Web-preneurs,
social media entrepreneurs, open entrepreneurs, serial
entrepreneurs....These are just a few of the titles I have observed on Twitter, the ever popular and fast-growing
microblogging tool. The overall job market may be contracting, but the
ability for individuals to create their own brand and set up shop is
easier and more accessible than it has ever been, spawning a new
generation of micro businesses.
Broadly, there are a few macro-drivers underpinning this shift: falling cost of technology; the proliferation of free open-source applications; availability of cheaper digital data storage (cloud computing); cultural shifts in working life (at home/on-the-go/virtual); and the push by legal/political entities.
Rising levels of unemployment is also playing a key role. Some consumers are taking greater control of their lives, and those that are losing their jobs are taking the opportunity to go solo, rather than try to rejoin the employed sector. Richard Branson was recently quoted saying that these new entrepreneurs will play a significant role in taking economies through the recession. Mark Penn, author of Microtrends: The Small Forces Behind Tomorrow's Big Changes, talks about how an 'increasingly independent-minded population,' are playing a key role in creating new markets, and are able to have a major impact on society.
Social media is acting as a major catalyst for entrepreneurial activity. Adoption is growing at a pace, particularly among small businesses. In the UK, a survey of 500 small businesses by O2 found that one-fifth is using Twitter for marketing, networking and customer service, saving on costs in the process. Separate research by Michael Stelzner in the US, finds that businesses with 2-100 employees are the most experienced when it comes to social media, over one-quarter having embraced it for years.
