What is the future for small business?

You are ready to grow your own business. But have you given any thought to what the future holds for small businesses? Taking a step into the unknown can be a daunting challenge. If you are ready to seize the opportunity, the possibilities are wide open.

There are some entrepreneurs who worry about the cost of setting up their business. I see the cost of starting and running a small business declining. Smaller, lighter and smarter systems, components, and manufacturing methods are being developed.

Should we fear that intelligent machines will replace people to do much of the work? On the positive side of the equation, people in partnership with those machines will be able to do more work. What will happen to workers who become redundant? What happens to the companies that depend on the purchasing power of those workers?

It is forecast that the playing field between large and small businesses will be more level. Often it will be more collaborative. For more effective competition, they both will rely on each other’s capabilities.

The global marketplace will be more interconnected. It is true that the world is growing smaller. Small businesses will find new opportunities in specialized product and service niches. They will be able to meet customized demands of their customers. Technology-enabled networks and marketplaces will better at deploying talent than traditional companies.

What will the future of education be? On-demand learning is set to outperform traditional learning institutes. They will be vital in keeping skills up to date.

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