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- Of course there will be more entrepreneurs
For several generations, we have been fortunate to live in a reasonably safe world. Our personal priorities have evolved from safety and security to personal growth and development. We now place a greater emphasis on savoring life through personal growth and significance. Large firms will either go out of business or undergo significant transformations.
Thanks to Michael Robinson, Cheap SSL Security!
#2- More then a massive decline
Over the next several decades I see a rise of entrepreneurs followed by a massive decline. The internet is allowing for more people to be self-employed, but as a whole, it is relatively young. With an increase in regulation and laws, the barriers to entry will increase drastically deterring people from pursuing internet-based businesses. I could be wrong entirely and decentralization occurs, but I don't think it will be that easy. Whenever power is given to the people, the people at the top step in.
Thanks to Isaac Mashman, Mashman Ventures!
#3- Pursuit of entrepreneurship will explode
Expenses don't stop, so people will have to get creative about how to make money while they are sheltering in place. The pursuit of entrepreneurship will explode because a lot of people suffered a layoff or cannot return to work for health reasons.
Thanks to Bre Hartel, iNNo Art Prints!
#4- More at least in the foreseeable future
The rapid pace of innovation in any industry is fertile ground for more startups to sprout. Meanwhile, bigger companies are losing a hold on much of their top talent, who are going on to start side hustles or gigs of their own. The rise of solopreneurs and influencers also contributes to this rapid increase in the number of entrepreneurs and it shows no signs of slowing down. During the pandemic, a lot of former employees started their own mini-enterprises that fit well with the gradual shift of society’s appeal towards local, boutique options as opposed to more established brands. There will certainly be monopolizing forces in play sometime in the future. I can visualize this in the cannabis industry, where the industry giants will eventually take the greater share of the market, at the expense of smaller entrepreneurs. However, this monopolization will not be as decisive as in the past because the opportunities for startups that exist now are much greater.
Thanks to Erin Zadoorian, Ministry of Hemp!
#5- The future belongs to entrepreneurs!
The recent pandemic and the ensuing economic downturn have resulted in massive job losses, but on the positive side, they have provided an opportunity for many professionals who are stuck in unsatisfying careers to consider alternative career options that align with their true calling. Many laid-off workers have reflected upon their careers and the level of satisfaction with their chosen professions. As a result, these professionals are stepping into entrepreneurship that is more closely aligned with their life purpose – something that they may have dreamt about doing but haven't had the courage or immediate need to pursue. I see a huge rise in entrepreneurship in the future and an overall trend towards greater synergy between people's passions and methods of earning their living.
Thanks to Dagmar Fleming, Unlock Your Success!
#6- More due to the freedom
Most people are beginning to realize the physical and financial freedom that comes with entrepreneurship. In addition to these, people are getting motivated to open up businesses and ventures because of the success stories of high-growth ventures. Is this to say all new entrepreneurs will succeed and stay in the market? No. A whole lot of them will fail. But some won’t. Whichever way it goes, there will most definitely still be an increase in the number of entrepreneurs. Besides, one of the ways to build wealth is having your own business and a lot of people are trying to go down that path.
Thanks to Olivia Tan, CocoFax!
#7- I believe there will be more
I believe this will be the case because more companies and employees are pushing for remote work as a result of the COVID pandemic. An increase in remote work will create flexibility for employees, and they will be able to take on more freelance work. More employees will create consulting businesses and take on independent contract work through websites like Fiverr and Upwork.
Thanks to Keeon Yazdani, ElevateD8.co!
#8-More due to open doors
If you had asked me in January 2020 (pre-COVID) what the future looked like for entrepreneurs, I would have said, Good. But COVID changed every aspect of our lives, including the way we work, shop, go to school, and get medical advice, moving online commerce and services ahead by 10 years in a few months. It's become an online world, opening doors to anyone with the ingenuity and creativity to grab opportunity when they see it and innovate in any way that serves a need. I would call 2021 the Year of the Entrepreneur.
Thanks to Michael Jankie, Natural Patch!
#9- More due to three reasons
I firmly believe that there will be more entrepreneurs in the future. Younger generations, with their drive for independence and self-determination, will continue pushing entrepreneurship levels higher each year for the foreseeable future. Moreover, the regular 9-5 struggle does not appeal to the masses of young people. They want work that they are passionate about, and find fulfilling. Hence, droves of younger people will continue exploring entrepreneurship opportunities in areas they find worthwhile. Lastly, companies are not producing jobs fast enough for the growing population. This will see more people turn to entrepreneurship as a way of making a living.
Thanks to Greg Rozdeba, Dundas Life!
#10- There will be definitely more due to the rewards
It's a rewarding career for those who want to seek autonomy in terms of balancing their work-life responsibilities. And with the new normal still going to linger, entrepreneurs are more than motivated to pursue their passion since they're driven by their leadership experience and desire to disrupt industries through innovative products and services.
Thanks to Michael Hamelburger, Sales Therapy!
#11- More with the increase in eCommerce
E-commerce has become something that anyone can learn at almost any age. In fact, I actually started learning about e-commerce when I was in high school. This current norm makes it easy for anyone to start running their own business and there are tons of online courses and tools out there to help you get going.
Thanks to Mike Pasley, Famous In Real Life!
#12- More because of a number of reasons
Many businesses which started their venture in 2020 have shut down due to COVID. This has created a significant gap in the market and a lot of opportunities for the startups to flourish. Hence, having fewer competitors in the market means that the entrepreneurs have to worry less. Secondly, since the pandemic began, the use of e-commerce has become substantial. Consumers have increasingly become fond of online shopping in an attempt to reduce their exposure to Coronavirus. Hence, the changing purchase patterns of consumers and their behavior will help a lot of businesses to develop. In order to well-position your business so that it reaches its target audience, focus on the solutions to consumer problems.
Thanks to Gary Taylor, bookyourdata.com!
#13- More due to lack of fear
We are in the most confident space I believe we've ever seen, and professionals are taking the leap to follow their dreams, which is AMAZING! This means we will see more entrepreneurs in the future because people are no longer afraid to try and reinvent themselves to go after new and different business ideas. There is minimal fear of failure and the mindset with a large majority of professionals is I will keep trying until I get it right which we love to see. Be on the lookout for new entrepreneurs left and right!
Thanks to Jessica Williams, Jessica M. Williams Career Consulting!
#14- I believe there will be more
Simply put, the internet age has led to vast business opportunities that many budding entrepreneurs can leverage to start their own businesses. Additionally, more universities have now begun to recognize entrepreneurship as a career path and a vital tool for the growth of every local economy. Due to this, there are a growing number of university programs that provide young graduates with the resources to help them start their own businesses. The future of entrepreneurship looks very bright indeed.
Thanks to Axi Patel, Raas International Clothing Inc.!