Stewart Borie, a entrepreneurial management consultant and colleague of mine, posed a question on LinkedIn and my answer is below. His question reads:
What is the trend in entreprenership? Will it explode or will it stay level?
I have been an Entrepreneur and Advisor for over two decades, with a passion for Entrepreneurship and an MBA from Wharton in Entrepreneurial Management. I believe there is the potential for a "perfect storm" of Entrepreneurship in the coming decade. The recession, coupled with an aging population with little savings, a new generation of social networking and new generations of technology enhancing the “flattening" of the world and business, emerging economies such as China and India; all point to a new frontier of entrepreneurship, with waves of new entrepreneurs emerging of all ages. Is it coming? Where will it come from? What will it look like?
His original question can be found here:
And here is my answer...
Stewart, I do agree with you that a perfect storm COULD be created. The trends do seem to be going in that direction. And, while the last comment about "consultants drowning people" may be a bit overly pessimistic, the other comment about the percentage of failures and stiff competition is quite accurate.
What I feel we need to remember as we look to the future is the larger cycles that we are experiencing on earth. Check out the DVD called The Great Year, as it talks about the 24,000 year cycles on this planet.
We are, according to the ancient sages and current wise people, on an upward cycle in general. However, what they also say is that we are just out of one of the lower periods.
So, we have a long way to go before our entire planetary consciousness is made up of largely good people helping one another. The entrepreneurial spirit that can and does help people is what I am working to support. Those that see a need and set up a system to fulfill that need can succeed, especially when their deepest motive is to truly be of service, to LOVE others and receive thanks in doing so.
I do believe that you are right, Stewart, there will be an upward growth in entrepreneurial business ATTEMPTS. The main question is, are these entrepreneurs aware of their need to get as much support as possible to beat the odds and approach their market with strength.
And, as we know, there is strength in numbers. As Keith Ferrazzi says, you need a team, a few people who you can trust completely and who "have your back," and you need a network of advisors who you meet with regularly. You don't want to go it alone. In fact, it's almost impossible to succeed by yourself. Micro enterprises do have advantages over big businesses that allow them to change faster.
And, certainly we are experiencing a LOT of changes, faster than ever before, as fewer and fewer people are trusting traditional forms of advertising. Neilsen did a Global Online Consumer Survey in July of 2009 that shows that people are most likely to trust the advice of people they know, and secondarily trust the opinion of consumers who post comments online, especially negative ones.
So, relationship marketing, one-to-one advice, social media, and word of mouth marketing are going to dominate the most successful company's marketing strategy in the next decade no doubt. Any relationship based on loving service will ultimately grow the brand reputation and thus the revenue. Love conquers all... including prospective clients/customers!
I think, on the flipside, there is in general more FEAR dominant in the world consciousness as a result of the financial melting we are seeing at all levels. It is this fear that could freeze the individuals who would normally take risks and invest money and time.
So, if there is going to be an explosion in entrepreneurship that is SUCCESSFULLY creating new business growth, it will be a sign that love and not fear is dominant in the majority of people's consciousness.
And, I feel there will be a growth in social entrepreneurship, where people focus on those activities that are most in harmony with other people and the planet, recognizing the divinity within the human heart as well as in nature. Those businesses that are in line with our upward evolution in consciousness will be those that are led by and have operating principles that are also in harmony.