Every waking day, we are having tremendous changes in regulations and technology which greatly affect 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 is, what’s the future of entrepreneurship?
We asked entrepreneurs their thoughts on the future of entrepreneurship and here’s what they had to say.
#1 – Possible
For so long entrepreneurship was and dream for people and not a goal. It didn’t seem possible or practical to pursue especially without the guarantee of stability. The path to entrepreneurship isn’t a straight or predictable path so it's never been a reasonable choice for some people. Entrepreneurship takes risk and grit and all-around confidence that this new generation is developing. People are more inspired than ever and entrepreneurship is starting to look possible. The journey isn’t any easier but the future of entrepreneurship seems to be a possible choice to many who use to view it as impossible.
Thanks to Deepak Shukla, Pearl Lemon!
#2 – Collaborative
The future of entrepreneurship will require ecosystems to be established that foster a true sense of collaboration among entrepreneurs and key players in the ecosystem (universities, government, banks, social communities, markets, etc.) Some markets have proven that greater collaboration within such communities can lead to tremendous success for entrepreneurs. In Toronto, Canada, the Women's Entrepreneurs Knowledge Hub has demonstrated this in its work, as has other studies. Therefore, the future of entrepreneurship will be collaborative, as honing together will ensure more entrepreneurial dreams can be a successful reality.
Thanks to Charlie Wall-Andrews, Music & Brands!
#3 – Resilient
Entrepreneurs are individuals that are full of grit. They know that the road ahead is meant to be unexpected and full of unique twists and turns. Entrepreneurs are excited to rise to the occasion, conquer challenges, and make great strides in their given industry. Keep your eyes on the prize.
Thanks to Deborah Sweeney, My Corporation!
#4 – Limitless
Technology and the now ubiquitous move to e-commerce and remote work have removed many cost hurdles from small businesses. You can now eliminate your office expenses; hire experts from every corner of the world; and sell without a costly brick-and-mortar office or a warehouse full of inventory. That opens up nearly limitless possibilities for people with ideas, ambition, and the practical skills to turn their ideas into reality.
Thanks to Kathy Kristof, SideHusl!
#5 – Unwillingness
Entrepreneurship is based entirely on one's unwillingness to accept a path laid out in front of them or the path laid out in front of society. The future has to come from saving the environment or finding an alternative way for humans to survive. Ironically, entrepreneurship has driven people to create amazing things whilst destroying the planet. It's not about keeping within your own means but it's about growing, improving, and expanding. The future of entrepreneurship will come from someone refusing to admit that the only way to move forward is to destroy what we have. By not accepting the path that we are seemingly going, we shall take another path through innovation.
Thanks to Scott Nelson, Money Nerd!
#6 – Community
The online world has been ignited, but without EQ digital commerce can paradoxically make us feel more disconnected, as just someone’s disposable metric. A business that embraces the opportunity to bring people together into a ‘tribe’, making everyone feel valued will be tomorrow’s success story. And it’s deeper than just using the latest AI. We need to connect as humans, with humans. After all, it’s why around the globe we went into lockdowns to save human life. So the best thing any entrepreneur can do is study their audience, to understand their dreams and aspirations, and how you fit in their world. Bring people together as a community, and the community will help you grow.
Thanks to Scott Nelson, Judy Celmins!
#7 – Versatile
As we move forward in a post-COVID, technology-expanding world, entrepreneurs need to be extremely versatile. They need to understand broad market changes, intricate technology, and subjective creativity all at the same time. Since the world around them is changing and will continue to change at a rapid pace, entrepreneurs need to have this versatility so they can adapt quickly to the changes around them and take advantage of opportunities that pop up and disappear like thieves in the night.
Thanks to Tyler Garns, Box Out Marketing!
#8 – Skills Development
We face robotics, automation, and artificial intelligence in the Fourth Industrial Revolution's Extreme Data economy, and there is little doubt that these technologies will cause major dislocation and disruption in specific industries and employment functions. Be proactive in your approach. Determine which job positions and responsibilities will be affected. Determine the specific abilities that each worker possesses. Determine whether or if new roles will be formed as a result of these new technologies. For these future forms of labor, consider education, retraining, and skill development. We should be afraid of ourselves, not of automation, artificial intelligence, or robots, but of our own failure to prepare for a future that will almost surely rely on them.
Thanks to Brian Dean, Exploding Topics!
#9 – Influence
The era of automation and stale, stagnant relationships within your organization, both internally and internationally, are long gone. You must first influence why others should trust your company in order to develop trust with your employees, audiences, and/or ideal customers. Building a channel of influence around me as the face of the brand is one tactic that has helped in the growth of my business. Entrepreneurs should strive to be the type of impact that people want to emulate and share. It's a carefully cultivated strategy to grow, but companies should be founded upon their human ties.
Thanks to Eric Carrell, Surf Shark!
#10 – Adaptability
Though there are many questions businessmen should ask themselves regarding the future of entrepreneurship, the word that sticks out to me most is adaptability. The evolution of today’s work model has shaped not only how we shop, but how we “show up”. With remote offices, e-commerce, and shifts in supply chains, the willingness and ability to adapt to the constant flux of your market will determine whether you are in it for the long haul or simply short-sighted.
Thanks to Nick Shackelford, Structured Agency!
#11 – FIGURE – IT -OUT
How would I define the future of entrepreneurship in one word? Well, it's actually three words … FIGURE – IT- OUT. I grew up in a small mountain valley in California. When my sister and I were 9 and 10 years old, we would be gone on our horses all day and our parents didn't worry. Get bucked off? Figure-it-out. Bridle break? Figure-it-out. This is the soul of entrepreneurship. Whatever happens in the months/years ahead, we will be able to figure it out. It's why we're entrepreneurs.
Thanks to Sam Horn, The Intrigue Agency!
#12 – Community of Customers
The one word that I would utilize to describe the future of entrepreneurship is community. Entrepreneurs need to build a community of customers, a community of vendors, a community of supporters, and they need to be active within their local community. Even as things are trending towards virtual relationships the power of building a real-life community will be what differentiates successful entrepreneurs. People want to be a part of an experience and know that they are valued and building a community will do just that.
Thanks to Adam Knihtila, Adam Kae & Associates!
#13 – Explosive
We are going to have explosive growth in small businesses because many are solely online, and that’s the way people shop and get services now. The new browsing experience is sitting in your sweats and scrolling through websites with Netflix in the background. Let’s also take a look at who is breaking away from big companies to find small ones. These people are the decision-makers, not the drones. This means that new opportunities for small businesses are unleashing a new wave of creativity, which in turn, draws more customers to them.
Thanks to James Sun Beauty Tap!
#14 – Optimistic
The environment is ripe for startups and businesses growth. There are a lot of grants or accelerator programs due to the pandemic. These are great for jumpstarting entrepreneurship. The economy is recovering, people are starting to get out. So, service industries will likely grow. The virus will ebb and flow, but we now have the knowledge to fight it with vaccinations, mask policies, etc. COVID has also created new markets that were not there before therefore entrepreneurs could tap into these. These will create whole new markets and growth segments. Think Zoom, delivery of everything, outdoor recreation, etc.
Thanks to Brian Barde, Kindlewood Camping!
#15 – Intelligence
Over the years, technology has been evolving, and we are now even moving towards Artificial intelligence. Though only a few businesses today automate their marketing and sales processes using sales funnels, the trend keeps on rising as more entrepreneurs begin to understand the concept of sales funnels. I see more businesses lean towards setting up online systems while using AI to create content and optimize the processes. As the technology improves, the effect will be visible and liberating to all. It will sprout the entrepreneurship age where businesses can run solo for a long time.
Thanks to Valentine Okoronkwo, Passive Secrets!
#16 -Entirely Remote
Entrepreneurship can be entirely remote because of the wide variety of remote tools available today. A business person can build, organize, and train a team without being physically near them. Remote leadership is not a difficult task. As long as the leader effectively uses cloud-driven tools to their advantage, they can lead their team to success.
Thanks to Stephen Light, Nolah Mattress!
#17 – Debt-free
Debt-free. Many businesses suffered severely due to their excessive debt during the pandemic, which was the reason for many business bankruptcies. The future of entrepreneurship is a debt-free approach to building a business. So, before you add on to your buildings or need to take out a loan for new equipment, find out if you can feasibly make the purchases without going into much debt.
Thanks to Jarret Austin, Bankruptcy Canada!
#18 – Limitless
Now more than ever, the opportunity to grow a business is at an all-time high. The ability to either transition from content creator to business owner is something past generations never could experience. Because of this turning your side hustle or passion into a full-time income or a scalable business is a new door that has been opened and will continue to remain open for years to come. The word limitless defines the future entrepreneur because they now can leverage content to grow a business. This content-creating ability compounds for years and years to come affording them the best opportunity to grow.
Thanks to Harrison Baron, Growth-generators!
#19 – One-Man-Army Scenario
With the world undergoing major digital transformation and a rise in technology, running a business from anywhere through a laptop has become a real possibility. Automation paired with technology will reduce the need for a workforce to run a business, thus enforcing entrepreneurship as a one-man-army scenario.
Thanks to David Attard, Collective Ray!
#20 – Innovative
As an entrepreneur myself, I truly believe that there is a big future for entrepreneurship because we strive and thrive in any platform that there is. That’s why if there is one word that I would describe entrepreneurship is, it would be innovative. Just like in digital entrepreneurship. No one could ever think that you could start a business digitally in the past. Entrepreneurs are bound to be innovative in order to conquer different platforms
to do business and that’s the beauty of entrepreneurship.
Thanks to Chris Muktar, Wikijob!