The Reset Economy, a term coined by GE’s CEO, Jeff Immelt, refers to the Great Recession as more than a simple business cycle correction, but a permanent, fundamental change to how markets will operate and be influenced going forward.
What would happen if a fraction of the thousands upon thousands of people downsized in the U.S. decided to start their own business?
A microbusiness where their intent was not growth, but an enterprise that chose to stay micro with under five employees.
Oh, and this wouldn't be a short-term solution either like in past recessions when people started businesses only until the economy picked up steam and then returned to full-time, regular work.
What if I told you all this is happening, but that it's so far off the radar of most policymakers, government officials and large corporations that they're not connecting the dots as to how a shift of this magnitude will change the currency of labor.
A light bulb went off for me after reading Dawn Rivers Baker's excellent white paper Microbusiness and the Human Economy (2009), reminding me of the challenge my Purchasing partner and I had with our company's policy over a decade ago. Somewhat radical at the time, we did manage to introduce micro-suppliers into our operations for three of the five reasons that Dawn writes about in her research report (adding value, creativity, and frugality):
- Adding value
Dawn, a previous guest on Coach for Innovation, joins me again this Sunday, February 28 at 6pm (PST) for another insightful discussion about microbusiness developments and trends. She'll share highlights of recent research studies conducted by the Microbusiness Research Institute, which she heads, in pushing policy boundaries and chiseling away at walls in Washington on what could impact big business as much as it would microbusinesses.
Join us this Sunday. We'll be taking your calls and chat questions, but if you can't make it live the recording will be available for download.