The future of entrepreneurship is an exciting yet daunting one. From the rise of artificial intelligence to the emergence of online platforms, the business landscape is changing rapidly. As solo entrepreneurs prepare to take on the world. Tthey’ll contend with several new trends shaping the future of business, including:
The Rise of Artificial Intelligence
The rise of artificial intelligence (“AI”) is redefining how solo entrepreneurs approach work. Gartner, Inc. describes AI as “a technology that exhibits the ability to perceive its environment and take actions. That maximize its chance of success at some goal.” Most solo entrepreneurs use AI to help them with time management and decision-making tasks.
A New Generation of Investors
Solo entrepreneurs are changing the world. According to a 2015 report from Global Entrepreneurship Monitor, more than 70 percent of adults (3.8 billion) have the potential to be an entrepreneur. Yet, only 40 percent of them pursue entrepreneurship as a career path.
The remaining 60 percent comprises individuals who have less access to capital and support, which is why we are seeing a new generation of investors emerge who are keenly aware of the importance that access to capital has on the growth and survival of small businesses. There’s even a name for this group of investors: angel investors. In fact, according to the U.S. Small Business Administration, the average angel investor is 55 years old and represents 6 percent of all angel investments. With so many solo entrepreneurs in need of funding, it makes sense that there’s an emerging community of investors interested in providing opportunities for these budding businesses.
The Growing Influence of Corporate Social Responsibility
Corporate social responsibility (CSR) is becoming increasingly important to businesses, and the number of companies working to better the world is growing exponentially. But what do these efforts mean for solo entrepreneurs?
Most of us have seen “Mission Statements” published by larger business entities in attempts to show just how good they are at being “good” – but one thing we don’t hear about is how corporate social responsibility is affecting small businesses and solo entrepreneurs. We wanted to take a look at it and see if there was anything solo entrepreneurs could learn from how these companies are approaching the idea of social responsibility.
Will Mobile Replace the PC?
The word “entrepreneur” is used to conjure up images of a stoic, solitary, laptop-toting hero battling through the night to create the next Facebook or Uber. Today, the same word conjures up images of someone with a smartphone instead of a laptop and likely struggling to source products to sell on the side.
The world of ecommerce is changing what it means to be an entrepreneur. Once there was a desktop computer at every desk, now there is increasingly a mobile device in every pocket. And it’s no longer just about laptops, either: tablets are making their way into the workplace as well. A recent study by IDC shows that mobile technology will major impact offices in the next few years. It also found that mobile computing impacts the workforce in more ways than originally thought.
The Rise of Entrepreneurial Lifestyle and Culture Services (ELS)
Today, technology has blurred the line between work and play and continues to provide opportunities for individuals to earn a living from the comfort of their home or favorite café. Our lives have become increasingly mobile, faster and more connected. Whether you’re traveling, attending to family matters or just relaxing at home. This trend is likely to accelerate as entrepreneurial lifestyles continue to evolve and impact the direction of commerce in America.
A Larger Focus on Cyber Security
According to experts from SeedBox Storage, internet security and cyber security issues are expanding rapidly. The cyber risks are evolving and have begun to pose significant threats to organizations. Cyber attacks are costly and inefficient, not only for the organizations themselves. But also for the customers because of cybercriminals’ non-personalized service.
Cyberattacks can be used to steal intellectual property and trade secrets, tamper with critical infrastructure, disrupt markets. It can be used in a broader spectrum to create global chaos. The need for cyber security is increasing in our society. And organizations must take action and deploy best practices to manage these risks.
Solo Entrepreneurs Embrace Collaboration
Emerging trends have been major influencers for some time now having had a considerable impact on businesses and industries across the board. While their collective impact is difficult to measure. It’s clear that new trends will be a major driving force for making business a reflection of our values and our people, as well as advancing communities globally.