Every waking day, we are having tremendous changes in regulations and technology which greatly affects the way businesses operate. Some entrepreneurs will say the future is definitely bright but to others, some of these changes are meant to work against their expansion and business operations. Additionally, there’s growing empowerment and embracing of individuality which motivates more people to begin their entrepreneurship journey. But the big question, what’s the future of entrepreneurship?
We asked entrepreneurs their thoughts on the future of entrepreneurship and here’s what they had to say.
The world is changing. Not just technologically, but also philosophically. As entrepreneurs we must adapt to the new times so as to better capitalize on the new wave of opportunities as well as challenges. You may have a wonderful product or idea, but if you catch yourself not adapting, you’ll find your business will plateau. Same thing goes with opportunity. With each challenge we face, more opportunities will arrives if we are adaptable to the times. So, look at how you handle the changing times and ensure you’re ready to adapt.
Thanks to Dave Chesson, Gun University!
First, during the Coronavirus shelter-in-place, video use rose by 80%. Experts predict 82% of all information will be disseminated by video in 2022. Next, people trust entrepreneurs they can see. They can see you in a video. Also, the majority of people are visual learners that understand information better by looking at images. For instance, videos provide opportunities for demonstrations that boost consumer purchasing confidence. Next, making videos is cost-effective. More free and low-cost tools are available than ever before. Additionally, video use is so popular that LinkedIn has recently hopped on the video bandwagon. Instagram, Facebook, and YouTube have Live Video Opportunities. Furthermore, your reach increases with videos. Watching videos keep people on social media sites longer, so videos get more visibility. In other words, social media algorithms are biased in your favor when you post videos. Finally, entrepreneurs can use the videos they make across social channels like Instagram Stories. This boosts their ROI. Clearly, video use is a must now and will be in the future.
Thanks to Janice Wald, Mostly Blogging!
As investment capital (VC or otherwise) becomes more scarce, businesses that can provide their own runway will have a significant advantage over businesses that require massive scale in order to start realizing a profit. Investors are starting to take a long hard look at the bottom line numbers, and so should budding entrepreneurs.
Thanks to Christopher Kim, FoundersList!
I can’t list all the reasons why the world has zero-tolerance for fakes—I’m sure many current events and people in high places come to mind for you. Entrepreneurship requires authenticity in leadership because brands that are led by founders who genuinely care, genuinely meet a need for communities, genuinely listen and respond to their communities—these are the only entrepreneurs who will succeed in the future, the only ones who have a place there at all. Authenticity also means that you hold yourself to the standard you hold others to, do what you say you’ll do, accept and acknowledge when you haven’t met your standards, and strive to do better to achieve a common vision for our collective human future. Everyone has eyes on everyone and the only way forward is to lead from your true self. That may take some time to develop, so be patient with yourself and speak up when you have something to say.
Thanks to Kerri Feazell, Concurrent Productions!
In our world of unprecedented crises and disruptions, transformation can unlock opportunities, drive growth, and generate new value. Entrepreneurs win in today’s disrupted business environment through agile reinvention and evolution. Successful entrepreneurs understand that incremental improvement is not enough to deliver breakthrough value. They have a sensible vision that gives them a sense of purpose to go through challenges and overcome failures. They see the world from a different angle. Think about the enormous impact Elon Musk or Steve Jobs had on the world. Entrepreneurs create life-changing solutions and innovative products to transform the world we live in. They dare to take the first step to make the world a better place for everyone. Entrepreneurs have the grit and passion to solve the hardest problems that no one else can solve. They are risk-takers ready to jump out of their comfort zones and explore the unknown world.
Thanks to Sam Cohen, Goldtreeway.com!
We see innovative ideas every day from entrepreneurs around the world but if they, and other entrepreneurs, want to stay in business they need to keep innovating. Innovation is not just about high tech, it's also about how businesses are able to make changes that will help them reach their goals and stay current. Innovation is making processes better, finding new ways of solving old problems, about making small tweaks that will bring big benefits. I am completely sure that every entrepreneur that will be able to innovate and sustain that innovation, will be successful!
Thanks to Dr. D'vorah Graeser, KISSPatent!
I'm seeing more and more startups and requests from start-ups for web design work. It's a challenging time during the pandemic and I see a lot of folks taking the plunge into entrepreneurship or pivoting their businesses to be online more. Lots of retirees investing in themselves along with millennials. Now is the perfect time to make your dreams of entrepreneurship come true. During this time of change is a great time to change even more and push for your business start-up.
Thanks to Jessica Rhoades, Create IT Web Designs!
Artificial intelligence, robots, and robust technology are invaluable assets that will streamline work progress and improve output quality. With new tools and equipment emerging every day, society can expect that entrepreneurs will rely on automation to make their lives easier without compromising quality and service. It can even help boost customer experience when done properly.
Thanks to Sherry Mae (Shem Mandajos), Tankarium!
GenXers, “The Natural-born Entrepreneur” generation are in midlife (currently 39-59 years old) and, while a bit calmer in midlife than in their young adulthood years, they are always angling, always looking for the next niche market, always looking for a way to make a buck. Expect entrepreneurialism to continue to spike up for another five to eight years. However, Xers are followed by risk-averse Millennials who much prefer stepped career acquisition, a safety net and a conventional life. The generation after Millennials (the Homelanders, born 2005-2027ish) are the most risk-averse of all the generations and want to work within the system, within the corporate hierarchy. Overall, there’s a bit of steam in the entrepreneurial engine, but expect it to start waning around 2030.
Thanks to Jessie Newburn, GenerationsWork!
This is because right now, with the technology we have on our hands, we can do almost anything – what more in the future? As an entrepreneur myself, I have seen the field of entrepreneurship evolve before my eyes. I think that there is no stopping the advancement and the evolution of entrepreneurship, which is why I think the word boundless is the perfect word to describe its future.
Thanks to Chris S. Rojas, Gallery Company, Inc.!
This pandemic has taught us that the best thing for entrepreneurs to do is to look forward toward a better future. As we await the changes in the new normal, there's no better way for us to meet the headwinds that will come our way but to be resilient in every aspect of our business. We have to be ready and we have to exceed the boundaries that we've set upon ourselves to help us get through this.
Thanks to Finn Cardiff, Beachgoer!
We've seen so many changes in the business landscape in the wake of COVID19 and we will continue to see more evolution in the years to come. There are many entrepreneurs who have pivoted quickly and changed their business processes and products in response to these shifts, and there are also many new entrepreneurs who were created by these changes- launching their startups in response to them (capitalizing on emerging and shifting customer needs). The future of entrepreneurship is evolving and centered on these changing business models (those that we have already seen and those that are still to come). To be an entrepreneur, one must be aware of and responsive to these constant shifts and pivot accordingly in order to remain relevant and stay ahead of evolving customer demands.
Thanks to Charlene Walters, MBA, PhD, Own Your Other!
We have the power to change the world by virtue of getting much more done with very little resources. We have the power to change entire industries and the way things have been done for many years. If we are persistent and believe in ourselves, we have the power to do the impossible and succeed.
Thanks to Yael Tamar, SolidBlock!
As entrepreneurs, we often start a new business because we see a gap in the market and we believe we have something that can fill that gap. Of course, the plan is to make profit out of our business but time has shown that businesses that are only in it for the profit lose against businesses that have a strong purpose; stronger, in fact, than just profit. With this in mind, and in consideration of everything that’s happening in the world, from Covid to racial injustice, from the environment to social equity, I firmly believe that entrepreneurs have an opportunity, if not a duty, to use our businesses to have a positive impact on the community we operate in, and even beyond that. We can’t just look at our own benefits, but we need to learn how to make a profit while leveraging our brands for a bigger purpose. It doesn’t need to be a huge purpose, but an authentic one. We need to make ‘impact’ part of our business plans.
Thanks to Giulia Iannucci, KnowThyBrand!
That may sound cheesy and irrelevant to some. It’s not. I have learned that if I don’t love myself as an entrepreneur, it is very hard to care about my clients and provide good service, retain clients, convert prospects to clients, create an effective work environment for my staff and grow my business. What does self-love look like? It starts with being self-aware of how I view my own talents as an entrepreneur, how I talk to myself and how I envision my business growing and being a change in this world. Only then can I convey this success and confidence outside of myself.
Thanks to Katy Goshtasbi
In the past, we've seen policies, laws, and economic crisis quickly changed things for business leaders. Currently, we're witnessing the impact of a global outbreak on businesses and the economy. There's also the growing trend of the big guys sticking their nose into emerging/proven opportunities. For startups, in particular, innovation, adaptability, and persistency will be critical going forward.
Thanks to Kas Andz, Kas Andz Marketing Group!
Recognizing that each individual is unique and understanding differences will shape the future of entrepreneurship and the world in general. Acceptance and respect of race, religion, gender, socio-economic status and all types of difference will play a major role in how consumers decide to spend their hard earned money. It will also become significant when it comes to recruiting as the workforce will look more and more in the company values and actions. Diversity will also be an important aspect of marketing and social reach that can affect entrepreneurs in both positive and negative ways if the right steps are not taken.
Thanks to Jeff Lanno, Hola Weddings!
If digital nomads over the years hadn't already proved that location-independence was the direction entrepreneurship was going, the new WFH-craze certainly affirms it. Now that remote work has become viable and even the new-normal, entrepreneurs will be able to now tap into a workforce that is remote-ready, anywhere in the world. So the future of entrepreneurship is in location-independent work, which opens up opportunities for businesses and entrepreneurs. Running your business from home or from an Airbnb in Cambodia is here to stay, and making your businesses international has never been more accessible to small and mid-sized firms.
Thanks to Mikkel Andreassen, Dixa!
The gig economy is quickly merging with the self-employment economy and the entrepreneur community. With every passing day, it becomes more important for entrepreneurs to relentlessly pursue their goals with agility and grit. The future means increased accessibility to business tools which will ease the entry obstacles faced by most entrepreneurs today. This in turn will create more competition, requiring quick, nimble behavioral traits and relentless effort to achieve success as an entrepreneur.
Thanks to Travis Peters, EightPM!
My first thought was pivot, because we are all making so many pivots right now—but it doesn't fully express the concept of moving forward. I feel that as entrepreneurs we have to keep moving, instead of falling back on what was working in the past. Personally, I've been in motion over the last 3 months, finding new ways to share and express my business offerings. It has been exciting and rewarding, so I plan to keep this movement going in my business—as well as encouraging my clients to do the same.
Thanks to Lidia Varesco Racoma, Lidia Varesco Racoma!
Everyone nowadays has become more business-minded and practical. Anyone can be an entrepreneur nowadays, as a matter of fact, we already have teen entrepreneurs out there. It’s the right mindset and support that could take you to the top. Also, if you have the skills and the will, you can definitely do it.
Thanks to Timo Wilson, Asap Credit Solutions!
The future of entrepreneurship is sure to be CAREFUL, not only health wise but also from a business perspective in general. Healthwise due to the pandemic, people are now more concerned about their health than they were in the past. Steps will need to be taken to assure the customer of the hygienic situation in a business so that they will come back again and again. This will affect how businesses operate ensuring the safety of the employee with or without a pandemic, these changes may become the new norm. Examples of such changes are online meetings, contactless food service, and face to face reactions that may be deemed unnecessary. Employees also have to be careful about how they act toward each other and towards customers, with people being more open-minded nowadays, there is no room for ignorance. We must all adapt to the new normal that is taking place and be open-minded to the different ideas that come to light, especially as business owners who need to understand their market.
Thanks to David Meltzer, East Insurance Group!
From the flexibility in working with support elements to flexibility in funding initiatives, to flexibility in marketing a product or service to clients/consumers/customers/users, entrepreneurs who are inflexible in their approaches are going to be left behind in the marketplace. Vision, while important, will fail if the entrepreneur is not flexible and accepting of what the market offers.
Thanks to Alan Guinn, The Guinn Consultancy Group, Inc.!
I truly believe that problem solving is the key to entrepreneurship. I think 100% of entrepreneurs and business owners can agree that the journey they are on is nothing how they thought it would be. Problems arise and markets change, you need to be ready to adapt and solve any problem that stands in your way. This journey is not a sprint but rather a marathon and the one who keeps moving and solving problems wins.
Thanks to Juan Marin, IBR Group Corp!
The future of successful entrepreneurship relies on business builders who don't allow themselves to become victims of their own brilliance. This starts with identifying and committing to their ideal bullseye customer. Having a laser focus on the specific people we can best serve is what paves the way for offering the right solutions. It's also key to communicating the value of our offerings in the most effective way. We must speak TO our prospects, not ABOUT what we do. Without focus, entrepreneurs risk wandering a wasteland of I can help anyone…. or drowning in the swirling vortex of everything they could do. Meanwhile, there's vast opportunity for those who are willing and able to be incredibly targeted in both their thinking and their efforts.
Thanks to Charlene DeCesare, Charlene Ignites, LLC!
Rocking with your business is no longer about spamming sales pitches to your potential clients. The future of entrepreneurship is about engagement with your clients and with your team. As a business owner, your clients are the cornerstone of your business, and it's crucial that you engage with them. A successful entrepreneur will interact with clients to understand what their problem is and how to resolve it. Brands don't want to hear what you have to sell, but what you can do to help them grow.
Thanks to Francisco Anes, Passive Income Wise!
For individuals who love the flexibility to work from anywhere, we are seeing high-speed internet connections easier and easier to come by. Likewise, payment systems are easier to implement and use as a business and videoconferencing software makes undertaking meetings online incredibly easy. There are always difficulties and challenges as an entrepreneur but so much of trying to build a business is incredibly easier now and I think this trend will continue into the future. Now, even finding a hosting company with almost 100% uptime is easy unlike when I started 12 years ago. Everything you need is now literally at your fingertips through your laptop and with this comes a link to a world marketplace. I find all of this incredibly exciting! Has there ever been a better time to be an entrepreneur looking ahead to the future?
Thanks to Dr Valeria Lo Iacono (Symonds), Symonds Training!