The Future of Entrepreneurship

Today, employment opportunities are becoming scarce while the rise in independent professionals has been constant around the globe. Freelancers could represent 80% of the global workforce by 2030. (Source: Peerism). With the increase in the Gig Economy, most professionals are literally self- employed.

With non-stop technological advances, entrepreneurship is undeniably becoming the route of choice for anyone who wants to be part of the growth of the “4th Industrial Revolution”. Today There are 582 million entrepreneurs in the world and growing (Markinblog).

The entrepreneur age

The future of entrepreneurship looks extremely appealing. The hurdle to entry has been lowered to a computing device and an internet connection. Today an entrepreneur can access a global market easier than ever before. With an increase in innovation competitiveness, the opportunities for entrepreneurs are exponential. Today, entrepreneurship is being taught as an independent subject at schools and interest has never being more than today. The age of the entrepreneur is at our doorstep.

Self employment is on the rise

More and more young professionals are seeing a better future working for themselves than being employed, which puts a lot more new entrepreneurs into society. Business owners will find themselves hiring a freelancer instead of a full-timer, and that puts pressure on full-time workers.

Smaller teams will be the game changer

Entrepreneurs will grow their pioneering ideas within tightly knitted groups who have common goals. Too large teams are slowing progress down. In the future, the biggest game-changing products and services will most definitely come from small teams.

The new DNA

It is expected that entrepreneurship is going to be integrated into the DNA as a core part of all industries. It is no longer going to be limited to startups and new businesses; every organization will be entrepreneurial in a way, even the ones that have been around for decades or longer. Entrepreneurship will kind of be a new way of life for businesses. In other words, businesses will become more daring, innovative, self-navigating and virtuosos. 

 Innovative ideas need less full-time jobs

The connection between new business ideas and job-creation will become weaker over time. Nowadays, internet out-sourcing and automation means that many growing businesses can be run solely for a long period of time. As AI and robotics continue to grow, this effect will become even more apparent.

 Faster scaling speed

This hypergrowth mode has never before been possible. Today, as a result of the fast technological advancements it’s becoming more and more possible to be able to build a billion-dollar company within a decade. Smaller companies are able to succeed as a result of the reach of already established giants, and thus become giants themselves. The opportunity door is huge but does not come without its risks. In an ever-competitive market, the challenge of the future for every entrepreneur will be the speed at which they can scale.

Entrepreneurship and globalization

The globalized world economy has indeed shortened distances and anyone from anywhere can now compete on a worldwide scale. Moreover, globalization favors the engagement of new ventures with large multinationals, thanks to innovative technological tools.

Conclusion

For decades, entrepreneurship has been the dream of many, but it remains that entrepreneurship is not for everyone. Though the flexibility of working hours and the lifestyle and financial potential attract thousands every year; taking the dive does not come without sacrifice, uncertainty, obstacles, challenges and risks. The rewards however could be worth it for some who possess the right mind set, aptitudes, vision and flair. All those that made it to the top of their game stated that it was all worth it at the end.

In an ever-changing world, and though the trend in entrepreneurship has been favorable during recent years and expected to bounce back post Covid19 pandemic; an eagle eye combined with adaptability and a proactive approach remain crucial for startups survival and permanency.

Authors