Every waking day, we are having tremendous changes in regulations and technology which greatly affects the way businesses operate. Some entrepreneurs will say the future is definitely bright and the number of entrepreneurs will increase but others argue these changes are meant to work against budding or would-be entrepreneurs. Growing empowerment and embracing of individuality is motivating more people to begin their entrepreneurship journey. But the big question, will there be or less entrepreneurs in the future?
We asked entrepreneurs their thoughts on the future of entrepreneurship and here’s what they had to say;
#1- More due to priority on running own business
As a young entrepreneur, I think the future is bright for more to take the path of running their own business than pursuing traditional employment. I've seen a major increase in the number of people who want to start working from home and make money online to be more geographically independent and free time wise. Given that traditional employment has payment ceilings, I think people are becoming more and more attracted to the idea that they can out-earn their current salary with the path of entrepreneurship.
Thanks to DrewDuBoff
#2- More entrepreneurs with great flexibility
With the flexibility the internet offers, there HAS to be MORE entrepreneurs in the future. Speaking as an un-educated waitress, who created a 6 figure business online in less than two years, I can not fathom that others won't be able to do the same. Gone are the days when there were ladders to be climbed – and it took diplomas to open doors.Anyone with dogged determination (and common sense) can find a way to create a thriving business – as long as they are willing to put in the effort (and be persistent through the ups and downs). The only thing that will prevent entrepreneurial-ship in the future is an attitude.
Thanks to Carly Campbell, Mommy on Purpose!
#3- Female and it's female over 50
There will be more entrepreneurs in the future and the majority of them will be female and over 50. According to Dr. Joseph Coughlin, the head of the MIT Agelab and the author of The Longevity Economy, the future is female and it's female over 50. Women over 50 are creating an entirely new economy while creating more new businesses than any other demographic. Never before has a demographic had health and vitality, wisdom and life experience and the pocketbook to match. Prior generations were busy planning retirement or living off of pensions. The new disruptive economy includes a powerful female contingent launching second and third acts as entrepreneurs and the trend will continue in the future.
Thanks to Catherine O'Connell, Forever Fierce Media!
#4- More who will take up as a valuable resource
Corporate mergers, advanced technologies, and robots will inevitably shake up the economic landscape. Has anyone considered that algorithms and automations can be the death of 9-to-5 jobs? Companies such as Disney, 20th Century Fox have experienced mass layoffs, as well as IBM and Activision. The truth is this: those who do not survive layoffs are faced with an option to go back to another 9-5 or pursue their dreams and purpose. In a world where relationships can make or break revenue, corporations will need to leverage other businesses, experts and entrepreneurs to help add 'empathy' back to the process. Technology alone can not succeed without humanity. This is where entrepreneurs can chose to take a stance and win, not as an employee, but as a valuable source where they can leverage creativity, not conformity.
Thanks to Sonya Lee
#5- Two factors to level it out
I think there are two distinct forces in play that will effectively level out future entrepreneurship. The first factor, which will grow the number of entrepreneurs, is the continued rising tide of women and minority entrepreneurs. As these groups develop deeper roots and broader opportunities, we'll see real innovation instead of the variations-on-a-theme we get now. As the cycle continues, I would hope and expect there to be more entrepreneurs than ever in the coming generation. On the other hand, the absolute dominance of Big Tech in tandem with federal support of big companies comes at the expense of successful entrepreneurship. Already we can see glimpses of the future with distinct layers of Amazon marketplaces and Google no-click results where the actual creators are the ones getting a pittance or nothing from the tech companies with no recourse; hardly a favorable climate for starting a small business.
Thanks to Mike Catania
#6- Almost everybody will become an entrepreneur
There will be more entrepreneurs in the future – in fact, almost everybody will become an entrepreneur. Once upon a time, the typical entrepreneur was a farmer or shop owner, with an occasional company builder thrown in the mix. But today, thanks to technology, everybody can be an entrepreneur, even while they work a full-time job. Side-hustle businesses just might make everybody an entrepreneur. I know somebody with a full-time government job, is also a landlord and runs a renovation side-hustle at the same time. One no longer has to leave the security of full-time employment to become an entrepreneur.
Thanks to David Leonhardt, THGM Writers!
#7- More entrepreneurs born out of necessity and opportunity
We will have more entrepreneurs in the future. Entrepreneurs are born out of necessity and opportunity. Both will increase in the future. The necessity will come out quickly changes lifestyles which will need nimble and creative problem solves and can adapt quickly to the ever changing pace of the world. The opportunity comes from the way technology can provide a platform for anyone who has a great idea and passion. I don’t think any major players in the entertainment industry of LA or New York saw the birth of YouTubers coming. It has creators entrepreneurs all over the world.
Thanks to John Crossman, Crossman & Company!
#8- More with the low barriers
In the last few years, we have witnessed new technological innovations from artificial intelligence to the internet of things. There has also been a democratization of technology such that these technologies are not just confined to governments and big companies but are accessible to the public too. As such, the common person with an entrepreneurial mindset already has the basic tools, resources, and means to innovate, create, and scale their venture much faster than they could have in the past. I would say that technology and the wide availability of information will continue to lower the barriers to entry into the world of business, which means the future will have far more entrepreneurs.
Thanks to Chris Chancey, Amplio Recruiting!
#9- Definitely more entrepreneurs..
Of course, there will be more entrepreneurs in the future. We have been blessed to live in a relatively safe world for a couple of generations now. Our personal priorities have shifted from security and stability to growth and self-development. Now we focus more on enjoying life through personal meaning and development. Large corporations will eventually go out of business or transform dramatically. Business focus is shifting towards “soft” skills and flexibility. Corporations are not good at either. In addition, with the IT and AI, there’s no need to stock up on in-house “hard’ competence; it is the “soft” stuff that gives the competitive edge, although not everybody understands that yet. They were good at ensuring job security, 9-to-5 “work-life balance”, and stable pay – but not anymore. Now all they can guarantee is office politics and thinly veiled coercion to “go an extra mile” for your boss if you want to stay employed. That consumes a lot of energy and kills innovation. Today we need “work-play” balance and the recognition of being useful to society. This is more achievable in the entrepreneurial environment, where we can easily team-up with like-minded individuals and creatively pursue goals important to us.
Thanks to Sergei Brovkin, Collectiver Consulting!
#10- At one point there will be way less
Right now being an Entrepreneur is like getting a tattoo in the 90s. It was the cool thing to do! This will pass too. Especially when there is a market crash. Way too many entrepreneurs chasing to become someone they are not by coming up with ideas and getting funding for them. Instead of making a business that actually makes money. I meet way too many entrepreneurs who have turned down a podcast interview with me because they were too busy with their fund raising. Guys… You should be busy making money.
Thanks to Daniel Nyiri, 4U Fitness!
#11- More due to the low start-up costs
When I was living below the poverty line working in the corporate world, I wasn't the only one in my social circle dreaming of starting their own business and becoming their own boss. The rise of the internet actually made that possible for me because of the small startup costs involved and having the chance to connect with almost 60% of the world's population. Someone not tech-savvy like me was able to easily start their own online lifestyle magazine and earn $19,000 in their 8th month alone. I now work with my wife remotely and we travel the world together. I've since become aware of many other millennials out there who are doing this too, most of whom share my humble background.
Thanks to Silas Moser, Chasing Foxes!