Solo Pro Radio

Solo Pro Radio


Micro Business Growth | Solo Pro Radio

February 11, 2015

Jennifer Baker from the Small Business Administration in Portland Oregon shares her experience with the changing thought process around business development.

The SBA tells us that 78.5% of small businesses never hire employees--which, by definition, means they are one-person enterprises. The SBA tells us that 78.5% of small businesses never hire employees--which, by definition, means they are one-person enterprises. This trend indicates that the future will hold more and more freelancing, independent contracting, and business-to-business relationships.

The SBA projects that a majority of people entering retirement (44 years old and up) will not be able to fund their retirement and will need to create work for themselves. This adds to a trend of massive micro business growth across the country. Additionally, as larger companies lay employees off, rather than get involved in a long-term job search (3 years average) people are choosing to start up their own businesses.

Additionally, acknowledging that the internet is a major tool for micro business today, the SBA is beginning to explore assisting companies with international business trade. Unfortunately, at this time they're focusing on 'exporting' physical products rather than knowledge-based business services such as consulting or services.