Don’t blink!… because if you do, tah-dah. The lower-income class has become the middle class. It hasn’t exactly happened yet but the line between the two is shrinking quickly. In 2011 according to pew research analysis, 51% of the nation’s household earned 2/3 to 2x the nation’s median income. In the 1970’s it was 61%. 1/4 of American workers are making less than $22,000 a year: the poverty line for a family of four.
Thirty-million Americans make between $7.25-10.00 an hour. With the transition of middle class to low income; entrepreneurial-ship is disappearing.
The dreams of new inventions & ideas are slowly fading. Why? Let me explain. Say your friend has an idea for the future, let’s go with a scale that normally you just stand on and weigh yourself but her idea is to be able to link the scale to a smart device to help people find new ways to lose weight or get fit. Great idea right? Well, how would one go about getting their idea to market. You first need a prototype. Okay but what if she’s not super techy… then she would have to find someone to be able to put that idea of hers together…that costs money. Besides the fact, if the idea became widely popular you and she would have to split the profit. Okay the prototype is built and it’s a success and works great. Wonderful, now how do you get out into the world for users to see?
Advertising costs money and Facebook can only get you so far. My point being that innovating is hard! It costs money to make money and what do you do if you start off with nothing? You take out a loan and pray that your idea takes off, and if it doesn’t you’re in debt up to your ears for years. This isn’t right. It shouldn’t have to be a make it or break it demand; you could spend your whole life savings and be left with absolutely nada. That’s why entrepreneurial-ship has gone down 50% since 1977. How do we change that? How do we find what people really need and how to get it to them? How can we take a dollar, not a million dollars and make it a dream?
All statistics from Common Dreams.org.
Ideas all my own.