The Future of Entrepreneurship: 6 Trends That Will Define 2018
“The world is full of smart poor people,” says renowned American author, Robert Kiyosaki of the bestseller, ‘Rich Dad Poor Dad’ fame.
Indeed, a lot of people have adequate educational qualifications and required experience in any trade.
Yet, they remain poor because they lack sufficient motivation to venture outside their comfort zone, where all growth lies.
In today’s world, the greatest comfort zone comes from having a stable job with good income.
Unfortunately, this comfort zone often becomes the biggest factor for smart people to remain poor: they become unwilling to graduate as entrepreneurs.
Because entrepreneurship comes with several inherent risks that nobody would be willing to take.
These risks throw the proverbial wet blanket on anyone motivated enough to launch a startup.
For those who wish to overcome this self-made handicap, we take a glance at the future of entrepreneurship in coming years.
Hundreds of excellent businesses can be opened anywhere, by merely deploying skills and harnessing the power of the Internet.
These factors should serve as sufficient motivation for anyone to launch a startup.
Future of Entrepreneurship
There are several key indicators that will decide the future of entrepreneurship. Here, we list a few that will decide how “smart poor people” can utilize these future trends to become rich.
Majority of startup ventures launched anywhere in the world are copycats of existing businesses.
Consequently, between 60 percent and 90 percent startups flounder and fail within the first five years of inception.
Those who scrape through do not make sufficient profits that justify their existence or investments.
However, those with innovative products and services have been bought up by large corporations such as Facebook and Cisco, among others.
Trends from 2017 clearly indicate that future of entrepreneurship will be defined by innovation.
To launch anything innovative, you need to think outside the box. And if that involves reinventing the wheel, entrepreneurs will have to go for it.
2) Easy Funding
Thanks to the large number of venture capitalists, crowdfunding platforms, start-up accelerators and incubators, entrepreneurs will find it easier to get money to seed their innovative business than anytime earlier in the history of this civilization.
VCs and crowdfunding platforms are constantly on the lookout for entrepreneurs who have something new and interesting to offer, either a product or service.
A close look at funding patterns will reveal, investors are shying away from traditionally popular business models in favor of those that offer something new.
Hence, if you have some innovative idea, now is the right time to put it across, get funding and launch a startup.
3) Global Markets
E-commerce worldwide is set for a boom. The greatest news is, this trend will sustain itself for the foreseeable future.
E-commerce will decide the future of any entrepreneurship, whether you launch a home-based jam and sauce business or venture into creating esoteric software for aerospace industry.
For lay entrepreneurs, marketing products and services through popular online stores like Amazon and eBay is now very easy.
Additionally, e-commerce platforms allow a product to draw attention and grab clientele worldwide.
As trade borders continue to vanish and online payment systems get more sophisticated, e-commerce will pave way for every startup to enter global markets.
4) Mobile Technology
The future of entrepreneurship will also be defined by how fast any startup or other venture goes online, especially with mobile technology.
This involves launching an Android or iOS-based app as well as making content available online.
The number of smart-phone users around the world is increasing exponentially. These devices have made decision making possible while on the move.
Any entrepreneur can benefit by using these technologies to order stuff or for marketing.
Real-time monitoring of traffic generated by mobile apps and hit rates of advertisements that crop up on smart-phones to culminate as sales is possible and easy.
5) Customer Care
Customer care will become the backbone of every enterprise.
You may have a wonderful, innovative product or service. Yet, without proper customer care, it will become increasingly difficult to retain clients or bag new ones.
In this era of the Internet, bad publicity spreads faster than wildfire. Moreover, lawsuits against companies with poor customer care are rife worldwide.
Providing customer care is simple, provided an entrepreneur is dexterous.
It includes listening to clients, their needs, and demands, examining whether these suggestions can positively impact your brand offering and implementing possible upgrades.
Additionally, customer care also involves rapid troubleshooting of any problems a client may encounter and handling adverse comments with adroitness.
6) Skills Pool
As telecommute work gains popularity in the US and worldwide, hiring skilled personnel for specialized jobs will become easier in future.
This means entrepreneurs can draw from a vast pool of skills available across a country or anywhere in the world.
About four percent of America’s workforce is formed of telecommuting workers.
The system that allows people to work from home or any other location will vastly benefit entrepreneurs to draw from the vast pool of skills and talents for furthering their business in every element.
Additionally, some more factors will define the future of entrepreneurship. One is how rapidly an entrepreneur can legitimize the business.
Operating with licenses and permits from concerned government authorities and agencies is becoming imperative since customers look for legit businesses.
Days, when a home business could flourish sans legitimizing, are history.
Entrepreneurs who wish to grow their business will have to get it legalized either before launch or as soon as they draw first profits.
The above trends indicate that entrepreneurship is worth a try. All it requires is some extra effort and sufficient motivation to move outside self-created comfort zones.
Every big business was begun at home. Examples include Amazon, Apple, Airbnb and Virgin Group, among others.
Several ideas for home based businesses are available easily. Any entrepreneur simply needs to exert extra efforts and engage in some out-of-the-box thinking to improve upon these ideas and innovate.
The future of entrepreneurship is great for those who will dare.