To see a slideshow of this year's influencers, click here.
In our first-annual look at the nation’s top 25 influencers, we name the individuals, groups and trends we believe will have a substantial impact on business owners in the coming year. In our view, no entries here are merely interesting for you to know about. They are essential—the forces you must take into account now so your business can reach full strength.
Naturally, some of the topics overlap. One could argue, for instance, that consumers’ trust in the products they buy—or lack of it—is one reason more of them want to purchase from socially responsible companies. Or, to take another pairing, it’s easy to see how a look at the mortgage debacle and its effects leads to questions about what Federal Reserve Chairman Ben Bernanke can do to bolster the economy.
As you survey our choices, you may think, "Why is this here? And where’s (fill in the blank with your favorite person or trend)?" These are our picks. We know you might have others. No matter how we debate the nuances, we believe it will pay off for you to know about these influencers in 2008.
Steve Jobs
Steve Jobs dropped the price of his fabled iPhone by $200 just a couple months after it went on sale. When hundreds of peeved early buyers wrote to complain, Jobs admitted they needed to be treated better and offered them a $100 credit toward another Apple product. That’s what we call intelligent marketing to win back consumer trust. Entrepreneurs can learn from the Apple CEO because he makes smart choices. "What makes Apple different is [that] marketing leads the effort and doesn’t follow it," says technology analyst Rob Enderle of Enderle Group. "Most companies develop a product and then think about how to sell the darn thing. Apple thinks of that upfront, and that is why their offerings typically capture more excitement."
The 2008 Elections
The Entrepreneurs’ Organization surveyed its U.S. members about the presidential elections. Nearly 50 percent of them ranked the contest important or very important. The survey found that affordable health care is at the top of their wish lists, but it’s just one key item among many in this presidential race. "Everybody’s concerned about the economy," says Alan Carsrud, executive director of the Global Entrepreneurship Center at Florida International University. But the presidential election isn’t the only one to watch. What happens in Congress and the state legislatures can have just as much of an impact on your business.
Climate Change
The world’s top climate scientists warned in a 2007 United Nations report that global warming is real. The consequences for entrepreneurs could be significant, especially for those who manufacture goods or produce services that lead to higher emissions of carbon dioxide and other heat-trapping gases. "There’s a very large push that was not there even six months ago for congressional legislation [in this arena]," says William Moomaw, professor of international environmental policy at Tufts University. Moomaw, part of the Intergovernmental Panel on Climate Change, which won the Nobel Peace Prize last year, says consumers will be looking more closely at "carbon content"—how much carbon was produced to create and transport a product. That means opportunities for entrepreneurs who improve their systems accordingly.
China
Expect to see more Chinese investment in the U.S. in the coming year, says David Parsley, professor at the Vanderbilt Owen Graduate School of Management. Parsley, an international finance expert, says that since the Chinese currency has appreciated against the dollar, the Chinese have increased buying power. Chinese investors are buying U.S. companies, manufacturing facilities and service institutions. He also sees opportunities in tourism, as the U.S. is becoming a cheaper place to visit.
Declining Dollar
If you think of currency values as a seesaw, the euro and the British pound are the lucky kids who’ve been flying high while the dollar scrapes the ground. In 2007, the dollar sank about 10 percent on average against other major currencies. Should that trend continue through 2008, many entrepreneurs will feel it because imports will be more expensive, says Nate Parmelee, senior analyst in international investing with The Motley Fool. "Service businesses should be able to avoid some of the direct hit from a weaker dollar," Parmelee says. Who benefits? U.S. exporters—and creative businesses with websites that attract foreign customers.
