Entrepreneurs are a unique kind of individuals who are driven by different kinds of motivations to make innovation bloom in society. With new emerging demographics and rise in one’s readiness to take risks, the rise of the new age of entrepreneurs has increased in today’s competitive world. So understanding patterns and entrepreneurship trends have become extremely important for the new generation of entrepreneurs.
The trends in entrepreneurship that are shaping big and small business owners in the next decade will be far more diverse than their predecessors. Business trends changes more often and if you can keep up with those trends, success will be yours. Every successful business is the result of a new idea that can change people’s life.
If you want to start a business, the first step to do is to watch the current trends. As technology changes the expectation of people will also change. They want to do every task easily now. Everyone depends on apps to do many things.
Long back people went to banks to do a transaction but now we can do it from our home itself. That’s the impact of the change in technology and trends in people’s life.
Some startups just last for a short term because they will just try to sell their product following the current trend. As an entrepreneur, you must have a vision for the future. There has been a huge change in the business industry within the last 10 years.
You will get a clear idea if you can analyze the biggest change happened in there. When you see all those changes, you will get an idea about so many changes that happened in entrepreneurship.
It also helped the industry to grow in a positive way. Many people come forward to this industry with an aim to change people’s lives with their business.
Examples of businesses that broke the conventional ways:
Without trying new ways and opportunities any business cannot succeed. Like this, many start-ups work hard to conquer people’s mind and they are in that position right now. Most of those business followed disruptive innovations. This might be a new terminology for most of you.
“Disruptive innovation is an innovation that creates a new market by breaking the conventional market and its networks”. They can replace the existing marketing leads, products or firms due to this excellent innovation. There are many examples in front of us who broke the conventional markets.
We can consider Netflix where everyone can subscribe to DVD rentals. They will send DVDs by mail. This change impacted many DVD rental businesses and only a few of them are existing right now.
The reason for Netflix popularity is that through this offer they gave maximum convenience, affordability, and availability to their users. They will get any DVDs at home without going out to rental shops.
Another business who succeeded in using this trend is Airbnb. This is one of the biggest hotels rental platform available as of now.
It started as a small business with a few hotels to rent and after years of operation, anyone can book hotels through from their phones or laptops. No need to go out or call anyone to book your stay.
Amazon also is an example of using disruptive innovation. They gave users more convenience to shop anything they want from home itself without going out. The site acts as a mediator that connects businesses and users.
Without the middleman, users will get all the items they want at an affordable price. These are all some best examples of businesses you know who traveled with trends and made their business successful.
Importance of keeping up with entrepreneurship trends:
To sustain in a competitive world every business should keep up with trends happening in that area. No need to stay out of date in a changing world.
To earn respect and acceptance from users every business must follow changes in trends that are going around them. Here are some important points to note when you implement new trends to your business.
- Only accept trends that can bring a good impact on your business. There will be many fields in your business and each of them will be changing. But when you implement a trend, focus on one at a time that can bring a positive change in your business environment
- Be aware of every new change in your industry or business. Follow every new trend change closely and think, if that can cause any positive change in your business.
- Think ways to integrate your business well before trying it.
Entrepreneurship Trends Change to Watch:
Check out some important changes in trends in business that you may have missed. Some of them are happening now and some others are in its developing stage.
More remote workers
Freelancing is very popular nowadays and many people prefer to work remotely or online. This has created a great impact on entrepreneurship trends.
When we consider this online content most of the people prefers freelancers from all around the world. By doing this, they can ensure talented workers working for them. This will reduce operational cost and increases the quality of the business.
Many businesses outsource the following services like management, financial services, sales representatives, office administration, etc. to remote workers. They control everything online and many people prefer working from home now.
Knack and toggle are some start-ups who encourage people to work for them from home itself. By hiring people from all around the world they are ensuring a better work environment for people which also make business better.
Long before this facility was not there because of the lack of technologies and people didn’t believe in such concepts. But, now most of the startups work based on this concept. They just need to pay the salary for their employees and the biggest advantage is the reduction of operational cost like renting a building and setting it up.
Most businesses now work virtually, without a specific business location. We can say this as a future trend.
Interactive marketing:
Even the marketing field also changed and became more interactive. Without making users interactive no product can succeed nowadays.
So, marketers are finding some new ways to make it more interactive and social media marketing is one among them. every business spends so much money on advertisements. But without making it interactive, there is no use.
For example, if we consider TV or magazine commercial they won’t be interactive. Now, when we consider Twitter or Instagram marketing, it is more interactive. Many businesses use these platforms to make an advertisement campaign to make users interact with them.
Surveys and campaigns from Starbucks is the best example of an interactive marketing campaign. They use Twitter to reach to their users and ask them various suggestions on naming their new recipe or to feature their product to win some exciting offer from them. Interactive marketing is in various ways.
Some businesses opt to present a quiz or survey to get feedback from their users. Convincing user is a tough task and you need to achieve through interactive marketing. This is a new trend that is happening in most of the business.
Don’t just talk to them about your product, you need to be interactive with them. Let them participate in your marketing efforts.
Automation:
This is another change that happened in every business. Automation became more popular and it made everyone’s job easy. There are applications now to make every job easy and business applications are very useful as it brings down the operational and working cost of a business. This also helped to make every time-consuming task easy.
Artificial intelligence and digital innovations are very useful in this field.
Have you heard about Chatbots? This is an automation live chat support using artificial intelligence.
Many businesses use automated chat support like Chatbots. This reduces customer support cost and offers 24×7 support. No need to spend money to hire people for customer support, if you automated this service.
You can integrate it with social media platforms and improve performance. Chatbots are also developing nowadays and people use it in various ways to automate various tasks related to business
Making a monthly membership program:
A long-term commitment and early membership are out of fashion now. Many businesses focus on monthly membership charges for their service. Netflix, Hulu, etc. are some of the examples. This makes users easy to stop the service whenever they want without any previous notice. That easiness made those businesses popular among users.
Even Amazon follows the same condition for their prime videos or prime membership. There are yearly and monthly plans available. Users can select whatever they want. This has become the latest trend in entrepreneurship.
Mobile- friendly:
Focus on mobile optimization of your business. The Internet is becoming the prime means of business and users find it easy to use their mobile to buy or do something.
This will be with everyone and most people search for something on their mobile phones. This is a good change in business and most entrepreneurs are now focusing to attract their mobile users.
Give importance to your customers and offer them a convenient service they look for.
Augmented Reality:
Augmented reality is another innovation that helps businesses to bring a new change. This is not in a fully developed stage. The concept is very useful for all business to bring digital and physical worlds together. It can help users to visualize everything they want and select the product accordingly.
The main field where AR can create magic is in the education and training field. Also, in marketing, it can bring huge changes. If it comes to the reality you can implement it to help customers visualize what they want.
For example, if you are selling furniture’s and use AR effects on your website then users can see the real look of a chosen furniture. This is the impact of AR.
Customer contact by text:
Before there was only one type of customer contact options that is by phone. But that situation got changed right now and many businesses are using messenger services like Facebook, iMessage or WhatsApp to communicate with their customers.
Phone support is only available for working hours. But these messenger services can work 24×7 and customers can ask anything they want just by typing a text.
They will get an instant reply from the company. This makes the connection with customers more informal and strong also. They will feel that your business will always be there with them whenever needed. This is what most businesses felt after implementing this feature.
the loT will be more important:
Internet of things (loT) will be more effective when it comes to the future. We cannot live without the internet and this new change connects every device with our smartphone.
By doing this we can control anything using our mobile device. This change is happening everywhere from coffee machine to a smartwatch.
Many businesses use a loT device now to make a better connection between their employee. It could be anything like watches, glasses, etc. This surely helps to increases the productivity of a business.
Some others believe that there is no use of trying all these technologies. They cannot win in this changing situation. We can personalize loT devices as we want, and users are the master of the device.
Use it in your business as you wish in many areas like customer relation, real-time analytics, to solve an issue, etc. They are more secure and the implementation of it is happening very fast. Within the next 2 years, there will be at least 4 billion users who will be connected to a loT. Start-ups are using this technology more to improve their performance
These are some important trends that we are seeing in entrepreneurship as of now, we can expect more changes as new innovations and technologies are coming up. Every business should be aware of changing trends for the sake of their success
Final Words:
These are some of the entrepreneurship trends you should be looking out for in the coming years. It is always better to follow current trends to be successful. Some of the trends are not yet fully developed. It is always better to check your competitor to know more about the change in entrepreneurship trends.
They will be implementing new business tactics to attract customers. Some of the above trends won’t be appropriate for your business.
Each trend implementation should be made according to suitability in your business. If your business is not fit for those trends, then no need to think about it. It is better to know everything that is happening around you better than staying ignorant.