We start from where are today with a number of large corporations and government employing the bulk of the people and having significant influence over the economy and the pace of change. We also have a large number of small companies and not-for-profit organizations. We have seen a growth in enterprises built not just for profit but to bring about social change this trend will continue as people look for ways to solve society’s issues that fall between the boards. Young people unable to find jobs will start companies as an alternative and will be an influence on other young people to do the same. Boomers near the end of their careers and those that have been forced out of employment will also start new companies. Some will do so out of necessity and others will be following a long held dream that wasn’t possible up until now. New technologies and business models will also make it possible to start companies with fewer resources than were needed in the past.
As this trend gains momentum people will start to select smaller, entrepreneurial companies over government and larger entities as employers. They will be attracted by the ability to have some control over their lives and pursue things other than the latest quarterly earnings. They will also see themselves accomplishing things that matter as opposed to just showing up and putting in eight hours. Wealthy individuals will provide angel funding and use these entities to fund social causes that may not have been served effectively by traditional not-for-profits.
Large companies will have to fight to attract and retain talent. This won’t be easy for them and many will fail at it. Some will acquire some of these ventures in an effort to revitalize a fading product line. If they don’t do this with a true entrepreneurial spirit these acquisitons will die on the vine and the people will shift back to the entrepreneurial sector. The ones that get it will create pools of new venture within their organizations to give creative people the ability to start and grow new product lines and operations. Large companies that can do this will have a good chance to grow these into large ventures that can join the global marketplace. Others will build networks of small entities that link to their core operations providing resources and a channel for these ventures.
The vast multicultural population in North America will help to build global channels for new ventures as they link back to contacts in their countries of origin. New markets and ideas will result further strengthening the entrepreneurial society. We will find success in areas where we have world class strength and capabilities while importing goods and services where we don’t.
Financial insitutions will realize that they don’t exist for their own purposes or the need to enrich a select few. They will relearn hwo to provide services that support people and entreprises that make things or do things for people. This means a shift back to basis banking and financial services. Smart people will no longer seek the riches of financial services and instead will use their talents to build businesses that create real value.
Governments will see the benefit of offloading some of their services to entrepreneurs that can perform them more effectively and efficiently. This shift of services will reduce government expenses and let them focus on activities that can’t be effectively served by private enterprise. Society will be surprised to find that there are not as many of these exclusions as they once might have thought. Governments will also stop trying to pick winners and protecting old line businesses. They will build an environment where new enterprises will flourish. Regulation will evolve to provide boundaries that protect resources, the ecology and people while giving business room to build.
Unions will need to change with the times as well. They will need to move away from a confrontational approach that impedes progress and prices government services and businesses out of reach. Instead they will find a way to support entrepreneurs and their employees by facilitating supports that big companies and governments provided in the past such as training, pensions and health benefits. They will do this in a cooperative way that works with entrepreneurs for the benefit of everyone.
We as a society will rethink our values after the near collapse of our economies and environments. We will move from a shopping-driven culture to one that values things like people, equality and the environment. Consumers will be driven to support those organizaitons that provide this type of services. They will also demand more accountability from government for their tax dollars and make sure that politicians do more than just work on getting re-elected.
This is an example of a scenario that can be used to illustrate in a narrative form what might be. It is not a prediction but a possible outcome that can guide people and also help them to adapt in the event that the scenario becomes a reality. This particular one is slanted in an optimistic way and may be a bit broader than many scenarios would be but it is intended to give a possible view of what an entrepreneurial society could be. It is also an example of what I call tools and resources that help entrepreneurs.
Future posts will describe other tools and resources that entrepreneurs and others may find useful. I would be happy to have readers comment on these or add to them based on their own experiences. I also want to talk about trends and realities that are taking place in the world that will impact the entrepreneurial society. Finally I will tell stories that I have experienced or that I have read about and will also create other scenarios for consideration. I hope you find these posts inspirational and helpful as you consider your path in the entrepreneurial society.