Publications

• 30 Second Ideas
• Accounting Updates
• Alerts
• Articles
• Business Surveys
• Construction Edge
• Healthcare Edge
• Insurance Edge
• Legal Talent
• Manufacturing Edge
• Not-for-Profit Edge
• Quick Links & Good Ideas
• SEC Edge
• Strategy Insights Blog
• Surviving the Upturn
• Tax Highlights

The Next Wave Of Entrepreneurial Opportunities

At the recent Kellogg Alumni Entrepreneur’s conference, Dean Dipak Jain provided an interesting forecast of the next wave of opportunities. While the comments were focused on business creation, we believe that they have relevance in existing businesses as well.

The forecast is based on two observed market trends. First, society continues to evolve. We are currently in the midst of what Dean Jain refers to as the “nano-second culture.” In this mode, not only does everything happen rapidly, but due to the developments in information technology, we have almost instantaneous access to information regarding the changes.

Second, the demographics of the world are changing. For the most part, the “developed economies” are aging as the birth rates have slowed. At the same time, populations in the “developing economies” are continuing to expand rapidly. Therefore, in the developed world, finding people to do work is becoming a greater and greater challenge. As a result and again, tied back to changes in information technology, anything that can be “digitized” will be, allowing jobs to go where the people are, rather than people having to go to where the jobs are.

With these trends in mind, opportunities should fall into three general areas.

1. Customer Well-Being – As the developed economies’ populations continue to age, opportunities focused on wellness should proliferate. It should be emphasized that wellness in this context relates to health care as well as “ wealth care.” Note that health care includes not only care giving, but also ideas such as healthy foods.
2. Customer Engagement - As populations ages and people decide to move off the “fast track,” opportunities will be created in the media and entertainment arenas. One of the keys to getting it right will be a focus on the customer point of view.
3. Customer Hospitality – Decisions about where to physically procure goods and services will depend increasingly on the customer experience. This involves not only traditional hospitality locations like restaurants and coffee shops, but also in retail stores. On a national basis, the Apple stores come to mind as examples of places where a great deal of thought has been given to how customers are treated as an integral part of the entire buying experience. At the other end of the “customer service” spectrum, think about the way that most airlines treat their customers. Consumers will seek out places where they feel welcome.

While the pace of change continues to accelerate, so too will the opportunities to create new businesses. Laser-like focus and available cash will be the keys to success.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.