New and old entrepreneurial trends for entrepreneurs to be aware of.
In 2016 the month of November was designated National Entrepreneurship Month, a time to celebrate hard-working entrepreneurs who boost the economy through innovative ideas. If you’ve started a business that finds creative solutions to everyday problems, you might just be an entrepreneur — and this blog post is for you!
What Entrepreneurship Month Means
From sleepless nights to last-minute sales pitches, entrepreneurship is not for the faint of heart, and during National Entrepreneurship month consumers are encouraged to be thankful, support and choose start-ups while also exploring the future of entrepreneurship.
The Presidential Proclamation for National Entrepreneurship Month explains that “Through their intrepid sense of possibility and resilience, and their unwillingness to give in or give up, entrepreneurs from every walk of life make invaluable contributions to the American experience — turning bold ideas into real progress.” Those who have ventured into entrepreneurship, know this statement to be true, which is why this month is so important.
So what’s on the Horizon for Entrepreneurs?
According to the Fresh Books entrepreneurial statistics, by 2020 America will have 27 million self-employed professionals. Take a look at the relevant trends you’ll have to be on the lookout for if you want your business to stay competitive.
- A shift on how we use data
An overwhelming amount of data-gathering technologies is taking over 2020, but this doesn’t have to be bad! Using data to tell a story can help you acquire new clients, improve your product or service, help your team better understand your internal goals and simply inform business decisions.
If you’re only using data to build bar charts, it’s time to admit the importance of data science and take advantage of analytics for better results.
- A focus on marketing initiatives
Even though marketing is certainly not a new trend, the fact that consumers are more informed than ever puts entrepreneurs in a position where those who aren’t using marketing will only fall behind.
Instead, utilize social media, Search Engine Optimization (SEO) and other relevant efforts to make your business more visible and set yourself as a leader in your industry.
- Long term vs. immediate results
Fleeting businesses that come and go in the blink of an eye are slowly disappearing as our society starts valuing companies that are here to stay. To make sure you’re part of the latter, experts recommend having a strategy since the beginning:
“Entrepreneurs are now starting to talk more about a strategy of driving revenue from the very beginning. This will provide a tangible measure of the business’s potential, plus stronger, more sustainable organizations. In 2019, we should see more entrepreneurs setting themselves up to be a long-term success, as opposed to a brilliant flame that burns out fast.”
Related content: Did you know that 30% of businesses fail during their first year?
- Connecting with others
As the entrepreneurial community continues to grow, entrepreneurs understand that the journey isn’t necessarily easy, so instead of seeing competition against each other, a sense of community continues to grow in order to empower business owners.
If you haven’t already, do some research on local and online communities to help you connect with others who could provide support as you continue to expand your business.
- The rise of diversity
A 2016 study by Inc.com shared that roughly 40% of new entrepreneurs identify as African American, Latino, Asian, or other non-white, and around 30% of new entrepreneurs are first-generation immigrants. Now, almost 4 years later, these numbers have only increased, and can no longer be ignored.
In 2020 it is expected that multicultural and gender diversity will only enrich the start-up playing field.
The Gig Life
Whether you are building towards your dream of being your own boss or looking for ways to pay for that big credit card purchase, The Gig Life is your resource for helpful tips, resources, inspiration and community. We also stand behind our message and support the gig community- we look to inspired freelancers and offer gigs. Our goal is to provide you with useful and entertaining content that inspires! Follow our blog for more.