With our country transforming from a job economy into an entrepreneurial economy, Michael Simmons CEO and Co-Founder of Empact , guest blogs for us today on his insight on how this change will impact the world. I had the pleasure of meeting him a few years ago at a US Chamber of Commerce meeting here in Chicago. Here are his thoughts:
1. INCREASE INNOVATION by forcing corporations to invest their resources in creating the future (or catching up to it) rather than protecting the past. In many cases, competition for Fortune 500 companies may not be another Fortune 500 company. It might be an entrepreneur in a garage building a technology that could disrupt an entire industry. Corporations are now working to build entrepreneurial cultures. Furthermore, many are creating venture capital arms to invest and acquire new technologies.
2.REDUCE VIOLENCE by individuals that are are not able to find a job and make ends meet. The average age of an individual in the world is in their 20s and this is going to only go lower for awhile. Furthermore, as technology advances and the world becomes more globalized, more and more jobs are going to be automated or outsourced. At the same time, technology is going to continue to make it possible for smaller and smaller groups of people to kill more and more people. If we don't find a way to economically integrate a whole generation of young people, they may become the problem rather than the solution.
3. SOLVE UNPRECEDENTED & GLOBAL CHALLENGES such as climate change and poverty. Through technology, it is becoming easier and easier to start a new idea that will improve the world and to scale it. Entrepreneurs like Elon Musk or social entrepreneurs like Muhammad Yunus have improved and inspired the lives of millions. Perhaps the best way for people in the 21st century to make a difference is by becoming a social entrepreneur.
Bravo Michael! On a personal note, entrepreneurship has changed my life and the future of my children. It is within the journey of entrepreneurship that I have learned to become a better person, father and son. That within all my imperfection, I have a system through entrepreneurship to become a better me. It has allowed me to place the things that matter the most in my life, first...my faith, family, finances, fitness and fun.
If it can happen to a kid like me from a middle-class neighborhood in the Chicagoland area...it can easily happen to you.