There is a trend in business start-ups; it seems that most of them are service businesses. In the past two years, I have had only one new start-up client that actually made a product that can be held and felt.
I participated in a strategy meeting today; the topic was education for current and future business owners. One of the participants said that there are a lot of young people that are looking to start their own business. It was also mentioned that many of these young people don’t know what kind of a business to start. The rest of the meeting was focused on the basic curriculum: marketing, management, accounting, human resources etc. No one picked up on the fact that not all future business owners know what kind of business to start, nor was there any discussion on how they can make a “new business selection” decision.
Late this afternoon I participated in another discussion on general business conditions in the United States. Today’s main topic of conversation was centered on clothes and the fact that there are virtually no clothes made in our country. The consensus was that unless we start “making things” in the United States, we will lose our place as the “economic power” in the world.
Technology is in the forefront of new business start-ups; unfortunately, not everyone can invent a “facebook” or a “must have video game” that will make them millionaires. Somewhere the mentality of new aspiring business owners is leaning towards service businesses and, in my experience, it’s not just limited to young people. Our economy is also forcing older people to start a business due to a lack of jobs.
As business consultants, educators, or any other field that can influence the direction of our future businesses, we have an obligation to teach basic economics of “making things”. This point can be emphasized if you belong to a networking group. How many of your members are making a product here in your community?
Our government will eventually run out of money and the 47% of our population who is receiving some form of government subsidy (that’s the latest figure I heard) will be left “high and dry”.
Not only does our country need to go back and become the leader in “making things”, but I believe that there are many business opportunities with substantial growth and profit for those that take the lead in that direction.
Making things may be the new “hot trend”. Don’t procrastinate, be among the first to lead the charge…
Nick J. Petra CFP business coach and mentor. Sign up today at www.onebizcentral.com