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- Digitization
Technological innovations make entrepreneurship more accessible to a lot of people. The entire model for global entrepreneurship is evolving at high speed due to digitization. People are much more at ease with using new technology which has helped lower barriers to entrepreneurship – particularly through digital. Access to technology-enabled start-ups to participate on the same global stage as those in more developed countries. Future entrepreneurship has the potential to be the ultimate global equalizer, creating many more opportunities for many more people.
Thanks to Dave McCurdy, Eco Driving USA!
#2- Globalization
More people than ever worldwide have been shopping online since the pandemic. And access to technology enables startups from Burundi to Borneo to join the ever-expanding global marketplace. This means that entrepreneurs must go into new ventures with a vision of how to scale it over time strategically to meet the needs of people worldwide. Whether it's keeping up with advances in technology or shifting cultural preferences, the wants and needs of a global customer base and workforce will impact businesses of all sizes for years to come.
Thanks to Shaunak Amin, Snack Magic!
#3- Uncertainty
Companies may not make enough profit to support their families, employees may need to be reduced, and services will suffer. The end result is- entrepreneurs may need to consider taking massive, unpredictable action to make their companies survive through to the other side. They may need to pivot away from products into services. They may need to outsource more. They may need to reduce overhead. They may need to sell their companies. Hence, why the future of entrepreneurship is uncertain…
Thanks to Tom Hobbs, HobbSolutions LLC!
#4- Purpose
Entrepreneurs of the future should be driven by a purpose. They will see things in a way that others cannot see. If everyone were to conform then we wouldn’t achieve the levels of innovation required to collectively advance ourselves. They will not just have the ability to recognize problems and the ideas that can provide the solution, but the passion to take action to champion that solution. The idea should not be about financial gain, but about a purpose to change things for the betterment of others.
Thanks to Nick Agar, AXIA!
#5- Evolving
In order to keep up with being an entrepreneur, you need to have the skill to constantly evolve, be one step ahead of the game and be the trendsetter instead of following the trends. In this day and age, it is very easy for everyone and anyone to become an entrepreneur. most markets are already saturated and it isn't always as easy for new entrepreneurs to succeed unless they evolve and bring something new that will help evolve the market into the future and offer solutions to problems in the future.
Thanks to Nicole Thelin, Low Income Relief!
#6- Prolific
The future of entrepreneurship is prolific because the barriers to entry are lower than ever before, and the opportunities are endless. Plus, new technology has made it easier for people to connect with each other and start businesses together. These technologies have made it cheaper to start a business. You don't need significant capital to venture into something. This has lessened the risk somewhat and made it more appealing to different kinds of people. So the future of entrepreneurship is bright.
Thanks to Lukee Li, Neutypechic!
#7- Agility
Agility is one trait that all big companies are trying to pursue to ensure their operations are efficient and optimized to the highest degree. Agile companies will decrease all waste in their operations and be quick enough to react to an outbreak or catastrophe and implement new technologies quicker so as to position themselves as leaders in the market. Big companies struggle with resistance and decision-making delays to be
agile, so entrepreneurship will be providing all tools and advantages to be agile and compete with the biggest names.
Thanks to Zachary Weiner, Finance Hire!
#8- Commitment
With the downward trajectory of the economy, it's more important than ever for entrepreneurs to recommit to their businesses and dreams. Discipline is necessary to stay committed – even when things are difficult – and will be what separates those who survive and thrive, from those who fail. When you fully commit to something you allow yourself to create new ways to make it, your dream, work. You become unwilling to fail. Commitment is what separates the professional from the amateur, and what will see you through to achieving your goals.
Thanks to Devon Bullard, Bullard Exteriors!
#9- Prosperity
I believe that becoming an entrepreneur will become the first option for people. The next generation of entrepreneurs, let’s say between ages 16-30, will look to first create their own company, and then develop their own products, establish their services, and fine-tune their vision. They will do this instead of trying to fight over and attain jobs out of college with large firms or companies. I believe that the spirit and evolution of the entrepreneur are alive and well. With more opportunities, funding, and options available people will take advantage of chasing their dreams.
Thanks to Granger McCollough, Elite Patio Direct!
#10- Accessibility
Everything is so accessible to everyone these days and it will fuel someone’s journey into entrepreneurship. There are books, podcasts, and websites dedicated to helping new entrepreneurs learn through other’s experiences and insight; new tools that can help you handle what being an entrepreneur is; a society obsessed with the online world that allows you to be an entrepreneur from your own home; and so much more that makes
things just so much more accessible than it used to be. We live in an accessible society and it’s never been easier to at least get your start as an entrepreneur.
Thanks to Stephan Baldwin, Lead Agent!
#11- Creativity
Technology and specifically AI is advancing in a direction where soon almost everything would be automated, and because of this, most ideas wouldn’t need human intervention to bring them to life. Well, humans would only focus on the creative parts of the job – this is where computers are limited. Entrepreneurship is headed in a direction where it will be ubiquitous – so as entrepreneurs it will be our job to keep the industry as creative as possible.
Thanks to Chris Myles, Golf Cart Go!
#12- Integrity
Future entrepreneurs have to be equipped so that they can execute with integrity and for a greater purpose than shareholder value. People management and leadership will be the core drivers of tomorrow’s entrepreneurs. The practical reality is entrepreneurship and innovation are not manifested the same in future economic systems. It will be execution and leadership driving the essentials. Producers and integrators will drive innovation and efficiency.
Thanks to Brett White, Addicted to Veggies!
#13- Technology
There are endless possibilities for those who are willing to take the risk and start their own business. We've seen a rise in entrepreneurs over the past few years, and I believe this trend will continue. With technology making it easier to start and grow a business and the vast array of resources available online, anyone can be an entrepreneur. There is no one word that accurately describes the future of entrepreneurship, but if I had to choose one word, it would be limitless.
Thanks to David Lee, Inyouths LED Mirrors!
#14- Dynamic
The world is changing faster than ever before, and entrepreneurs must be able to adapt to new technologies, global markets, and shifting customer needs. They must be constantly learning and evolving in order to stay ahead of the curve. In addition, the most successful entrepreneurs will be those who are able to create new opportunities out of thin air. They will see the potential in seemingly mundane problems and have the vision and drive to turn them into something extraordinary. The future of entrepreneurship is full of possibilities, but it will also be full of challenges.
Thanks to Michael Humphreys, Z Grills Australia!
#15- Incredible
The world is entering an exciting new age of entrepreneurship. That means more women, more young people, and more entrepreneurs from diverse backgrounds. The pandemic has created opportunities for entrepreneurs and changed how we all work – possibly for good. Future entrepreneurship will be defined by new solutions that work anywhere. Solutions independent of location, serviced by remote workers. Consumer expectations have changed. People are much more at ease with using new technology.
Thanks to Leonardo Gomez, Try Runball!
#16- Passionate
Today we have entrepreneurs who aren’t running behind big checks and fame. Each new idea that we see has a story and a meaningful passion behind its commencement. I strongly believe that the future of entrepreneurship will be driven by the passion of the young generation and their will to fly high, chase what they love, and give back to society. I see that entrepreneurship is not just about money anymore. People are aiming at big bucks alongside doing something that they love and now want to share it with the whole wide world. And that just makes me happy.
Thanks to Zarina Bahadur, 123 Baby Box!
#17- Freedom
So many people are worried about an upcoming recession and how that will impact their bottom line but as an entrepreneur, you have the freedom to decide how the economy impacts you – good or bad. You decide how to expand your business or shrink it. As your business grows and you’re responsible for more people and salaries and all that comes with that, you are still the one calling the shots. You are the one deciding each day if you keep your business open or shut it down. You determine the direction that it goes and the goals that it achieves. There is nothing more freeing than that.
Thanks to Darin Swayne, Advantage attorney marketing!
#18- Complicated
Entrepreneurship is going to become more complicated in the future due to the growing number of entrepreneurs in 2022. Most people will start their own business and the entire world will see a rapid shift in the business industry as more people from different and diverse backgrounds will join the business race making the work and role of an entrepreneur more complicated.
Thanks to Joe Bowab, Lobster Anywhere!
#19- Popular
There is a major increase in those who are taking on entrepreneurship as their new career instead of working for someone else. It seems the pandemic has spurred people to want to be more creative and to have more choice and control over their careers. I see entrepreneurship becoming increasingly common, especially for eCommerce stores and other online businesses. It is also much easier to become an entrepreneur these days due to technology, which opens a lot of doors for people that were not previously there.
Thanks to Shannon Bunn, Waggy Pups!
#20- Cloud integration
Cloud integration will become the future of the global business scenario. More businesses are moving their offline spaces to cloud storage; this trend will only increase as cloud space becomes cheaper and more effective. Cloud-based projects will save businesses the cost of renting and other site-related expenditures; these savings can be used to improve the overall customer experience and the safety of cloud space. This will allow the business to work from around the world and cater to the maximum number of
users.
Thanks to Charles Cridland, YourParkingSpace!
#21- Competitive
As online businesses strive to optimize their business performance along all lines–customer service, brand quality, SEO and visibility, etc.–the market will become oversaturated after a certain tipping point. How many users are willing to scroll past more than 2 Google results pages to find your brand or product? Money, time, and privilege will be influential in helping businesses establish themselves online as more companies enter and saturate the market.
Thanks to Shawn Munoz, Pure Relief!
#22- Changing
Many entrepreneurs are looking for the next big trend to capitalize on, but consumers are increasingly savvy and seek out businesses that can sincerely inspire them. Look for that one idea or field you want to nurture and grow into a business rather than force yourself to fit another mold. Entrepreneurs who build a company out of inspiration and
passion have what it takes to create something unique. The future of entrepreneurship is therefore likely to be defined by those who are able to embrace change.
Thanks to Zachary Hamed, Clay!
#23- Difficult
If I choose one word to describe the immediate future of entrepreneurship right now, it would be “difficult”. With the economy in flux and the cost of living rising at an exponential rate, finding an idea that actually works and appeals to people and makes them want to spend what little spare cash they’ll have on it, and then building a successful business around it is going to be at best, hard and at worst nigh on impossible. So, in my mind, the near future is going to be incredibly “difficult”.
Thanks to Morgan Lilker, Watches of Today!
#24- Promotion
Having a good idea is important, but having a strong business model is even more critical to entrepreneurship, and promotion is a key element of that plan. Without proper promotion, even the best idea in the world will struggle to get traction. Especially today, when the pandemic brought so many businesses online, there is not only local but often global competition to contend with on a greater scale than before. That’s why the future of entrepreneurship will be defined by promotion.
Thanks to Thomas Samuels, Cardinal Expo!
#25- Chaotic
We know that the future of entrepreneurship is bright since opportunities keep coming. However, as a business owner, I would describe it as leaning more towards the dark side, and I can tell you its future will be chaotic. The future of entrepreneurship will be chaotic due to extreme competition between businesses. Also, there is inflation, where consumers brag about the surge in prices of different products and services, so organizations must change their business models to solve this global obstacle.
Thanks to Lily Willi, Ever Wallpaper!
#26- Immense
The world of entrepreneurship is immense. As a business person, diversity would be the one word, to sum up, entrepreneurship in the future. It is diversified because today, entrepreneurship may lead to more than simply someone opening a physical store; it can also lead to other things. The world of entrepreneurship is currently and in the future filled with limitless opportunities.
Thanks to Jean Will, NiaWigs!
#27- Inclusive
If there is one benefit that the pandemic brought, it is the fact that it lowered many barriers to entrepreneurship. And as we transition back to a post-pandemic world, it is clear entrepreneurship will now be even more inclusive than ever before. This means that we can expect to see even more people from diverse backgrounds joining the fray, as future entrepreneurship looks set to be defined by new solutions that work anywhere, independent of location.
Thanks to Mila Garcia, iPaydayLoans!
#28- Diversity
By diversity, I mean a diverse workforce of people from different colors, communities, cultures, countries, social statuses, languages, etc., working together in a diverse work environment comprising of in-office, remote, and hybrid workers. Further, I expect to see entrepreneurs from different backgrounds, ages, sexes, and fields form a mixed generation of entrepreneurs. Lastly, the way the entrepreneurs will function will also be different from each other.
Thanks to Eliana Levine, FindPeopleEasy!
#29- Transformation
As we can see that the future of entrepreneurship is going to be ruled by Digital Transformation as the number of digital leaders is consistently rising. Additionally, entrepreneurs are learning digital marketing tactics to lead the way beyond traditional marketing strategies. Therefore, everything will be hosted on digital platforms, whether brand awareness or product launch. Thus, we, entrepreneurs, are focused on bringing change in the world and impacting the lives of people in a meaningful way.
Thanks to Alex Haley, YardsNearMe!
#30- Evolving
During such challenging times as these, when social and environmental issues take center stage daily, conscious entrepreneurs are hopeful that purpose over profit will lead the way to a brighter future. They'll continue to evolve the traditional business model to include sustainability and serving the greater good as they seek to operate ethically while pursuing profits. Their company mission will align with their passion, values, and personal goals. And they'll also ensure that the stakeholders they choose to partner with do so as well.
Thanks to Maria Shriver, MOSH!
If you could define the future of entrepreneurship in one word, how would you describe it? Tell us in the comments below. Don’t forget to join our #IamCEO Community.