How small business owners can take advantage of technological advances

World of Business Ideas: ‘How Ideas For Tomorrow Will Impact Your Business Today’

World of Business Ideas on Innovation hosted in New York City (Image:File)
Tech Entrepreneur and Business Owner Vivek Wadhwa

So what countries will provide economic stability?

Wadhwa says, “European economies are solid, but small. So the dollar and the United States are still king. As far as I can see it will continue to be that way. Which means tying digital currency to the Dollar gives it stability.

On the question of Robotics and effects on small business in the future, the prospect can be frightening. Advances in Robotics technology will more than likely eradicate jobs across the board from the medical industry to manufacturing.

As we approach the first half of 2014, it has been cheaper to manufacture in U.S than in China. Think about it. Robots work 24 hours a day. It costs about $22,000 for a robot that can do manufacturing. All you need is electricity.

Also, drone delivery costs about as much as motorcycle delivery costs in the developing world. In other words, practically nothing. Compare that with the methods of delivery currently being used today.

So how will entrepreneurs and small business owners provide jobs that will continue to stimulate the economy? It’s no secret that despite our ongoing economic growth there are still no jobs. Stagnant job growth will ultimately lead to declining job growth. One solution being floated is reducing the work week.

Solutions about how emerging technologies will effect economies in the future could boil down to one factor. Education. But there are millions of children and not enough teachers.

Wadhwa believes we need to “Load tablets with software, get them to millions of children and sell them at cost. Let them start learning on their own because governments and teachers will not be able to fix the problem. The real solution is technology.”

The point here is as small business owners the time is now to begin looking ahead. Things that we considered science fiction is now fact. When Google first proposed self-driving cars they were laughed off. Today, Mercedes Benz is rolling out features to get self-driving technology. And we are now talking about the legal issues  How insurance might look and how jobs might be decimated.

So what should small business owners with an eye on the future look into? Ethics and E-Politics.

“The next few years ushers a future where the laws won’t make sense. We need people  writing new legal and ethical guidelines for advancing technologies,” Wadhwa says.

Are you that person or small business owner? If you are, you need to get to work.