According to statistics shared by TeamStage, the number one reason that people decide to start their own business is to take control of their professional life, and the last few years have seen a significant spike in the growth of entrepreneurship as more people than ever before are stepping away from a ‘traditional’ career path.
Around the world, young people would prefer to start their own venture than work for someone else, and it’s not just the younger generation that feels this way. In the US alone, 82% of entrepreneurs are aged 40 and over. These are the entrepreneurship trends that are currently emerging or look set to do so in the years ahead.
The Rise of Niche Market Services
Bespoke and personalized products and services are catering to a growing customer base that want unique items and experiences. As well as providing specialized products, companies and new businesses are responding by giving clients the option to choose the color of a product or to add a name to it (for example), or adjusting their email marketing to feature a personalized – rather than generic – greeting.
Globalism as Standard
Whereas in the past globalization was only an option for large, established companies, achieving an international reach is now possible for even the smallest of start-ups. Tech has made it easier than ever before for new and micro-businesses to collaborate across borders and reach potential new markets.
Cashless Options to Go Mainstream
Fintech entrepreneurs such as Michael Zetser, who has many years of experience working within the payments sector, are aware that a key trend is the rise of cashless options. Both cryptocurrencies and Ethereum blockchain NFTs (non-fungible tokens) will become mainstream, while mobile banking services will continue to expand and increase in currently underserved regions such as Kenya and India.
Take a look at the embedded PDF for more information about the current and anticipated future trends shaping the entrepreneurial world.
The Future of the Start-Up
The shift to home and hybrid working has been and will continue to be a benefit to start-up companies, negating the need to pay for office space. Authenticity and sustainability will continue to be driving forces, with sustainability planning built into a business’s design process.
In conclusion, the growing demand from consumers for ethical businesses will also shape the start-ups of the future, with corporate social responsibility (CSR) expected to become an intrinsic part of a successful business’s value statements.