With every improvement in technology, entrepreneurship changes to reflect the innovations and adapt to changing lifestyle needs for entrepreneurs. Business ownership is turning out to be a preferred option for many due to the flexibility that comes along with it. But what does the future hold amidst all the changes and more anticipated with the rise of the robotic revolution?
Here's what entrepreneurs and business owners anticipate will be the future trends in entrepreneurship.
#1- Costly overhead now a thing of the past
I see people less and less afraid of entrepreneurship and more inclined to make that shift. There are fewer barriers to entry these days, with the dawn of technology. A brick and mortar shop is no longer a requirement, which means creating a business is as easy as starting a Facebook page or creating a website (which many do themselves!). Costly overhead can be a thing of the past as entrepreneurs opt to do things differently – often working from home (great tax write-offs!) and utilizing technology and time to satisfy their business needs, rather than signing leases, creating or purchasing products, managing distribution, etc. Flexibility is often the driver to work for oneself and entrepreneurs are not always looking to make it big and create large companies, but are more interested in finding their niche, finding work-life balance and making enough money to keep themselves in the lifestyle they desire. And with the shift in buyers looking to align themselves with authentic brands more than just purchasing from a place of convenience, habit or cost, it's the perfect time to take a risk and start out on your own!
Thanks to Tessa May Marr, Marr Media Group!
#2- Location Independence
The future of entrepreneurship is digital nomadism, and almost any passion one has can cultivated into an online business. I myself am a testament to this, and I run a podcast that is currently interviewing one hundred other digital nomad with a focus on individuals who are bringing in seven figures. With modern technology, tools, social media, and influence, commercial space is no longer a requirement. Some noteworthy mentions include Emma Jakobi – a teacher who used YouTube to cultivate a business teaching English online, and Kiersten Rich – a travel blogger who evolved that platform into a travel-focused media company.
Thanks to Chris Reynolds, The Business Method Podcast!
#3- Limited product entrepreneurship will rise
The more products you sell, the larger your market becomes and you need to commence a widespread marketing drive for your business. Hence, instead of a big range of products, entrepreneurs will start dealing with only a few inter-related things, if not only one item. Selling a limited number of products to niche markets will greatly reduce the marketing investments. Nearly 100% marketing target can be achieved due to fewer and precisely known target audience. Niche market entrepreneurs will be able to create most accurate personalized contents and highest level customer experience which will eventually build strongest brands.
Thanks to Andrei Vasilescu, DontPayFull!
#4-The Rising Speed of Technology Adoption
The rate at which newly commercialized technologies get adopted by consumers is rising at an exponential rate. Today, the speed and number of new technologies that gain mass market acceptance have never been greater which is largely due to global thematic trends including increased connectivity, improved infrastructure, and instant communication sharing which has enabled ideas and products to spread like wild-fire. New technologies, as well as related services and solutions, are showing faster adoption rates than ever before and this creates huge opportunities to find new solutions to old problems in a variety of niche markets. To take an example, according to data compiled by Comin and Hobijn in a 2004 Study on Technology Diffusion, it took 9 years from 1993 to 2001 for more than 50% of the US population to adopt usage of the internet whereas social media usage took just 6 years from 2005 to 2011 to achieve that feat as did tablet usage. Smartphones managed to reach the 50% adoption rate in just 2 years from 2011 to 2013! The speed of which new technologies are being adopted is a huge trend for entrepreneurs to capitalise on and one that is being accelerated by larger trends including the globalisation of technological infrastructure that is magnifying the speed at which new ideas, products, and services are getting adopted.
Thanks to Mark Pacitti, Woozle!
#5- Focus on driving revenue
In my opinion, there will be more of a focus on driving revenue than hitting aggressive growth forecasts. The last thing an entrepreneur wants is to experience rapid, unsustainable growth and then flame out. As a result, the focus on revenue will provide an actual measure a businesses potential and will help build tougher and more sustainable organizations which will go the distance!
Thanks to Ollie Smith, ExpertSure!
#6- Two trends
Younger & Younger Entrepreneurs. We've seen quite a few young minds who's gone off to be highly successful. This will be the new normal thanks to technology and children basically having more access to information faster than before. Africa: A Future Hub Of Entrepreneurship: While the media showcases several negative images of Africa, there will be a gold rush in the future. There are so many different opportunities some obvious, some that have not even been tapped in yet.
Thanks to David Batchelor, DialMyCalls.com!
#7- Hyper-connected globalism
Just like anything else, the future is unpredictable; chaotic; unknown. Business is no different, especially the role of the entrepreneur. Although new trends are constantly emerging, one that is fairly new yet here to stay is hyper-connected globalism. My co-founders and I, for example, are located on almost opposite sides of the globe, and due to this, we have the ability to view each and every situation with multiple perspectives, which really gives us deeper insight than we would have if we were from the same city, state, or even country. Although there are obvious difficulties such as extra-early or extra-late meetings, the pros far outweigh the cons – perspective, ideology, and the ability to work with the best talent you can find worldwide rather than in your city is massive. Globalism is here to stay, and entrepreneurship will increasingly be seen as spanning all cultures, backgrounds, and worldviews for the better.
Thanks to Alexandra Marin, CodeCrew!
#8- Rise of the Serial Entrepreneurs
I think a big trend we’re going to see is more and more serial entrepreneurs – entrepreneurs that will start a business, build it up really quickly into something profitable and effective, then sell it to another business before starting all over again. Entrepreneurship used to be about building a solid business from the ground up and working on it your entire life, but I think modern entrepreneurs want to create something successful, fast, before moving onto the next project. This new approach is fast-paced and intense to the extreme and requires an entirely new set of skills in order to succeed, but the approach has resulted in some really great businesses, many of which have quickly been acquired by the big industry giants.
Thanks to Ross Davies, Strafe Creative!
Being a successful entrepreneur has always depended on the ability to adapt to new challenges and overcome them with clever solutions. That's also the case with todays and upcoming innovation trends. One of the trends that are already has a large foothold, and that is only going to grow stronger and more important, is personalization. Consumers have the need to feel special, that they're being catered to with the specific product. They're tired of cookie-cutter solutions that stay the same for everyone. Today personalization of products is one of the best ways to approach sales. In the future personalization will reach new depth and will offer even more options to customize products for each different client and their unique circumstances. Today there's a clear distinction between choosing different offered options and personalizing a product. The latter is lengthier, easily more expensive and just not a default option. In the future, at least in my opinion, personalizing products will take charge and will be one of the most important selling points for any product. The ease we choose from different models and options will be translated to personalizing devices and services, in order to satisfy the need to buy unique products of some customers.
Thanks to Nathan Ripley, Maid Just Right!
#10- Three trends
I believe the future of entrepreneurship has many new directions someone could take. 1. Micro Niche – You see this in nearly every industry. From microbreweries to specialty websites. Deep specialization will be needed to compete in this global economy. 2. Online Reach – Never before (until recently) could businesses have storefronts, or no storefront, and reach an international audience. Restaurants without storefronts, and small businesses shipping worldwide. 3. Gig Economy – A recent trend that sees no end. People can start successful businesses renting out cars (Turo) or their house (AirBnb). People will being to profit from assets they previously couldn't.
Thanks to Michael Arciola, Formal Founder!
#11- The Emergence of the Conscious Leader
The most powerful future trend will be a rapid shift away from command and control leadership and leaders to women and men who are much more conscious leaders. The most successful entrepreneurs will be those who focus upon communication, collaboration and facilitation and who are committed to “leading with A.I.R.” (authenticity, integrity, respect).
Thanks to Jeffrey Deckman
#12- Bye-bye Business Card!
The side hustle is the new normal. The business card is being replaced by the calling card. You are your brand and you represent many different interests and opportunities to make money. It used to be taboo to let it be known that you have a side gig, but going forward, people will continue to define themselves by personal brand rather than a singular occupation. Multiple revenue streams are expected and sought-after. Social media has helped us feel less confused when we see our colleagues sharing different passions and engaging in different lines of work.
Thanks to Erica McCurdy, McCurdy Solutions Group, LLC!
#13- Entrepreneurship is going mainstream
One of the most important trends for the future of entrepreneurship is that entrepreneurship is going mainstream. In recent years we have seen a massive growth in the number of freelancers, mainly thanks to technology that increases flexibility, creates opportunities and also enables to start a business with a fraction of the costs it used to be. People increasingly prefer to work where they want, when they want, and create their own destinies. In addition, while corporations are looking for mechanical solutions to solve human problems, more and more people realize that the best way to control their destiny is to diversify and get their hands on the wheel, rather than riding on the corporate bus.
Thanks to Yael Oppenheim, Founder of FitMyTime!
#14- Rise of the work-at-home mompreneur
The rise of the work-at-home mompreneur will only gain momentum in coming years. According to FlexJobs,43 percent of women quit their full-time jobs with they have children. There's never been a more educated generation of mothers, and they are having children later in life. A rising number of women are realizing they don't need to lean in to the corporate ladder that doesn't align with their motherhood. Nor do they have to sit it out as a stay-at-home mom. Instead, a wave of ambitious mamas are creating their own ladder that fits their family.
Thanks to Crystalee Beck, The Mama Ladder!