Future Technology and Small Business

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Knowing what technology will shape Small Biz growth in 10 years will better help you plan for the future. That is why Intuit and the Institute for the Future out ten years forecast at how technology will affect small business and how the business will change society and economy. Their research was published in the three-part series called “Intuit Future of Small Business Report.”

In early 2007, they released the first installment based on the demographics and business development. They found three Emerging Trends affect the way business will be conducted in 2017.

1. New and Diverse Entrepreneurs. Mixed groups will be the main source of entrepreneurs. There will be more women, immigrants, younger and older age groups than before.

2. More One person company. More companies will be made by one person without employees due to changes in traditional industries and the rise of technology.

3. The increase in entrepreneur training. The success of small businesses will increase due to entrepreneur classes will be high school curriculum.

The second installment, released in June 2007, focusing on technology development and small establishments. Those three emerging technology trends that will influence trade in 2017.

1. Connectivity. Small businesses will use networks, mobile devices, tracking devises and digital infrastructure for greater flexibility in when, where and how business is conducted.

2. Cheap and easy Web Services. The faster and easier to use the internet increases small entrepreneural presence and enhanced connectivity. Intelligent devises makes communication with the public.

3. Wireless Marketing. The most important factor that influences customer purchasing decisions will be marketing on cell phones, mobile devices and cars. Customers will be able to reach relevant information any company from anywhere and anytime they need it.

third installment, released in February 2008, confirmed two previous reports predicted. Small entrepreneurs will find it easier to compete with large companies

1. Collaboration. More likely for the small business niche, especially artists and skilled workers to compete for social network and the Internet.

2. More Small Business Opportunities. Small business will have the same access to goods, resources and infrastructure capacity that only larger companies have had in the past.

3. Small Operation Globalization. Because of technology, smaller companies will find it easier to connect the world. Giving smaller projects opportunities to new markets.

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