The Industrial Age has long been relegated to the history books, and now the Technology Age is getting pretty long-in-the-tooth and is rapidly winding down.
So, what do we have to look forward to?
Well, the groundswell of information and media attention appears to point towards an Entrepreneurial Age, where a proliferation of Micro Businesses seems to be creating a lot of buzz.
What is a Micro Business?
There is no simple definition for this category of business, because most countries and many agencies within those counties all have different standards and definitions of a micro business. Depending on who you talk to, a micro business can have anywhere from 0 to 19 employees; sales under $2 million; or assets under $2 million.
In fact, there is even no agreement on how to spell the term! It appears that micro business, microbusiness, and micro-business are all the same as micro enterprise, microenterprise, and micro-enterprise.
Take your pick—but I’ll stick with “micro business” just as we all now write “small business.”
In addition, I’ll put forth my own definition of a micro business as: Any business with only a “few” employees—or none at all.
I use this definition because well over 90% of micro businesses have NO employees, while there will be others with one employee that has more revenue than a similar business with 10 employees. So I’ll stick with “Any business with only a “few” employees—or none at all..”
Is the Entrepreneurial Age a Good Thing?
There have been micro businesses around for longer than recorded history, but they have always been in the shadow of big business, governments, and big money. Now, the big businesses have left the developed nations and are concentrated in the industrial developing countries.
Big money organizations pretty much invest in each other, and various governments are floundering in disarray. That is why more and more unemployed, underemployed, and unhappily employed people are turning to the creation of micro businesses.
Various media pundits, and business “experts,” gurus, policymakers, and elitists consider all these micro businesses to be a form of self-employment and therefore should be summarily dismissed. Micro businesses are totally misunderstood by these groups.
This attitude is one of the things that so greatly contributes to the large number of failures by these smaller small businesses. They struggle all alone with little or no help from … anyone.
In spite of all the disdain by the business community and the government, one in 7 adults in the U.S. own all or part of a microbusiness. Businesses with no employees, alone contribute over $1 trillion to the GDP.
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The Entrepreneurial Age is here, and the sooner the policy-makers and business “experts” of the land understand this, the sooner we will see more and better support for these small businesses—along with a strong boost to the economy.
What Is Your Opinion?
Am I alone in believing this, or do you share the idea that we are in the early stages of an Entrepreneurial Age? Or, might this just be a temporary condition that will decline as soon as the economy gets back on track?