In today’s world, business is much different than just a generation ago. It is no longer about creating “new industries”…it is about identifying holes in existing industries and making vast improvements to them by way of cost and efficiency. Entrepreneurs of today only need to seek out where these improvements are being made and position themselves within the cracks and crevasses to ride the momentum of change.
Technology has shifted the rules of business by democratizing entrepreneurship. Millions and millions of Americans, either out of necessity or desire, have created a profitable online business of their own in their spare time and right out of the comfort of their own home. The vast majority of these “home-preneurs” have not invented a new product or service. Instead they have created business partnerships with companies who have finally figured out that it is more profitable to compensate online marketers than it is to pay “hired gun” sales people or use celebrity endorsements. Incredible systems are set up online where the homepreneur can tell a story about their chosen partner company’s products and services to the world. Anyone can participate in this new economy.
Peter Diamandis is an ultra successful and legendary entrepreneur. He sums this concept up best in his epic best selling book entitled Bold when he uses a metaphoric example to describe how our planet used to be ruled by the dinosaurs in prehistoric times. And the little rodents that used to scurry along the ground just to avoid getting stepped on or eaten but these prehistoric monsters. However, the dinosaurs reign over the world came to an abrupt end led to a quick extinction when an asteroid came out of nowhere and changed everything. The rodents not only survived, but through the process of evolution, they thrived. Diamandis calls corporate style big businesses of today the dinosaur…and the asteroid that is coming to take them out is technology. And the rodents of modern times are the independent homepreneurs that are destined to thrive in this new age of information and technology.
Let me give you some evidence to support this idea. A recent article in Forbes Magazine discussed the prolific rise of the 1099 income tax filers, or better known as the self employed. They reported that back in the year 2,000, there were roughly 2 million tax filers who reported some sort of self employment income. By the year 2014, that number skyrocketed to more than 20 million. Many are embracing this economic shift & riding the wave while others letting the wave come crashing down on them like a tsunami.
How have you seen technology shift the rules of your business? Do think entrepreneurship is being democratized with the digital age? Share your thoughts in the comments below.