Is It Time To Be Your Own Boss?

The number of people working for themselves has increased in recent years, as more of us make the decision to start a business. Being your own boss has never been so popular as entrepreneurs are in favour all around the world. Many reasons are given for the change but three are worth considering: changing markets, changing society and a changing population.

Changing Markets

Markets are changing as manufacturing yields to an exploding service sector, which makes it easier to start a business.

The sector now accounts for the bulk of the economy and jobs have soared at a time when others have dwindled and disappeared.

The changes have prompted an explosion in the number of small businesses, as costs tumble and customers prize personal service and speed of response.

The service sector offers fertile ground for new companies, as they thrive without steep overheads or huge numbers of employees.

Traditional mass markets are also ceding ground to small niche markets where customers expect exclusivity and are prepared to pay premium prices.

Specialised markets tailored to specific tastes are a mounting trend in the post-recession, technology-driven, digital economy and often more ably served by an engaged entrepreneur.

Similarly, customers are willing to pay for experiences and events that offer a sense of meaning, as they tire of accumulating ever more material goods.

In this context, specialised markets are fashioned and small businesses well placed to serve them, as large companies don’t always see the merit of such openings or opportunities.

Changing Society

Society is changing too as people find it difficult to get jobs and therefore start their own business, not least because entrepreneurship has gained in creditability and is seen as an acceptable and attractive lifestyle.

People are also questioning the traditional way of doing business and less likely to buy from large companies or brands just because they have done so in the past.

There is an appetite for change as customers search for a sense of purpose, which steers them to spend money on items that reflect their personal beliefs and values.

Many large organisations and institutions are under immense pressure to adapt and change, as people feel betrayed by their past behaviours and wrongdoings.

A shift in values and a loss of trust in the status quo coupled with the clout of technology is inspiring people to write their own story and be their own boss.

Changing Population

Population trends are changing as men and women work long past retirement age to stay active and supplement their income.

Older people are choosing to work for themselves, as a way to use their experience to do something fun and financially rewarding in their later years.

The birth rate too is having an effect, as childcare costs climb and women and men tussle to balance work and family.

SO, changing markets, changes in society and a changing population are causing change and people are responding by becoming their own boss.