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Business Strategy / Brainstorm
A Reason for Optimism
The Changing Economy
March 17, 2016 | Joe Barrick
A very interesting change may be arising from the economic chaos of the last 7 years or so in America. That being changing face of the new resurgence. When we look at the drop in the unemployment rate there is of course a sense of optimism, but is this drop truly reflective of the real situation? A hard question to quantify. Multiple studies would indicate that a large number of those displaced during the economic downturn simply stopped looking for jobs. So where did they go? The answer may be that these talented and knowledgeable former mid-level executives are now helping to create a new economy!
It is a fact that small and mid-size companies create and maintain the largest percentage of employed persons in this country. These companies have always been the backbone of the economy. But for many of those owners those options were taken away during the downturn. The result is that a much larger percentage of small companies have fewer employees, in many cases only one or two. With technology allowing for more productivity and market expansion, the new boom may come from the highly talented Americans who did what Americans have always done…. create their own income and create their own success.
The optimism comes because, like all companies, they must grow. The difference is that the growth in real employment will be gradual yet more solid over the next 3 to 5 years as a the natural course of action takes off from this new, and in some cases, forced beginnings.
Other such optimistic indicators are seen in areas such as the age and make-up of the countries CEO’s. The average age of the CEO’s of the Fortune 500 has gradually dropped over the last 15 years into the mid-fifties. In looking at the average age of the CEO’s within the INC 4000 the average age drops another 15 years. So perhaps in 5 years we will look back and determine, that although painful at many levels, this correction helped change the landscape of American business to reflect the realities of a changing economy and the way we think and react in a faster moving world.
So be optimistic. America is beginning an economic era of young thinkers as well as a more self-reliant and experienced business owner.