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- Prioritizing customer success and management
A big trend we see in entrepreneurship is businesses prioritizing customer success and customer management. Businesses are utilizing different forms of marketing to make sure consumers stay with a company and then bring in new customers through word-of-mouth marketing. A new trend in customer service is through affiliate marketing and using those relationships to expand resources and time dedicated to consumers. Affiliate marketing can be a wonderful way for entrepreneurs (our clients) to generate sales through leads and promote brand names. In addition, affiliate marketing is great for boosting credibility, visibility and opening your product to a new consumer base that you may not have otherwise geared your advertising towards.
Thanks to Roy Morejon, Enventys Partners!
#2- Prominence of digital working tools
We are noticing that digital working tools are fast becoming prominent features of the modern workplace especially during the pandemic. With the use of these tools, managing projects with team members across countries becomes much simpler, quicker and more productive. In addition to the fact that it improves efficiency, it also allows people to build relationships and work in harmony. I believe that this trend is here to stay and has brought many advantages to the business community.
Thanks to Victoria Kennedy, Victorious PR Agency!
#3- Omnichannel content
Almost every individual today is spending loads of time engaging with content. While some are creating content, others are consistently viewing it through social media. This encourages entrepreneurs to make the most of this opportunity and get their content through to their audience via multiple channels. Omnichannel content refers to content that is optimized across all your social accounts and platforms. Apps like Tiktok, Instagram, Facebook, Twitter, are full of users and you can get some followers for your startup by implementing the right strategies. Omnichannel content is a rising trend for entrepreneurs to help grow a following for their businesses as quickly as possible. There are tools available now that help you optimize your content for different platforms, schedule your posts, and engage maximum audience.
Thanks to Perry Zheng, Cash Flow Portal!
#4- Innovation in fundamental human challenges
An important trend in the future of entrepreneurship is innovation in fundamental human challenges. Whether it’s in climate change, healthcare, civil rights, housing or any of our basic needs. These big complex problems will attract huge investment from governments and the private markets. The flow of capital will draw many entrepreneurs to create disruptive technologies and services to make an impact on the world.
Thanks to Greg Toschi, Poplar Homes!
#5- Micro-influencers will be on the rise
Brands are increasingly getting attracted to micro and nano-influencers. The best thing is that they have better engagement and don’t charge much. So, it’s a budget-friendly option for businesses and they can get a better ROI from their campaigns. Typically businesses can get a $5.20 return on every $1 spent on influencer marketing. Now, that's some good profit. Since micro-influencers have a better bond with followers, they are an ideal option for businesses.
Thanks to Jon Buchan, Charm Offensive!
#6- Focus on two things
Focus on green and societal initiatives will become the new norm. Society is becoming more adamant about how business impacts both the planet and society, so businesses that don't adapt to that point of view are less likely to succeed in initiating growth. New business leaders will likely be trained in methods to conserve energy and create policies that will protect community standards.
Thanks to Jim Pendergast, altLIN!
#7- No-Code web and app development
I think a trend that is transforming the industry is No-Code web and app development. Now that the tools are available to the general public that will allow them to create websites and apps without having to hire specialized developers, more and more people will have the opportunity to start their own businesses. This will result in a more crowded marketplace making an entrepreneur's ability to market their brand and rise above the competition even more important over the next few years.
Thanks to Mark Daoust, Quiet Light!
Customization is a huge trend in entrepreneurship, as people are wanting products that are made for them more specifically. Previous business models can be limiting in the sense that there is only so much a product can do for people but working under a personalization business model can allow for an increased chance in customer satisfaction when products or services are made uniquely for them.
Thanks to Meghan Maupin, Atolla!
#9- It's on its way up and up
Entrepreneurship is on its way up and up in numbers. Due to the pandemic, many individuals have been put in positions of no longer being employed with few job options. Especially after seeing the uncertainty that outside events can create in their everyday lives. Many employees are realizing companies that had all the upside in the world no longer possess that privilege nor do they always extend it for the employee. For these reasons, as well as desiring control of their livelihood among other reasons, entrepreneurship is growing at a very fast rate.
Thanks to Peter Vekeselman, PartnerDriven!
#10- Rise in conscious businesses
I expect to see a rise in conscious businesses of all kinds, whether it be entrepreneurs, small businesses, or even bigger corporations. The big shifts we're seeing globally have exposed injustices, environmental damage, and economic systems that don't support human well-being. As more people wake up, I expect to see entrepreneurs from diverse backgrounds contribute a more thoughtful, holistic approach to doing business, whether it's through social consciousness or environmental health.
Thanks to Brett Larkin, Uplifted Yoga!
#11- The rise of subscription-based business
Every multinational company is now looking to introduce subscription-based plans simply because of their convenience. This was proved in the pandemic, when most businesses suffered heavy losses. Subscription-based models were relatively successful as the whole world shifted towards online transactions. The global subscription market is estimated to be worth well over $11 billion dollars by 2027. You can observe the importance of these business models by seeing how TV shows and movies are now heavily relying on subscription plans and even gyms have introduced somewhat similar payment methods.
Thanks to Gaurav Dhir, LightsPick!
#12- Younger entrepreneurs
The recent ‘Great Recession’ of 2008 created economic conditions that made it hard for many millennials to find good-paying jobs. That, combined with the boom in social media and the vast opportunities it presents, led many youngsters to foray into the path of business. Take 17-year-old Jack Kim, for example. He started Benelabs, a search engine that generates donations, when he was in high school. This allowed him plenty of time to learn how to create income from a search engine from little traffic. He is just one name in an increasing list of younger entrepreneurs, a list that seems to be getting longer with time. Many young people of today have strong aspirations to make it big in the business world, and this is a trend that will surely continue in the future.
Thanks to Matt Bigach, Nexus HomeBuyers!
#13- Reinvention of service-based businesses
As the world continues on its track toward more permanent virtual and hybrid work, I suspect a trend amongst entrepreneurs and business owners will be the reinvention of their service-based businesses into online marketplaces. Voices followed that trajectory: it started off as a recording studio and pivoted toward becoming a service-based marketplace, taking the elements of a recording studio and voice-over online. If you have both buyers and sellers, you are in prime shape to reinvent yourself as a marketplace. By gathering both sides of your audience into an online marketplace, you facilitate their ability to find one another. Buyers become your clients, vendors become your sellers/service providers, and you collect a small transaction fee for all work procured through the platform. If an entrepreneur has been struggling with scaling their business infinitely, reinventing the brand as an online marketplace may just be the answer.
Thanks to David Ciccarelli, Voices!
#14- Adoption of newly commercialized technologies
The rate at which consumers adopt newly commercialized technologies is increasing at an exponential rate. Today, the speed and number of new technologies that gain widespread acceptance has never been higher, thanks to global thematic trends such as increased connectivity, improved infrastructure, and instant communication sharing, which have allowed ideas and products to spread like wildfire. New technologies, as well as related services and solutions, are being adopted at a faster rate than ever before, opening up huge opportunities to find new solutions to old problems in a wide range of niche markets. From 1993 to 2001, it took 9 years for more than half of the US population to adopt internet use, whereas social media adoption took only 6 years from 2005 to 2011, and tablet adoption took only 6 years from 2005 to 2011. Between 2011 and 2013, smartphones attained a 50% adoption rate in just two years! The rate at which new technologies are adopted is a huge trend that entrepreneurs can profit from, and one that is being accelerated by larger trends such as the globalisation of technological infrastructure, which is amplifying the rate at which new ideas, products, and services are adopted.
Thanks to Nicole Graham, Womenio!
#15- Increase in cybersecurity risks
Cybersecurity risks have increased because of our dependence on online platforms and services. Because of these issues, companies' cybersecurity budgets will grow, which will become a more significant responsibility for IT departments and whole companies. A significant portion of the world's population is still working from home, and companies must provide their workers with appropriate training and guidelines. This is especially relevant for marketing teams due to their dependence on user's private information to offer better and more relevant experiences to their audiences.
Thanks to James Edge, Crush The USMLE!
#16- Mobile commerce
With the advancement of technology, customers are now glued to their cell-phones and this has paved a way for a better mobile commerce experience. The companies can now surpass their competitors by expanding this trend. Mobile commerce can become a great future trend in entrepreneurship for a number of reasons. Firstly, this platform has the potential to become one of the greatest channels for shopping which will change the shopping habits of consumers. Secondly, the market share and size of m-commerce is expected to increase significantly because it will become a substantial portion of US retail sales. Hence, the rising mobile shopping trends point towards m-commerce as the next big wave for shoppers which is going to have an upper hand over traditional avenues.
Thanks to Scott Keever
#17- Ability to operate a business from home
One of the most prominent future trends of entrepreneurship is the ability to operate a business from home. The rise of digital nomadism has given way to a large proportion of people working several freelance jobs. Many of
those freelancers go on to create consulting businesses. All of this work can be done remotely and soon there will be no need for face-to-face meetings or business conducted in a rented office space.
Thanks to Fred Gerantabee, FGX International!
The future of entrepreneurship is transparency. Our world is now a web of social media, reviews, and background checks. Moreover, cyberspace is forever. Leaders and entrepreneurs with a high social credit score will prevail and others will perish. Gone are the days when you would get to start over. The internet which was invented to liberate us from the old school shackles of bureaucracy and entitlement is morphing into the very epitome of it.
Thanks to Bharat Kanodia, Veristrat Inc.!
#19- The surprising twist of depersonalization
So far we have seen brands and companies bombarding various opportunities to personalize products. However, the coming trends are actually asking for depersonalization. While personalization does work like a charm, overdoing anything always causes harm. Brands are losing their authenticity and taste by overdoing the personalization thing and hence, they ought to hit the brakes now.
Thanks to Hilda Wong, Content Dog!
#20- The rise of the serial entrepreneur
One of the biggest changes we will see in entrepreneurship is the rise of the serial entrepreneur with the continuing increase in resources and support for people who are wanting to start their own business. Think about all of the tech that is available, such as CRMs and easy website building tools that make getting started and running your business a breeze. In turn, this will allow people the ability to jump into a new business endeavor if they decide they want to tap into a new market, or even start and run multiple businesses at once. With the transition to a more remote workforce as well, this allows entrepreneurs to be able to outsource employees from around the world, thus making the hiring process as well as operating the business much easier than before.
Thanks to Kirk Cooper, Ecom Automation Gurus!
#21- More investment on digital marketing
A trend in entrepreneurship I see happening in the future is how businesses will be investing more on digital marketing. Instead of selling in a physical store, most small businesses launch by selling online, which means online presence is something they have to work on. Digital marketing was at its peak during the past year. The whole world was forced into isolation, having no access to the outside world but only through their phones. Now more than ever, people are always on the internet and it is the best time to take advantage of marketing your small business digitally! The best perk of digital marketing is you can do it yourself for free! You just have to learn how to do it right. It is a free platform for you to get more eyes on your small business. Right now, Tiktok is one of the biggest social media to advertise your business. A lot of small businesses have grown massively with just one 15-second viral video.
Thanks to William Taylor, VelvetJobs!
#22- Great focus on CRO
With the new iOS updates cannibalizing Facebook/Instagram ads for small businesses, there will be a great focus on CRO (conversion rate advertising). Focusing on getting more visitors to convert will help save the increased costs of ads that have lost more focused tracking capabilities. Learning how to improve the customer experience online is something that big corporations have been doing for some time but now it will start to trickle down to the smaller businesses who realize the importance.
Thanks to Mikey Moran
#23- Resurgence of email marketing
When it comes to trends in entrepreneurship, as a marketing manager, one that I think entrepreneurs should look out for is the resurgence of email marketing. As more and more digital marketing strategies have been available, entrepreneurs have focused less on email marketing during the past years. But this is slowly starting to change, and entrepreneurs are once again seeing the value of email marketing. So entrepreneurs should start thinking about how they should create or improve their email marketing strategy.
Thanks to Kristin Stump, My Enamel Pins!
#24- Support of protection of the environment
There is a trend in future entrepreneurship related to techniques that support the protection of the environment. Nowadays, consumers are more inclined to purchase products from brands that are responsible for the environment, that have a social impact, and don't practice actions that can harm the planet. Therefore, conserving the environment and undertaking projects that promote it will be highly important for the future.
Thanks to David Adler, The Travel Secret!
#25- Community and collaboration
Future trends in entrepreneurship will revolve around community and collaboration. What the past year has shown many entrepreneurs is that we can’t go this alone. It takes a village to build innovation and we all need to be present for that. I imagine future entrepreneurship endeavors focusing heavily on various ways to bring people together. People may enjoy working from home but they want to be able to leave their houses at the end of the day and be together with real human in-person connections. Community leads to idea development and growth.
Thanks to Ouriel Lemmel, WinIt!
#26- Artificial intelligence
We have seen how AI has made entrepreneurship easy. That being the case, people would strive harder to discover other benefits of using AI in the business. Moreover, AI has helped many companies increase their efficiency, making them compete in the global market effortlessly. Despite its success, entrepreneurs should never forget not to make AI control everything and still put the human brain above it.
Thanks to Dan Belcher, Mortgage Relief!
#27- Upshot of globalism
Globalism here refers to the concept of expanding one's business across the world with the cooperation and support of international teams. It is a great opportunity for entrepreneurs to take their businesses to the global level. Taking your business global allows you to diversify your market so your revenue sources will be more stable. It has been gaining momentum, particularly in professional and media services. In the upcoming years, it will be taken up by many people setting off to start their own business due to its immense benefits.
Thanks to Brack Nelson, Incrementors!