by small mortgage brokers.
The “big box” business has it’s place in things that could be called commodities.
However, in service industries, the small business person has all the cards.
I believe that people are silently begging to be lead. The small business person in the only one equipped to do that!
Of course trust is a required ingredient.
It’s all about customer service, word of mouth/affiliate marketing, and blogging to serve your audience with the latest content available to serve…that is the future! Everyone wants information and while they are getting the daily dose, they might buy your product or service as well. Blogging also generates trust, relationship with the brand.
I look forward to reading more of your articles. I am networking with women entreprenuers and trying to connect, if you know any, please send them my way. Best wishes, Kelly
There are several resources to help small business owners with scenario planning, including SCORE, state and federal resources, and consultants.
Evethough i agree with Vin Phan’s comments,which small businesses has more access to many issues than before, i firmly believe the real question is “Who will win the race in the long run, small business or big companies?” Because although small businesses has some advantages or access to many things they need to operate, the most important thing is competition is harder than ever. So will they able to survive againest big players in the market conditions? Especially in some specific sectors mainly existing under the category of “service”, their chance is higher. In these areas, some tailor-made solutions are required for customer needs and small businesses may answer customer needs with higher manoeuvrability.