What’s New in Business?

More teens are considering entrepreneurship instead of working traditional jobs.

How could this change in thinking impact the marketplace?

If acted upon, competition could become fiercer. Why? Students, especially the successful students, have already started along the path towards mastering the management of time, communication, research, and thinking (critically and creatively).  Not to mention, there are organizations like ‘Junior achievement’ that are teaching students the methodology of entrepreneurship.  All of which could lead to a marketplace loaded with well-trained, better-informed, and more effective competitors.

Likely impact to small business owners

Small business owners are likely to feel the greatest impact.  They are people who have successfully offered products or services to their customers, yet they have not employed basic management concepts and management techniques to their enterprise.  The application of these concepts and techniques (along with innovation) is what distinguishes them from entrepreneurs; it is also what makes them vulnerable to aspiring entrepreneurs.  That is, new entrepreneurs – engaged in “purposeful innovation” – are likely to identify opportunities among small businesses.  (To preserve their market share, small business owners would have to first learn management prior to applying it.)

Likely impact to existing entrepreneurs

For the existing entrepreneurs, the game becomes one of strategy.  They must continuously engage in identifying and exploiting “blue oceans” to survive.  The new entrance does not pose a direct threat to their business, but it identifies the real threat – contentment.

Real Life Example

A prime example of smart kids becoming prime competitors is Jeff Bezos.  He was a smart kid.  He was valedictorian of his high school class and he graduated summa cum laude from an ivy league university.  In addition, He went on to start Amazon (a company that outperformed several small businesses around the world).

Takeaway

The time when non, slow, and low performers could start a business and hire high performers may be ending.  Slow and low performers may find themselves, again, at the back of the class unless they get in the habit of doing what they should have done long ago…worked harder!  Hard work and a willingness to do what the next person is unwilling to do or go where the next person is unwilling to go will still yield fruitful opportunities.

What do you think?  Will “smart kids” turned entrepreneurs change the world as we know it?

References

Arizona State University. (2022, March). 15 skills for college success: Is your student really ready to succeed in college? https://admission.asu.edu/parent-blog/college-life/15-skills-college-success

Drucker, P. (1985). Innovation and Entrepreneurship. HarperCollins.

Drucker, P. (1996). The Effective Executive: The Definitive Guide to Getting the Right Things Done. Harper Business.

Florida International University. (2022). Student Success Skills. https://libguides.medlib.fiu.edu/success

Junior Achievement USA. (2022). Survey: 60% of teens would prefer to start a business over having a traditional job. https://jausa.ja.org/news/press-releases/survey-60-of-teens-would-prefer-to-start-a-business-over-having-a-traditional-job

Kim, W. C., Mauborgne, R. A. (2014). Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant. Harvard Business Review Press.

Reinicke, C. (2022, March 3). 60% of teens want to launch their own businesses instead of working regular jobs. CNBC. https://www.cnbc.com/2022/03/03/60percent-of-teens-want-to-launch-businesses-instead-of-working-regular-jobs.html