In a small business the owner plays a dual role – one role of a ‘thinker’ who frames strategies and plans innovation and the other role of a ‘doer’ who does implementation. This is the biggest advantage in running of a small business. It is free from any sort of red tapeism.
Many people believe small businesses are the best route to economic recovery.
Let us examine why it is so.
Going through data and statistics of Fortune 500 companies, you will be shocked to learn that they have collectively made seven million jobs redundant in the last 20 years, while the overall economy provided 35 million new jobs in the same period. Who created all these new jobs? The answer is – all those small business entrepreneurs who started on very small scale and some of them gathered momentum and grew larger.
The data is a pointer to people’s belief that small businesses could be the key to revival of economy.
In solo businesses, planning and implementation is done by the same people. With growth of the business, they employ more people and the founder’s role changes and gets evolved with growth of the business.
During economic upheaval, professionals who lose their jobs think of starting a new career path, being their own boss, an independent consultant or entrepreneur of a small business. You will find hundreds and thousands of such professionals who successfully developed small business of their choice and succeeded in a big way.
Although some of them fail in very short period, past history tells us that many inventions and innovations in products and services took place in times of economic uncertainty, financial crunch and market instability. These upheavals led to recovery and consolidation.
This proves the saying “Necessity is the mother of invention”.
A surge of innovations takes place when talented and determined people, after being removed from their jobs where they had been already feeling suffocated and saw no promising professional future, shift their paradigm, develop innovative mindset and look for new ways and means to survive, grow and clinch victory for themselves. These people feel breaking their self created boundaries to experience freedom of decision making, setting their own goals and being solely responsible for achieving them.
For such ambitious and determined people, small business is the best route not only for economic recovery but also for economic independence.
No need to get worried over loss of job. Think differently. Think of becoming your own boss!