The small business economy is changing. There is no denying it. In order to get a better understanding of these changes, Emergent Research and Intuit partnered together on a series of reports on the small business ecosystem.
The initial report is entitled “Small Business Success in the Cloud” and describes the impact of cloud technology as it is progressively adapted by more and more small businesses. Additionally, the report calls out the following trends:
Socio-economic uncertainty: Demographic, economic and social shifts are leading to fewer “good jobs” and increasing job insecurity, pushing more people to consider self-employment or small business ownership.
Technology: new infrastructure is enabling new business models, making it easier to reach and serve niche markets and fundamentally changing cost structures.
Platforms and Marketplaces: The growing number and growing use of marketplaces are enabling new forms of small business and allowing many more people to start full and part-time small businesses.
Customer Needs: Consumers are now more interested in supporting local businesses as well as buying unique and/or customized products.
These shifts are touching everyone at all points in the economy. It is a time of both great anxiety and great opportunity. There is both less security and more freedom.
In this new landscape, many people are re-imagining the idea of small businesses to create new, innovative models that work for their needs. The result is something we call The New Entrepreneurial Mindset.