If there’s one word I would use to describe the next decade, it’s “opportunity.”
Look around the world and you recognize how fortunate we are to live in a region that provides so much opportunity. Coupled with the pending retirement of the massive baby boomer generation, the opportunities in the next decade will be generational.
What I mean by opportunity is not just the opportunity to build and grow businesses, but the opportunity to contribute to a vibrant society in a meaningful way.
Technology, of course, will continue to dramatically change our lives. That means tremendous opportunities for businesses. For example, look at how smart technology has revolutionized the auto industry over the past 10 years, and it’s just getting started. I can’t wait to see how artificial intelligence and virtual reality are going to transform cars over the next 10 years.
Now think of the tech-based applications that didn’t even exist 10 years ago. Like Instagram, Siri and Alexa. How many more of those will there be in the next 10 years and what will they be able to perform?
At the same time, technology also poses threats to businesses that are either complacent or slow to act. Think of how Blockbuster arrived too late to the streaming party, which led to its demise. Or how Nokia and BlackBerry went from greatly admired to largely forgotten in just a few years. Numerous less visible examples exist in the private sector.
And it’s not just technological changes that will impact us. It’s social, political, economic and environmental changes as well. Now, more than ever, businesses need to be energized, strategic, monitoring these factors, anticipating likely changes and acting to capitalize on opportunities and mitigate threats.
Another major change we’ll see in the next 10 years will be in the ownership of small to medium-sized businesses. Many entrepreneurs, who have worked so hard to expand their businesses over the past 20 to 30 years, will want to transition into new life roles, yet at the same time perpetuate those businesses.
For those looking to sell, they won’t be seeking buyers who see business as a spreadsheet exercise, squeezing here and cutting there to make the numbers look good. They’ll be looking for buyers who will honour their legacy, build on the foundation they’ve established and fulfil the potential of their dream. That ambition provides a great opportunity for the emerging generation of entrepreneurs.
As a society, it’s important that we build real businesses that create real value and that endure.
Sure, the next decade will bring with it many changes and challenges. But we shouldn’t let those challenges blind us to the opportunities.
Matthew Lewis is president of Braidy Corp.
