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 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, 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- It's like freelancing
The future of entrepreneurship for the vast majority is like ‘freelancing'. There will be an increase in the number of entrepreneurs, who use specialized skills, to run their own operation. There will be less employees and more solopreneurs. For larger companies, the subscription model will continue to become more common. As will the move toward being a platform or ecosystem.
Thanks to Richard Burner, Goals Marketing!
#2- Means investing in micro-influencers
With their affordability, you can invest in several and gain more return by earning customer trust before a sale occurs. Your investment can be worth it since micro-influencers are prone to being more engaged with their smaller following, which helps them build more personal interactions and connections that can be more influential than other marketing strategies. They’ve built more trust with their followers, so customers might be more willing and trusting when they check out your website after the micro-influencer recommends you. You’re also wasting less time because selecting a micro-influencer means their audience is made up of potential target customers. Micro-influencers can recommend your services and products to your target customers, given you’ve thoroughly vetted and chosen relatable micro-influencers to your niche. Plus, you're able to reach a pool of target customers that you might not have been incapable of connecting with without them. However, it’s all about finding the most relatable micro-influencer who can help you build more customers.
Thanks to Ben Reynolds, Sure Dividend!
#3- So influenced by what is happening on social media
Since the beginning of the pandemic, the way we view work and business has definitely shifted. People are focusing more on forging their own paths, working for themselves, and taking more control over their work lives. Now more than ever, young people are jumping at the opportunity to be their own boss and start their own business, especially with the power of social media platforms like TikTok and Instagram. With a simple 30 second video posted on social media, business owners have the opportunity to build major traffic and revenue from their sites. I think the future of entrepreneurship will be so influenced by what is happening on social media, and more young people will begin to realize that their passions and goals are more accessible than they originally thought. People are taking their careers into their own hands, and it is very exciting!
Thanks to Jeanine Duval, Edelwyn!
Considering the current scenario of the industrial revolution, the future of entrepreneurship will progressively get better and bigger. The cost of starting a start-up is getting more affordable day by day and hence there will be a significant increase in start-ups. Pandemic also proved to be a great shove for individuals to pursue their own business ideas rather than working for others as they were forced to rethink their lives and work from home.
Thanks to David Attard, CollectiveRay!
The speed with which businesses may currently grow will be the most significant shift in entrepreneurship. This kind of hypergrowth has never been feasible before. But, thanks to today's digital platforms and technical infrastructure, it's becoming more typical to be able to create a billion-dollar business in less than a decade. Apple, for example, is the world's most valuable business, yet the iOS operating system enables firms like Facebook to use an already-existing infrastructure to accelerate their mobile development. As a consequence of these giants' reach, many smaller businesses are able to thrive and grow into giants too. This opens up a lot of possibilities, but it's not without its drawbacks. Only a few individuals have the necessary expertise and judgment to handle this climate. During this period, scaling the workforce is a constant issue – and frequently the top task for senior management. It will, in my opinion, only grow insignificance. People, not products, will be the next problem for any entrepreneur.
Thanks to Jonathan Saeidian, Brenton Way!
#6- More Opportunities
The next generation would definitely take chances to start something of their own at a younger age rather than opting for job attainments with large firms. With more opportunities, freedom, remote working, funding, wide options available, the spirit and dream of entrepreneurship are achievable. It is more about being independent in a small way than being employed in an MNC. I guess the future is full of quirkier, creative small businesses that people will do not to get rich but because they love to and they are happy to do so. We will see a lot of altruistic entrepreneurs that want to help people, communities, and the environment based on the significance the young generation gives today to the wellbeing of society.
Thanks to Mrudul Shah, Technostacks!
#7- Any age starting a business
One of the most interesting aspects of entrepreneurship to me is that it is a space where individuals of all ages may choose to become entrepreneurs. You can start as early as childhood with a lemonade stand or enter entrepreneurship as a second act during retirement. The future of being an entrepreneur means you can start a business at any age. Better yet, it's also possible to embrace serial entrepreneurship by starting and running multiple businesses throughout your lifetime!
Thanks to Deborah Sweeney, MyCorporation!
#8- More digital
The future of entrepreneurship is more digital than it is today. Even non-tech companies will transition to a digital space. Social media’s importance and influence will only grow as the internet becomes more and more of a staple in people’s daily lives. Digital businesses have the capacity to reach broad audiences. Advertisements, search engines, and social media all provide businesses with the opportunity to grow brand awareness and gain influence in the market. As more businesses overwhelmingly include digital platforms, there will also be a shift from companies to personalities as brands. CEOs and entrepreneurs will promote their brands on personal social media accounts. People will associate businesses with their owners, which allows for more engagement between brands and consumers on the internet.
Thanks to Lior Krolewicz, Yael Consulting!
#9- Execution is everything
American business has seen more drastic transformations in every facet of every industry than could have been expected two decades ago and one computer revolution later. Many people focus on technology, cooperation, and information, but technology isn't the solution. Collaboration isn't the word. It isn't knowledge. It is yielding results… Management is a unique function, the precise tool that enables institutions to produce results. Today, technology has taken over the responsibility of management, which has been outsourced. In practice, entrepreneurship and innovation will not present themselves in the same way in future economic systems. The necessities will be driven by execution and leadership. Producers and integrators will drive efficiency and innovation. We need to teach our future leaders that execution is everything. We need to empower them with the tools they need to perform with integrity and for a bigger good than shareholder value. The key drivers of tomorrow's entrepreneurs will be people management and leadership.
Thanks to Erick Riddle, Driven Wheels!
#10- Diverse and digital
After the huge impact Covid had on businesses and the global economy in general, I strongly believe entrepreneurship will become the younger generation's first and most viable option rather than a forward-looking and hard-to-reach goal as it’s seen nowadays. The future of entrepreneurship will be more diverse and digital thanks to the Coronavirus, to which we will also owe the fact that young people will want to avoid salaried jobs and will make a major effort to bring sustainable and innovative ideas to the light; I think this will happen because becoming an entrepreneur would be the more feasible and reliable option for anyone when it comes to earning a living.
Thanks to Jesse, Tauria!
#11- Remote businesses are going to take the world by storm
If nothing else, the pandemic taught us that employees can be extremely effective in remote settings and that many enjoy working remotely. For entrepreneurs and business owners, this provides significant opportunities that will be capitalized on in the near future. For instance, starting your own business in a remote setting means that you do not have to pay for prohibitive initial costs such as a physical office space. In addition, it gives entrepreneurs wider access to a global network of talent that can lead to having a significant edge over traditional in-office competitors.
Thanks to Linn Atiyeh, Bemana!
The future of entrepreneurship is looking bright. There have been a number of articles written about how there is a boom in people starting their own businesses as a result of the pandemic. I'm a serial entrepreneur. My father loved the freedom of entrepreneurship, and I’ve had an entrepreneurial spirit since my youth when I would go door-to-door selling greeting cards and vegetable seeds. After I graduated from Ithaca College, I turned down a position as an investment banker because I wanted the freedom of entrepreneurship, just like my dad did.
Thanks to Bill Glaser, Outstanding Foods!
Entrepreneurship will become something that people of many ages can pursue. This is already starting to happen as younger generations are growing up with all kinds of technological tools at their disposal. Kids in middle school and high school can now learn things like coding and e-commerce. Additionally, it is becoming more common for older folks to make career changes by venturing into entrepreneurship for the first time well into adulthood.
Thanks to Chris Caouette, Gorilla Bow!
#14- Skilled ones will opt for becoming leaders
Earlier a few years ago being an entrepreneur was not considered a safe career option among people. It was very rare in billions like Bill Gates, or Steve jobs who were visionaries and became role models for billions to encourage them to follow their paths. With the rise in technology and getting ease in learning with ample of information on the internet. The new generations are looking to set up their own empire rather than work for anyone else. With the new ideas and innovations coming every day more skilled and talented youngsters are opting to become leaders. As with the help of AI, you get to manage a lot of stuff using online services rather than human work. This reduces the investment in physical locations and facilities.
Thanks to Jitesh Keswani, E-INTELLIGENCE!
#15- In conscious entrepreneurship
I’m a bit biased, but I think the future of entrepreneurship is in conscious entrepreneurship. It’s tied to what consumers are looking for and it’s essential for tackling key world problems. There is money available for those who focus on these issues – sustainability, hunger, poverty, social inequality, etc. (take a look at the 17 goals adopted by the UN for Sustainable Development) AND it’s inspiring. An entrepreneur needs to be passionate about their business and what is more inspiring than tackling one of these issues.
Thanks to Anne Carlson, Jiminy's!
#16- Built on strong relationships
I think AI will soon automate a lot of processes that will save entrepreneurs precious time and allow them to focus on their employees and build strong relationships. I expect to see more companies going fully remote in the future which means that entrepreneurs will be free to travel to different countries and make valuable connections in person. Also, future entrepreneurs will have to be very open-minded and creative if they want to be competitive in the market so there won’t be a lot of space for technicalities. These will be done by machines and entrepreneurs will have the freedom to focus on people and their vision.
Thanks to Nick Chernets, Data for SEO!
#17- Saturated with bootstrapped businesses
The market for low-cost businesses will become more saturated. With unemployment expected to rise in the next couple of years, I anticipate that more people are going to become entrepreneurs. Commercial funding will become harder to secure because of the increased demand for it and the poorer state of the economy. More entrepreneurs will therefore have to bootstrap their business. Since only certain types of businesses can be bootstrapped, I think the market for these types of businesses (selling digital services, selling small, hand-made products, local service providers) will become more saturated. It may well take entrepreneurs longer to get a decent level of traction with these types of businesses due to this added competition.
Thanks to Mike Skoropad, United Tires!
#18- Towards specific entrepreneurial coaching and programs
I believe that the future of entrepreneurship is heading towards specific entrepreneurial coaching and programs like EOS (Entrepreneurial Operating System). So much so that I am becoming EOS certified. Programs that provide the processes and tools to help entrepreneurs succeed as well as connections to other successful entrepreneurs will be where the entrepreneurial market is headed.
Thanks to Jennifer Carrasco, Virago Skin and Body Studio!
#19- Where business and impact intertwine
I believe the future of entrepreneurship is a future where business and impact are completely intertwined rather than mutually exclusive. Being an entrepreneur demands being innovative, adaptive and result-oriented, and these are all qualities needed to develop solutions to societal problems. Being able to leverage your people, operations, and brand to further do good is aligned with increased workplace productivity and superior financial growth. Today, we see Millennial and Generation Z consumers and workers placing more and more value on “purpose driven” companies—a trend that will continue to foster the development of businesses at the intersection of innovative entrepreneurship and lasting social change. Entrepreneurs will realize that doing good isn’t a “nice-to-have,” but a critical means to make an impact while positioning their company for further growth and revenue.
Thanks to Brandon Parkes, Parkes Philanthropy in Action!
#20- Thriving on those that can adapt
I believe that the future of successful entrepreneurship will be heavily influenced by how entrepreneurs can attract, motivate, and retain their employees in a post-Covid world. Now with so many fully remote jobs being made available and not being able to rely on the large talent pools based in major cities, entrepreneurs are faced with attracting and maintaining talent based purely on job satisfaction and offering competitive salaries. Adaptability for managers becomes very important, and the work-from-home and the hybrid work-from-home models become the norm. Successful entrepreneurs will be the ones who can figure out a way to motivate their employees with innovative incentives and work-from-home perks for their employees who they don't see in person anymore.
Thanks to Andrew Meditz, ELITE Amenity Management!
#21- More failures than successes
Entrepreneurship is a fallible process, we should expect to see more failures than successes. Also, the failure rate may go up as more people try their hand at entrepreneurship. This will be due to the fact that more people will have the opportunity to be entrepreneurs, so any given individual's chance of being unsuccessful at entrepreneurship will go up. However, entrepreneurship should still be better than now because each entrepreneur will be able to get more help from technology. This means they will have access to more knowledge about how to do their jobs well (and how not to), and they'll also have access to more tools that make it easier for them to do things right (or wrong).
Thanks to Samuel Klein, Astorchocolate!
Entrepreneurship will be independent of location and powered by digital solutions. We’ve seen a lot of these opportunities amid the pandemic, which has forced many entrepreneurs to be extra creative and imaginative. It will be easier to become an entrepreneur that caters to a global audience, not limited by their physical location.
Thanks to Tyler Wall, SD Bullion!
#23- Very versatile
The future of entrepreneurship is going to be very versatile, and there are many statistics to support that. Entrepreneurs of the future will be dabbling in multiple businesses, ideally trying to tie them all together. Ideally, you want to have one main business that supports and funnels money to your side ventures. Entrepreneurship will be all about growing multiple businesses that support each other in some way. As a co-founder of a digital marketing agency, I'm already planing forward to expanding my marketing reach through other ventures.
Thanks to Aaron Agius, Louder.Online!
#24- Rise of social enterprises
A social enterprise is a business that is driven by its purpose rather than strictly to make profit. These businesses are not charities, but are driven to give back part of their profits to support various causes. This helps make the world a better place for everyone, and also helps customers feel more confident spending money with a company that is actively giving back. Here at Kinder Beauty, every month we donate a portion of proceeds to various animal rights and environmental causes like the Woodstock Animal Sanctuary, Physicians Committee for Responsible Medicine, and Animal Equality, to name just a few.
Thanks to Andrew Bernstein, Kinder Beauty!
The future of entrepreneurship is promising, especially in the current digital landscape. With solution-based services and SaaS becoming popular each day, entrepreneurship would no longer be limited to a physical location. Entrepreneurs will be able to operate virtually and have a diverse global team. Skills like agility, flexibility, continuous learning ability, and stress tolerance would be some of the defining skills of a future entrepreneur. With the adoption of cloud-based technology, consumer expectations have changed as well. Therefore, running a digital business would be easier as consumers would prefer to buy products/services from online businesses rather than physical stores.
Thanks to Matt Diggity, Diggity Marketing!