On an International spectrum Americans are known as the creatures who run to fro latte in one hand, smartphone in the other tweeting their way to their next big break. The culture of American business has changed over the past decade due to changes in our every day subculture. We now live in an environment where the small business owner can now become a millionaire without having to dish out a single check for payroll.
The name 'Small Business' is actually sometimes a misnomer. The term "small" doesn't always refer to the financial fruitfulness of a company, but rather to the number of players who create the model of business success. With the increase in freelance activities and virtual assistants, business owners can keep their costs low and focus on prospecting for new clients. Media giant Forbes magazine has highlighted the increase in small business multimillionaires, citing the rising number of construction and real estate related success. Though some areas have experienced a decline in real estate revenues, construction and real estate professionals have learned to diversify their skills and focus on subtarget markets that allow their businesses to thrive. They have also caught on to the notion of cutting back on overhead by using subcontractors and 1099 employees. Other small business multimillionaires such as "Mompreneur" Bethenny Frankel have created businesses from home that have taken on a life of their own simply with the use of a laptop and a smartphone.
Are you sitting on a goldmine that hasn't reached its million dollar potential? What changes could your business make that would lead to small business success?