Starting a small business in the new economy?
It has been a year since Wall Street crashed, leading the world into arguably the worst economic downturn in history. Yet despite the gloomy headlines we see and hear every day, there has never been a better time for people with an entrepreneurial spirit to get out there and make their mark. Why is that? The truth is that no matter how good or bad an economy is, people are always making money. Good opportunities persist in any economy because good people persist in businesses that cater to what consumers want to buy. And smart people will see that the New Economy presents a wealth of opportunities for all kinds of people who have a dream and a strong work ethic.
One of the biggest factors that makes the New Economy so ripe for small business success is the Baby Boomer generation. Millions of articles have been written about this group of people who were born between 1948 and 1964, and for good reason. There are a lot of them, which translates to a lot of money spent each year by this group. As they have aged, their needs and wants have changed, opening up new markets for small businesses to give them what they want. Smart entrepreneurs starting a small business will position themselves in front of this huge group of consumers and capitalize handsomely by providing their customers with exactly what they want.
Another key ingredient that makes the New Economy a hotbed of new small business opportunities is the shift in the workforce from an employee mindset to an entrepreneurial mindset. Unwilling to follow in their parents’ footsteps, members of Generations X and Y are saying no to the cubicle and saying yes to their own small businesses where they run the show and call the shots. Because the New Economy is a welcoming place to do this, more and more people are choosing to start their own small business rather than go to work for a large corporation.
Marketing futurist Faith Popcorn predicted more than a decade ago that one of the biggest future trends would involve questioning and rejecting the pillars of society in an attempt to regain control of individual choice and direction. That trend has never been more apparent than in the New Economy, with more and more people throwing off the shackles of corporate America in pursuit of their dreams. Small businesses evolve from these dreams, creating abundance and opportunity for more people than ever before.
Starting a small business in the New Economy is not only wise, but essential for long-term financial stability, personal fulfillment, and self-control. The world is changing and changing rapidly, and many experts now agree that the next phase of mainstream business will be large numbers of people starting their own small businesses. The direction a person chooses to go will depend on a number of factors, including but not limited to the individual’s personal tastes, passions, and vision. But making sure your new small business meets the needs of today’s consumers and positions itself against mass consumer trends will go a long way for entrepreneurs in the New Economy.