I have been a little remiss in writing my blog in the last few days. You see, I have been thinking of the economy. I wanted to say something about the economy and how it might affect next year.
I didn’t quite know what to say, exactly.
We all know the economy is … well … difficult. At best. In fact, we all know next year is not looking particularly good. I am expecting more of the same. I am worried about another financial crisis like 2008 – a serious possibility. So I started to think instead of how we are going to recover from the current bad economy – for surely we will.
Most people walking around Main Street don’t even notice what is going on underneath the surface of daily life. It is a slow quiet rumble that only exists in a confined area. It consists of a handful of two year old companies, some mind-bending technology floating around and a crowd of very bright people who are building their own companies.
This quietly growing part of our economy is how we will launch into the next period of prosperity – a recovery that will make the 1990’s popularization of the Internet and digital technology look tame. It’s just starting to cook in the entrepreneurial community today, but this time, it is very different from the entrepreneur-explosion in the ’90s. For one thing, the entrepreneurs are not all young. They range from 20-ish to the-new-70. You have the brilliant young visionaries and the brilliant experienced visionaries (who have been there done that with the vision thing). The combination results in much more viable business models than I have seen yet from startups.
I am really looking forward to the next few years because of what I am seeing in the planning stages, today.
Another difference is the ability to create new technology at a reasonable cost.
However, the best part is the prevalence of willingness to forgo the venture capital path by starting modestly and building upon successes. This is how very strong companies start. Of course, everyone wants $50 million if it’s offered, but there is a realization that may not be the best way to build a successful enterprise.
I think the long periods of mass unemployment have helped to change our entrepreneurial culture from the cocktail napkin business plan, Aeron chairs and Frank Gehry buildings of the 1990s to careful planning and thrifty ways. I think today’s entrepreneur looked at the employment opportunities available and decided to set out to pioneer a new career as an entrepreneur. Bravo.