So you need all the happenings and changes in Entrepreneurship in a nutshell?
Well, you’ve come to the right place for a bite-size synopsis including business trends, unavoidable changes, and big news in the industry.
More entrepreneurs are joining the game.
With thousands joining the entrepreneurial side of business, current markets are limited in terms of allowing new-entrants. EY data states that 67% of entrepreneurs are focused on “pursuing new market opportunities,” compared to 19% of leaders in businesses. Entrepreneurs are being forced to explore new, fresh areas and industries because of the amount of individuals trying to accomplish the same thing with the same tools and the same people—mix it up, enter into new markets, and create a new niche. You will work harder, but you will be all the more successful.
Customers want more transparency and control.
Everyone wants to be in the know and constantly updated. Clients want to know what’s working and what’s changing, and they most definitely want their opinions to be valued. Changing your way of communication and morphing your business practices into a system that is complimentary to your customers wants and needs will be highly beneficial. For example, when speaking to your clients, offer it all—even when you don’t think “this guy” will enjoy ‘X’ at the end of the month, offer it anyways— giving your clients more (because you should already allow them some) opportunity for feedback or review will help make you more approachable, trustworthy, and valuable.
Data will be gathered from the consumers themselves.
In the past, we are used to the option of purchasing data sets to better understand our consumers or their buying behavior. Now, more data is coming from the consumers themselves by using content as an interactive platform, especially on social media: quizzes, themed polls, etc. Without the convenience of purchasing our data, entrepreneurs and other businesses will be forced to gather the answers themselves. But don’t worry, data available for purchase isn’t obsolete yet, nor will it be for a long while.
Personalization and customization is necessary.
Who doesn’t want to buy an item specifically made for him or her? Who wouldn’t want their followers to speak their language on social media, as if the follower is speaking directly to him or her? Who wouldn’t want a say-so or an ability to customize whatever “thing” he or she is buying? That’s right, probably not a lot of people. People want personalization and customization.
But be careful, consumers are actually turning away from live conversations such as those on social media for any service that doesn’t actually require talking. Because of this, entrepreneurs and businesses are beginning to choose a “channel of choice” for their communication strategies, in hopes of continuing to grow and maintain customer interests.
Efficiency is key to maximizing progress: teams and technology.
How do you get tasks done quicker? Outsource or sub-contract. How do you plan, strategize, and communicate? Through technology. The tools and people are there, you just have to make great use of them. This might mean to start a team of individuals whom you most often outsource work to; this is a team of people you trust, and that you know work hard. Put your team on a workspace platform such as Slack; your ability to organize work tasks, view progress, and chat with your “employees” will skyrocket.
Industry-specific startups are seeing massive growth.
Going back to the first trend (more entrepreneurs are joining the game) on this list, it’s obvious that operating within a niche is essential to success. You can’t play copycat, or try to overrun an established competitors forte. An interviewer with Forbes said it best, “It’s the niches they do not deal in that offer real opportunity to entrepreneurs, who can be flexible and move quickly.” Dig deeper into your preferred niche to unlock a world of consumers that have yet to be touched.