With every improvement in technology, entrepreneurship changes to reflect the innovations and adapt to changing lifestyle needs of 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- Entrepreneurs will tap into IoT
The Internet of Things (IoT) is a network of physical objects, devices, vehicles, buildings, & other items embedded with electronics, software, sensors, & connectivity capabilities that enable these objects to collect and exchange data. This trend has major implications for entrepreneurs. In the past, entrepreneurs have focused on creating new products and services. In the future, they will increasingly focus on creating new experiences by leveraging IoT data.
Thanks to Luke Lee, Palaleather!
#2- The idea of investing in and inventing virtual reality
One of the major future business trends that seems to already have kicked off among entrepreneurs is the idea of investing in and inventing virtual reality stores for their products and services. Entrepreneurs are getting into virtual reality and augmented reality as a way to expand their product reach and client base. Doing this is opening a lot of new marketing tricks and techniques for upcoming and already existing entrepreneurs in the business market.
Thanks to Ellie Walters, FindPeopleFaster!
#3- Low-code and no-code software
Low-code and no-code software make it easier for entrepreneurs who aren't tech-centric to scale their ventures without the need to raise capital to fund them. These web and mobile development apps feature intuitive drag-and-drop interfaces, meaning you don't need to be a software coder to understand them. This opens the door for bootstrapped entrepreneurs to build and create their own online marketplace and facilitate a path to growth without the expense of hiring a professional coder or developer.
Thanks to Chris Gadek, AdQuick!
#4- The future of entrepreneurship is data-driven
Entrepreneurs are creating more digital businesses independent of any one location
with better, faster technology driving the change. Social commerce is the future of entrepreneurs born today. Data collection for marketing and optimizing business performance will define business models intending to scale up within five years. As digital tools become more accessible for business owners, buyers, and partners, starting entrepreneurial startups will become available to a much wider global audience.
Thanks to Shawn Munoz, Pure Relief!
#5- Serial entrepreneurship will be a big trend
Serial Entrepreneurship will be a big trend since a growing number of successful exits are being achieved by founders at a young age. This gives them plenty of time, and the desire to go for an even bigger vision and exit with the valuable experience gained from their first venture -even if their first one was not successful. We will likely see more businesses than ever built remotely from the outset with light assets and distributed teams. This business model allows for agility and lower operational costs.
Thanks to Alexej Pikovsky, Nuoptima!
#6- The rise of female entrepreneurs
The trend that seems to be gaining momentum is the rise of female entrepreneurs. While women have always been involved in entrepreneurship, they are now beginning to take o leadership roles in larger numbers. This is likely due to a combination of factors, including increased access to education and financing. Finally, there is a growing trend toward technology-based entrepreneurship. As technology becomes more and more integral to our lives, it is likely that we will see even more businesses being launched that is based on cutting-edge technology.
Thanks to Gauri Manglik, Instrumentl!
#7- Email is regaining popularity among entrepreneurs
You have complete control over your email list subscribers. Organic reach on social media has plummeted in recent years. Search Engine Optimization (SEO) is no longer the holy grail of long-term, sustainable traffic. Paid results & featured snippets have clogged up the SERPs to the point of being overwhelming. Furthermore, email marketing has a proven track record of a high return on investment. According to the Data & Marketing Association, the return on investment from email marketing can be as high as 42 times.
Thanks to Leslie Radka, GreatPeopleSearch!
#8- Business from home
Recently, we have started witnessing a growth in digital nomadism. A significant portion of the workforce has decided to work from home or pursue multiple freelance jobs. As many people can confirm, this is a stepping stone to entrepreneurship. Due to the flexibility in work location, entrepreneurs have a broader spectrum to recruit the right talent from anywhere in the world. At the same time, they have an option to save the overhead cost of the company.
Thanks to Sanket Shah, InVideo!
#9- The significance of the office has been reduced
From what I've gathered, firms are making rapid progress toward the utilization of remote technologies, according to my understanding. The significance of the office has been reduced as a direct consequence of the implementation of the online system. Now, there is a growing belief that conducting business online will be beneficial to the expansion of existing companies. Offices, according to a common cliche, are an entirely pointless form of infrastructure.
Thanks to Hannah Dworkin, USScrapYard!
#10- Micro-influencers take center stage
Micro-influencers are those who have a tiny but devoted following on Instagram, YouTube, or TikTok. However, they're generally folks with between 1k and 20k followers on a single platform. Influencer marketing appeared to be a tactic that could only be used to sell to millennials at first. However, the practice is now commonplace. Paying influencers to promote or discuss companies has become a significant portion of most marketing budgets. There are a lot of large brands here.
Thanks to Will Cannon, Signaturely!
#11- A focus on social impact and purpose
As the world faces up to the enormous challenges of climate change, pandemics and inequality, we see a new wave of entrepreneurs with a mission to make a difference. These social entrepreneurs are using business for good, addressing some of the world’s most pressing problems. But it’s not just about making money it’s about making a difference. We need more businesses that are focused on social impact and purpose, and that invest in their people, communities, and the planet as well as their profits. We need to support these businesses so they can scale up and have a greater impact.
Thanks to Peter Monkhouse, ICL SA!
#12- The rise of digital health
Digital health is one of the most exciting areas of entrepreneurship today. It’s a vast & rapidly growing field that is transforming the way we manage our health & wellbeing. New businesses develop innovative solutions to some of the most pressing health challenges of our time, from mental health to chronic disease. As we connect, digital health will play an important role. There're huge opportunities for entrepreneurs in this space, from developing new apps & wearables to using data & AI to improve healthcare.
Thanks to Peter Lucas, Relocate To Andorra!
#13- The coming of m-Commerce in the market
In modern business, there seems to be one overarching tenet. The customer is king. The majority of the time, consumers are now glued to their phones. The average person uses their phone for three and a half hours a day. More and more consumers are choosing to shop online for their needs using mobile devices, which have become more powerful. However, there should be a way for businesses to streamline the mobile commerce process. In the near future, we can expect to see more choices for mobile payments and transactions due to mobile commerce's growing share of the market.
Thanks to Zarina Bahadur, 123 Baby Box!
#14- The green economy
As the world wakes up to the urgency of climate change, we are bound to see a new wave of entrepreneurs focused on developing clean technologies and sustainable businesses. The green economy is one of the most exciting and important areas of entrepreneurship today. We need businesses that can help us transition to a low-carbon future and address the enormous challenges of climate change. A huge opportunity for entrepreneurs, but it’s also a complex and regulated area.
Thanks to Demi Yilmaz, Colonist.io!
#15- Business globalization
Online businesses can conduct business & meet with clients no matter where they are located. A startup can be composed of international teams and instantly become a global company by leveraging the Internet. With remote work on the rise, businesses have the freedom to hire people that don't live within their area. Companies can find qualified employees in other countries that are more affordable in terms of labor costs. A business venture that goes global & digital can reduce its operating expenses.
Thanks to Colton Horn, Breinfuel Inc!
#16- Collaborations in business
Indian and international brands are available to consumers today, giving them an array of choices. In order to combat competition and succeed, entrepreneurs and start-up founders have devised a variety of methods to access similar products and services on both online & traditional platforms. This has led to an increased need for collaborations within the business community. In collaborating with other companies, entrepreneurs can add more relevant expertise to their portfolios, thereby expanding their business opportunities.
Thanks to Erin Mastopietro, Dope Dog!
#17- Niche markets are on the rise
Locals form niche markets for businesses by nature. Consumers want to identify with their culture through fashion, accessories, & food choices. This is why niche products are popular. Businesses are forced & influenced to cater to new customer preferences when becoming customer-centric. It creates a new market chain in certain demographics and psychographics. Niche markets should be kept in mind by entrepreneurs. Niche markets can eat into your market share by drawing prospects away from your general market.
Thanks to Jen Wan, Soteri Skin!
#18- Subscriber-based model
In light of recent trends, it can be said that subscription-based models will lead the future, and soon every business will adopt this model. In a recent report, the global subscription market will be worth $11.1 billion by 2027. Your services are paid for by consumers for a set period of time. Over time, this helps establish relationships with customers, and businesses can track the metrics. Once the user is registered, marketers won't have to sell or promote their businesses again. Music, film, and fitness (gym) industries have all adopted subscription models.
Thanks to Chun-Kai (CK) Wang, Snake.io!
#19- A notable trend is that of mobile commerce
As an entrepreneur, most shifts in trends are related to the development of technology and its increased presence in our daily lives. A notable trend is that of mobile commerce. Most people being inseparable from their phones, whether for safety reasons or just to have a distraction when needed, opens up the possibility for enhanced business ventures in the mobile space. Entrepreneurs must pay attention to their visibility, and always make their online content mobile-friendly. They are left satisfied with the mobile experience, and that leads to an increase in your chances of success.
Thanks to Matías Rodsevich, PRLab Amsterdam!
#20- Automation of business operations
Artificial intelligence (AI) and robots are rapidly employed to perform a wide range of tasks. Automation is not limited to robots; by automating activities, technology systems such as ERP and CRM may increase productivity and save expenses. Employees are excellent resources in selecting and deploying systems because they understand your company's operations personally. Scrutinize the options to choose the solutions that are best suited to your business.
Thanks to Corey Tyner, Buy Yo Dirt!
#21- Focusing on a customer-centric approach
As entrepreneurs, we need to look into changing consumer behavior, innovative technology, and a dynamic market. We need to consider the niche markets and focus on a customer-centric approach. Customers respond better to relatable brands that are relevant and advocate for their values and communities. Besides providing a pleasant customer experience, entrepreneurs need to offer valuable products and services to make the most out of these opportunities.
Thanks to April Maccario, Ask April!
#22- Adoption of advanced technologies
In the future, entrepreneurship will need to utilize all the tools available. The tools and technologies that will be most successful in the future are those that can help entrepreneurs to scale their businesses. The future of entrepreneurship is changing rapidly as technology is advancing at a rapid pace. In order to survive and thrive in this new landscape, entrepreneurs need to be able to adapt quickly and use technology appropriately.
Thanks to Thomas Niemczewski, Dream Chasers!
#23- Popularity of the No-Code Web Apps
With the continuation of technology and cultural changes, in my perspective, as an entrepreneur, growth in entrepreneurial trends will more likely occur. One of these trends is the No-Code Web Apps will become popular as not all entrepreneurs have knowledge about being technical. This no-code web app trend enables entrepreneurs to make a website without computer science knowledge. With this, industries will become more accessible to non-technical entrepreneurs.
Thanks to Darryl Higgins, Athlete Desk!
#24- Catering for the aged
As the baby boomer generation enters retirement, we will see more businesses catering to the needs of the aging population. This trend is driven by the fact that the aging population is expected to grow significantly in the coming years. By 2030, one in five Americans will be over the age of 65. This demographic shift will create new opportunities for entrepreneurs to provide products and services that meet the needs of older adults. There are already a number of businesses that have started to cater to the needs of the aging population.
Thanks to Jonathan Gron, OwlRatings!
#25- The rise of niche-based industries
One of the top trends in entrepreneurship is the global market will be likely to take over by niche-based industries. Based on the recent trends in entrepreneurship, experts predict that soon, the most promising trend in entrepreneurship will be the rise of numbers in niche markets. Therefore, marketers are focusing on making plans with expertise-based solutions and adopting various disruptive technologies.
Thanks to Alex Haley, YardsNearMe!
One of the biggest trends that are coming to entrepreneurship is diversity in age, gender, sex, and race. Gone were the days when most entrepreneurs used to be old and middle-aged men. As the years move forward, we are seeing more and more young entrepreneurs, especially that who are moved by the growth in technology. More women are also getting into the entrepreneurship spaces and making positive changes in the world.
Thanks to Lucia Jensen, WeLoans!
#27- Curtailing human labor
As a business owner, I see how entrepreneurship evolves, and many trends may resurface. I think that key trends will be social media will often be used for online selling and that entrepreneurs are becoming more reliant on technology than on humans. Apart from entertainment, social media platforms such as Facebook and Instagram will be used for selling. Human labor will be scaled back as more advanced machines make business processes more efficient and productive.
Thanks to Jean Will, NiaWigs!
#28- Increase in digital nomadism
A future trend in entrepreneurship is given by more flexibility and location-independent solutions, leading to the increase of digital nomadism. Today, businesses, to remain competitive, should provide more flexibility in terms of time and space. Our research demonstrates how after the COVID-19, the number of digital nomads in the US increased by nearly 50% from 2019. Therefore, entrepreneurship needs to facilitate a flexible workplace and build a remote IT architecture for the business.
Thanks to Rafal Mlodzki, Passport-Photo Online!
#29- The growth of the sharing economy
The sharing economy is built on the idea of sharing resources and assets instead of owning them. This can include anything from cars (Uber, Lyft) to accommodation (Airbnb) to clothes (Rent the Runway). The sharing economy is convenient, efficient, and often more affordable than traditional alternatives, and it's only going to grow in the years to come. I see this trend as being particularly beneficial for entrepreneurs, as it provides them with a ready-made platform to launch their business ideas.
Thanks to David Scott, Neutypechic!
#30- Design based on AI
Design is one of the most important aspects of any business, and it's only going to become more important in the coming years. Thanks to artificial intelligence, businesses will be able to create designs that are more efficient and effective than ever before. This will allow them to stand out from the competition and win over more customers. Additionally, AI will help businesses save time and money on design projects, which will free up resources to invest in other areas of the business. Ultimately, AI is changing the landscape of entrepreneurship, and those who embrace it will be the ones who succeed.
Thanks to Nick Patrocky, Nick Patrocky!