When it comes to entrepreneurship, staying on top of trends is crucial. Predicting the future is how you stay relevant- one step ahead is the name of the game! Given the current climate, the future of entrepreneurship is changing rapidly and forecasting can be a difficult job. Let’s take a look at who the future entrepreneur is, what they are doing, and how they are ensuring the success of their businesses.
Working Multiple Jobs for Income Security
Tirzah Shirah, CEO and founder BlinkBar
In the beginning stages of your business, working full-time in addition to starting your own business can be manageable. This type of work is very common because many entrepreneurs cannot afford to stop working. At some point though, you may have to let go of that full-time job. When you leave this full-time job is usually dependent on the security of your business and the projected success. In our current economic state, many entrepreneurs are working multiple jobs or creating multiple business ventures at once to combat job and income security.
The rise of ‘Wellpreneurs’ for Physical and Mental Health
Eric Kaye, Founder and Chief Evangelist Kayezen Vector
With the rise in at-home gyms and streaming fitness classes since the start of the pandemic, sales of workout gear and apparel have skyrocketed- more than doubling in 2020. And as more and more businesses become aware of the tie between employee wellbeing and the company’s overall growth, workplace wellness programs are also on the rise. Perks like gym memberships, yoga classes, and healthy office lunches not only incentivize and retain employees but they’re also creating business opportunities for savvy entrepreneurs. From nutritionists and personal chefs to corporate coaches and wellness retreats, wellpreneurs are in high demand. And, as the pandemic crisis goes on, they will continue to be so as physical and mental wellbeing will remain a priority for consumers and companies for years to come.
The Ability to Pivot in Crisis
Shaunak Amin, Co-founder and CEO SnackMagic
I have always been passionate about taking on new challenges and ventures as an entrepreneur. As a result, I have found myself in multiple leadership roles throughout my career. My latest venture is a direct result of the global pandemic. If there is one thing the pandemic has taught us, leaders must be ready to pivot when a crisis hits. What began as a temporary way to save our office-lunch delivery business became a beautiful, lasting pivot into discovering a niche that helps people feel connected even during the pandemic lockdown. And as these times continue to be uncertain, every entrepreneur must stay agile in their business practices now and moving forward.
A Focus on Customer Experience and Personalization
Jeff Goodwin, Sr. Director of Performance Marketing and e-Commerce Orgain
New business ventures are now focusing on the experience and personalization of customers as time goes on. People want to feel more connected and included when working with different brands, so more businesses are popping up to meet those needs. The customer experience has also become more important than ever in these businesses.
Attracting Millennials to Ensure Success
Harris Rabin, Co-Founder and CCO R3SET
The future of entrepreneurship is millennial. With millennials making up the majority of the workforce today, they will comprise 75% of the U.S. labor pool by 2030. And employers are seeking ways to attract, engage, and retain ambitious and achievement-oriented millennials to ensure the future of their business. However, many millennials are already embracing entrepreneurship. A significant number of them have started new, independent businesses or have purchased existing ones. This goes to show that this new generation of workers is, in fact, ready to be their own boss.
Remote Businesses with Increased Reliance on Apps
Shilla Kim-Parker, CEO Thrilling
As a result of the pandemic and the current climate, in the future more entrepreneurs will be working from home. This trend in having a business that operates out of your home will increase the reliance on apps, including zoom, Microsoft Teams and the like. It will prove advantageous especially for people first starting out with their own businesses. In addition, established entrepreneurs will also be at an advantage because they will be able to increase employment opportunities by hiring more remote workers.
Forward Thinking that Identifies Trends and Gaps
Benjamin Smith, Founder Disco
The future of entrepreneurship lies in identifying current trends and gaps within them, especially in the digital space. When we think about things like food delivery, the new delivery services capitalized on digital platforms in order to streamline getting food from your favorite restaurant that probably didn’t offer delivery. This kind of forward thinking is what will drive the future of entrepreneurship as we continue to look for ways to make our lives more convenient and enjoyable.
Change Driving Innovation
George Fraguio, Vice President of Vaster Capital: Bridge Lending
More people are becoming entrepreneurs than ever before, and that will continue in the future. There is a much lower barrier to entry now as a result of the fact that businesses can be started with just a computer and a connection to the internet. In general, being a good entrepreneur takes the ability to not only be ready for change but to anticipate it, beckon it…
change drives innovation. This will not change in the future.
An Increase in Social Enterprises Driven by Purpose
Dr. Srikanth Gaddam, CEO Erpa Group
In recent years, there has been a sharp increase in the social awareness of consumers and the desire to contribute to businesses who use a percentage of their profits to help a range of deserving causes, and this change in habits has paved the way for a new kind of business venture. These businesses are known as social enterprises and are driven by purpose rather than profit, with a goal of improving the lives of others – and they’re most certainly becoming more and more common in today’s vast business landscape. In fact, there has been a 59% rise in the founding of social enterprise businesses in the United Kingdom over the last three years.
An Increase in Email Marketing
Aidan Cole, CEO TatBrow
When just starting out, marketing can be an expensive investment in your business. Email marketing is a great way to build trust with customers and provide them with personalized information. This might seem like a thing of the past, but email marketing is back and on the rise and extremely cost effective.
Younger People Starting Companies
Brittany Kaiser, Chair of the Board of Directors Gryphon Digital Mining
Entrepreneurship is becoming more of an even playing field given the fact that since so many people are working remotely, the number of entrepreneurs is on the rise. It is as easy these days to start a new company with just a computer and an Internet connection. Younger people are becoming entrepreneurs as well, and we see this trend continuing.
Taking on Responsibility of both Entrepreneur and Employee
Micheal Waxman, CEO and Co-Founder Sundays for Dogs
Almost every entrepreneur I know started their business while working full-time. The return on your entrepreneurial investment is not guaranteed, it is financially responsible for you to stay in your full-time position. It is a sure sign you are the right person to start your own business when you are the hardest working person in your office. The second-fold to this is that you should always be the hardest working person in your office. Entrepreneurs are incredibly hard-working individuals. They are able to juggle the responsibilities of both an entrepreneur and an employee, and with some practice, these responsibilities will come with ease. It truly does seem like a lot of work, however, many of us are happy to do it so that we can fulfill our dreams!
The Use of Micro-Influencers
Brandon Monaghan, Co-Founder Miracle Brand
With an increase in influencers over the past 5 years, we have seen a big uptake in Influencer Marketing but a more nuanced version of this has come in the form of Micro-Influencers or Nano Influencers. These influencers have a smaller following which allows the user time to personally engage with their followers, building a stronger connection and trust with their community. As an entrepreneur, these relationships are very helpful in marketing our products leading to more sales.
The use of Cloud-Based Technology to Reduce Costs
Kawal Preet, President, Asia Pacific, Middle East and Africa FedEx Express
One positive aspect to emerge from the disruption of COVID is that it has helped lower barriers to entrepreneurship – particularly through digital. It is certainly becoming easier to become a global entrepreneur. It’s also much easier to access new technology. Websites and platforms that integrate a tech stack enable SMEs to market products to a wider audience, with better connections between buyers, sellers, and partners.