Small Business, Big Data, Entrepreneurs and Tech Will Reign in 2014
10 Business Trends to Watch for in the Coming Year
DENVER, Nov. 19, 2013 /PRNewswire/ -- As 2013 draws to a close, five professors with the Daniels College of Business at the University of Denver say small business, big data, entrepreneurship and tech will boom in 2014. Spurred by growth in these four sectors, 2014 is the year that the U.S.'s economic engine surges forward and fully rebounds from the past recession.
Ten 2014 Trends to Watch:
- Big Data: "As more businesses use 'Big Data' to boost profits, track trends and grow, the influx of analytics and 'Big Data' will just become 'Data.' Massive data sets will become common data that more businesses use to propel growth and integrate within everyday operations." — Andrew Urbaczewski, PhD, Chair and associate professor of the Department of Business Information and Analytics
- STEM Act Propels Tech Boom: "The tech sector will dramatically expand as the United States eases immigrant visas because of the STEM Act. These new tech-focused workers will propel the growth and dominance of the United States technology market." – Jack Strauss, PhD, Miller Chair of Applied Economics
- Small Businesses Expand: "Small business will recover as consumer demand increases, banks begin to lend again and housing rebounds, allowing small business to grow, flourish and expand in the coming year." –Jack Strauss, PhD
- Affordable Analytics: "Business analytics will become more affordable, with on-demand cloud based services allowing small businesses to spend less money because they don't need the capital investment of technology, server space, licenses and hardware that formerly only wealthier companies could afford." — Andrew Urbaczewski, PhD
- Smarter Data: "As data becomes more readily available, usable and understandable, local governments will utilize existing data sets to make smarter decisions. Cities will utilize crime reports, school information and housing prices to make wiser decisions and more efficient investments. This intelligent data will mean more government efficacy and smarter consumers." — Andrew Urbaczewski, PhD
- Regional Housing and Jobs Rebound: "Housing prices and job growth in the Pacific Northwest, Great Plains and Rocky Mountain West will continue to rebound at a faster rate than other regions. Long-term housing interest rates will remain low and lending will gradually ease as these geographic areas continue to more generate jobs than the Midwest or Great Lakes area." –Jack Strauss, PhD
- Entrepreneurs Reign: "In every city, region and workplace entrepreneurs will grow, providing new fuel to the U.S. economic engine. In the past, when you graduated college, you paid your dues by waiting tables. Now, you start a company." –Stephen Miller, Senior director of entrepreneurship
- Online Security Prospers: "Start-ups and small businesses focusing on protecting mobile online identity and financial information are the wave of the future. Some of the biggest start-ups to watch in 2014 will be online security companies." –Stephen Miller
- Workplace Bullying: "With companies more focused on the bottom line, managers will place a higher premium on preventing workplace bullying because it impacts the bottom line. Otherwise, you stand to lose some of your best and most creative employees." – Robert Giacalone, PhD, Bill Daniels Chair in Business Ethics
- Millennials Spur Innovation: "As more millennials enter the workplace, their creativity and collaborative approach will change traditional workspaces. A recent poll reported that 70% of the American workforce is disengaged, costing companies billions of dollars in lost productivity. Millennials will demand that companies create flexible work environments and talent." – Barbara Jackson, PhD, Director of the Burns School of Real Estate and Construction Management
SOURCE University of Denver
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