Top Trends Affecting Small Business

Rhonda Abrams at Gannett News Service:

The Institute for the Future, a research company based in Palo Alto, Calif., invited me and a handful of other small-business experts to predict trends affecting small business for the next five years or so.

I thought I’d share the findings of the experts, predicting the top trends you can expect affecting small business and small-business growth.

1. Retirement businesses: Millions of baby boomers will soon retire. Most boomers are still too energetic and engaged to just golf or garden. Others need income but can’t find jobs. Boomer retirees will start businesses in record numbers.

2. Continuing rapid pace of change: Change — rapid change — is now a business constant. One participant in our future-predicting panel referred to this as “permanent whitewater” — the world around us is always swirling.

3. Rising health-care costs: Health care will continue to be an ever-increasing expense, rising disproportionately to other costs. This will dampen both individual business growth and new business formation.

4. Entrepreneurship education: Look for younger and better business owners in the years to come. Students are flocking to entrepreneurship classes and programs in college, and teaching kids how to run businesses starts as early as elementary school.

5. Immigrant entrepreneurs: Immigrants have always been a tremendous force for creating new businesses in the U.S., and their numbers will keep expanding. These businesses will be in all industries and level of complexity — not just the corner store or the new computer company.

6. Reluctant entrepreneurs: Finally, as jobs in large corporations continue to be eliminated or sent offshore, many people who would rather have a job will be forced to start businesses just to survive.

Photo by Telstar.

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