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Young: Adjusting to the changing entrepreneurial world
This week, I feel less a columnist and more as a reporter because I can’t wait to share with you some research concerning the changing face of the entrepreneurial world.
As that world evolves over the next 10 years and beyond, successful entrepreneurs will be far more reliant on technology than their current counterparts.
They will be more connected in a mobile world; market to customers in ways only imagined today and blur the lines between our virtual and physical worlds.
A U.S. study donein 2007 that I recently came across really made me sit up and take notice of how technology will propel and transform the entrepreneurial and small business sector in our world.
It appears there will be three key milestones to embrace—a changing façade, a dramatic rise of personal business and a dramatic emergence of entrepreneurship education. I would like to share some of the interesting items I pulled from this study that I think offer much cause for thought heading into our entrepreneurial future.
Over the next decade, entrepreneurs will be far more diverse than their predecessors in age, origin and gender.
These shifts in ownership will create new unforeseen opportunities for many, and will change the face of our nation and even the global economy.
A new breed of entrepreneur will emerge. Entrepreneurs will no longer come predominantly from the middle of the age spectrum, but instead from the edges.
People nearing retirement and their own children just entering the job market will spark the most entrepreneurial generation ever.
Here is an interesting item that, frankly, doesn’t really surprise me at all—entrepreneurship will reflect an upswing among women.
The so-called glass ceiling that has limited women’s corporate career paths will send more women to the small business sector.
I, for one, rejoice in this aspect as nationally, our statistics have, for a number of years highlighted women successes in business start-ups and longevity track.
I found this projection quite informative as I am currently interacting with three immigrant entrepreneurs over the past month that have moved to the Okanagan.
Immigrant entrepreneurs will help drive a new wave of globalization as there are those thought.
Already, this new category of Canadian entrepreneur are the fastest-growing segment of small business ownership today.
Immigrants are increasingly turning to entrepreneurship to steer around traditional barriers of entry to the workplace.
Although they bring education, professional experience and a developed network to their adopted Canadian landscape, often their professional assets do not always translate into value across cultural boundaries.
But immigrant entrepreneurs frequently have contacts in their native countries as well as Canada.
This provides them with the opportunity to create entrepreneurial ventures that link markets.
In his book “The World Is Flat,” author Thomas Friedman claims we’ve entered a new phase of globalization in that we are well into a newfound power of individuals to collaborate and compete globally.
With cross-border skills and contacts, Friedman says immigrants with small businesses are leveraging the connective technologies to exploit links across the globe.
As well, whether out of need or personal fulfillment, baby boomers will be healthy and productive enough to participate in the workforce well past traditional retirement ages.
Most will not want to work in traditional jobs.
They will look for more flexible and part-time work arrangements.
They will zero in on personal ventures and at times boomerang back to their previous employers as contractors or consultants.
They will join firms aimed at social issues and build on hobbies that may evolve into entrepreneurial new ventures.
And there will be, I’m sure, a tasting of what we might call “accidental” entrepreneurs, those folks that leave closing factories and mills and are left with two choices—leave or start a personal business venture.
Often these workers may turn to contract work but, if there is not a market for their acquired skills, they invariably may turn to the world of entrepreneurship.
In the near future, I plan to present a workshop to a handful of such people where I will have the privilege of presenting the self-employment option.
The demographics of entrepreneurship ownership are rapidly changing.
Small businesses were traditionally started by non-corporate, middle-aged, white males.
This dramatic change in the face of the entrepreneurial landscape.
I predict it will undoubtedly become a boon to our socio-economic existence.
I hope to be around to enjoy it as I’m sure you do to.