The Future Of Entrepreneurship | Four Trends Revolutionising Businesses

Photo by Emile Guillemot on Unsplash

We live in a day and age where the rate of business development is staggeringly high. What seemed to be a genius idea half a decade ago, could seem like a mere whim in present day standards.

What this means for an entrepreneur is that you need to be at the top of your game. Keeping up with the major changes in your entrepreneurial path is more important now than ever. You need to learn what works, how to leverage it for a chance at having a successful business.

But, which are these trends that are likely to revolutionise entrepreneurship as you know it? Let’s take some examples.

Artificial Intelligence 🤖

On the top of the list, we have artificial intelligence (AI). Since the first artificial intelligence programme was designed by Herbert Simon and Allen Newell in 1955, the growth of AI has known no bound. So exponential is this growth that in the last five years alone the total yearly corporate global investment in AI increased by 55 Billion US Dollars. As if that isn’t enough, AI is expected to attract an estimated $15.7 trillion, or 26% increase of global GDP, by the end of this decade.

Such staggering growth is definitely something that every entrepreneur should be on the lookout for. Why? Because AI and the Internet of Things (IoT), when well leveraged, can help trigger an unimaginable capacity for creativity and innovation in as far as entrepreneurship is concerned.

As an entrepreneur, you can use the two to:

• Make your business more personalised to the needs of your clients
• Reduce operational cost by tracking your assets
• Optimising production by automating business process
• Obtaining data to help scale your business

The Digital Workspace 💻

Growing just as rapidly as AI is the virtual office space. Courtesy of the advancements in cloud computing and broadband technology. the concept of working remotely has become more and more feasible. Simplified video conferencing software and virtual reality conferencing resources and business communication software are now doing wonders for businesses. Apps like Zoom, Google Meet, Slack, and our personal favourite Discord make it possible for workers to connect and work without being physically present.

What is even more enticing about the digital workspace is that it permits businesses to outsource talents internationally You no longer have to worry about not having the right person for the job in the area where your business is. All you have to do is post a job Ad online, recruit online, interview online and work, all online.

To improve your odds of becoming a successful entrepreneur, you can for example use the digital workspace to:

• Get qualified employees
• Reduce the time spent on a daily commute
• Lower the cost of leasing and maintaining a physical office space

Crowdsourcing 🧠

The growth of entrepreneurial culture has also offered opportunities for crowdsourcing. Sites like Idea Bounty, OpenIdeo and Innocentive are gaining trust for information acquisition and trend setting. Gone are the days of delayed, biased or inaccurate market analyses surveys. As it stands, an entrepreneur gets enough data about their business idea, whether it is sustainable, and what the markets would prefer. What this means for the future of entrepreneurship is that power is rapidly shifting to the user. You can no longer afford to be rigid in your business. Accommodating views and positive criticism will go a long way in making your business more sustainable.

That said, you can leverage on the power of crowdsourcing by:

• Seeking crowd creativity.
• Asking for views through crowd voting.
• Popularising your brand through crowd contests and challenges.
• Finding new ideas through crowd innovation.

Crowdfunding 💰

All the things above are achievable, but not in the absence of adequate funding. This is where the concept of mobilising people to contribute the money required to get a business idea off the ground comes to play.

Crowdfunding is a concept that is gaining traction by the day. In fact, if statistics are anything to go by, the global crowdfunding market size is expected to reach $114 billion by 2021. This is a whopping 30 billion dollar from what it was in 2018.

For entrepreneurs, this means they can now access wider sources of funding. Funding sources like loans can have high interest rates. Others, like individual investors, may be difficult to find and secure funding from. Crowdfunding however, offers you a feasible, faster, more cost-friendly form of funding.

How Best Can You Grow Your Business?

Many efforts go first towards getting your business off the ground, then scaling it to greater heights. Among the most important of these efforts is gaining necessary information and guidance during the journey. Do not get left behind when it comes to entrepreneurship trends and insights. In fact, stay updated by following Edventures in social media.

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