A small business boom

Lots of industry predictions (like this for e-learning) coming out are linked to the recession, but perhaps the best predictions are those focused on demographics, because we know that almost all 20 year-olds today will be 30 in ten years. It’s hard to refute those numbers.

Judy Martin made 7 Work Life Culture Predictions this month which had me going down several Internet rabbit holes following the links. I found out that I’m part of Generation Jones or may be labeled a Cusper (b. 1959). The prediction that I found most interesting and pertinent to my work was #4:

In response to rising unemployment and battered stocks a flood of risk takers will emerge as entrepreneurs. Although the economic climate is not ripe for taking chances, people will be working harder and longer because their retirement funds have dwindled down to nothing. In the face of adversity, we might see more small home based businesses and entrepreneurs emerging from the retirement pool as getting a job after 60 can prove difficult.

I went out on my own 6 years ago, at the age of 44. At that time the economy was supposed to be doing well, but there were not a lot of jobs for my experience and skills. The incumbent boomers were not even considering retirement and I was considered too old for other jobs. Now with layoffs in several sectors, many of my age cohort will have to consider alternatives for work. This may have a significant impact on the workforce because we are the bump in the baby boom, with more of us born than in any other year.

Last year I presented Marketing Yourself as a Free-agent on the Internet and I think that this may become very important for my age cohort. We have many productive years ahead of us but we’re not overly employable, unless we get lucky. The good news is that it’s getting easier to network and learn from others with the Internet. The bad news is that competition is heating up.

I agree that we will probably see more people of my generation starting businesses or taking other risks as they realise that their savings have been reduced and that job prospects are dim. This has more potential to rejuvenate the economy and our society than creating jobs could. The self-employed by necessity are more tuned to their environment and many will now have the additional time once wasted on commuting, useless meetings and waiting for others to make decisions. This could be the change we need as a generation wakes up.

Photo by Matt McGee