Do you want to know the trends in entrepreneurship or entrepreneurial trends to look out for in the coming years?
If there’s anything we’ve learned so far from life and the global economy is that those who jump in early on emerging trends make the most of them.
For instance, think of the dot.com era boom, Bitcoin’s early adopters, among others.
People who noticed the trends and adopted them early were already benefiting from them when others were just realizing them.
Jumping in on every new trend may not be ideal, especially for business.
That is why you need to focus only on trends that will positively impact your life and business.
Hence, we’ll be considering some of the emerging trends to watch out for in the coming years.
But first, what do you stand to gain by this?
Trends Spotting In Entrepreneurship & Its Benefits: Entrepreneurial Trends
As its name implies, trend spotting is the process of noticing relevant trends and adopting them before they start trending.
The keyword here is “relevant,” meaning, aside from spotting the trend, you also need to analyze it and determine its relevance to your business.
Another keyword here is ädoption”, meaning you have to be able to implement them to start reaping the results early on before they become popular.
Trend spotting is arguably one of the vital skills every entrepreneur should possess for the following reasons;
It Helps You Quickly Adapt To Consumers’ Changing Needs
Human needs are insatiable.
Hence customer needs are always changing.
More so, every business exists to satisfy its customers’ needs.
You can keep up with the changing needs in the marketplace by watching out for the trends in your industry.
Doing so will help you identify changes in your customers’ needs.
Then, you can tweak your business to fit those needs to help you stay relevant in business.
It Increases Productivity And Efficiency By Helping You Improve Your Business
Spotting the trends in your industry can also help you identify the areas you need to improve in your business.
Perhaps, you’ve identified certain tech trends that can help you optimize your performance and speed up the operational process.
You can improve productivity and efficiency in your business by simply implementing those trends.
Could Set You Up As A Leader In Your Industry
Spotting entrepreneurial trends and accurately predicting the turn of events can set you up as a leader in your industry.
It will help you create positive changes in your industry that other businesses will want to emulate.
Improves Your Skillset
Training yourself to spot trends and predict future events will also help you build forecasting skills.
This skill can set you apart in the entrepreneurial world because you’ll have better control of your business environment.
Helps You Negative Signs Early On
Expectedly, circumstances beyond our control will come up.
However, there are certain negative situations you can avoid in business by looking out for the warning signs.
So, watching out for a trend of certain negative patterns in your industry can help you spot the warning signs early on and take precautionary measures.
You’ll Be Ahead Of Your Competitors
Finally, watching out for relevant trends in your industry and adopting them early on in your business can give you a competitive edge.
It could help you implement new business ideas/practices and start recording results before it saturates the marketplace.
Now, let’s explore some of the major changes many experts expect to see in the entrepreneurial world in the coming years.
Top Trends In Entrepreneurship: Entrepreneurial Trends To Watch Out For
1. Email Marketing Is Being Revived
With the coming of Instagram, Facebook, Twitter, and other social media platforms, emails took the back-burner.
However, recent statistics show a rising surge in email marketing, and many entrepreneurs are now looking in that direction.
Particularly, email marketing has proven to deliver huge marketing ROI than other marketing strategies.
Even more, the amount of email subscribers is projected to grow to up to 4.6 billion users by 2025, according to reports from Statista.
Hence, there’s no better time to jump on this bandwagon than now if you aren’t already leveraging email marketing in your business.
2. Diversifying Content Marketing Efforts
Another important trend in entrepreneurship/entrepreneurial trend that’s gaining the attention of many entrepreneurs is the idea of repurposing content.
Content creation has recently taken a new turn.
Now, we see businesses and content creators using content in different ways across different platforms to appeal to a wider audience.
For instance, a blog post could be converted to slides or video presentations for easy consumption.
As we stated earlier, consumers’ needs are always changing.
Before now, Blogs, ebooks, and video content formats received the most engagement from users, according to Hubspot.
However, now, there’s a need to diversify your content marketing efforts by using different content formats that appeal to your target markets’ preferences.
3. A Shift From Raw-Codes/Programming To Low-Code Web Apps; Trends In Entrepreneurship: Entrepreneurial Trends
Presently, business owners need to pay huge sums to developers and programmers to set up a business website.
However, several low-code software offering a simple drag-and-drop interface are becoming more popular.
Now, anyone without coding or programming skills can create websites and apps within the shortest time possible.
Overall, experts expect a massive adoption of low-code-based apps in the coming years.
4. Surging Rise Of Micro-Influencers In Influencer Marketing
Influencer marketing has been one of the most tried and true marketing tactics for most big brands.
Yet, it’s still one of the most expensive marketing campaigns as experts project that brands will spend up to $15 billion on this marketing tactic.
Due to the high cost of running this type of campaign, many small business owners have resorted to other marketing strategies, giving rise to micro-influencers.
As the name implies, micro-influencers are top personalities with smaller followership of up to 2,000 to 10 000.
So far, it has proven to be an effective marketing tactic for the following reasons;
- It targets people in a specific niche or industry.
- Better engagement due to the smaller number of followers.
- Better ROI because they’re less expensive and have a high potential to drive sales than macro-influencers.
In all, due to the high cost of macro-influencers, micro-influencer marketing is becoming more popular amongst entrepreneurs and marketers.
5. Demand For High-Value Professionals Services; Trends In Entrepreneurship: Entrepreneurial Trends
The competition in the business world is stiff.
As such, businesses need to be on top of their game and maintain their competitive edge.
To achieve this, entrepreneurs are constantly searching for highly-skilled professionals that can deliver value to their business.
Specifically, business owners aren’t just searching for marketers but excellent marketers that can help them solve their marketing challenges efficiently.
Entrepreneurs are beginning to understand that the more tasks they have off their hands, the more free time they have to focus on other essential aspects of the business.
Hence, many business owners now focus on hiring quality service providers/teams to improve efficiency in their business.
6. Consumers Growing Inclination To Brands That Align With Their Values
For any business looking to build a strong customer base, you would want to watch out for this trend and implement it in your business.
Brand imaging is an important part of every successful business marketing tactic.
However, you’ll need to get smarter with your brand marketing strategies.
Research shows that customers are now more inclined to brands that align with their social values or political beliefs.
Hence, as a business, you would want to ensure that your brand message resonates with your target audience’s social beliefs.
7. More Entrepreneurial Communities Are Springing Up
Networking and business relationships have proven to be a huge factor in business success.
This has also given rise to many new entrepreneur communities, primarily online on platforms like Facebook, LinkedIn, Quora, Reddit, etc.
Within these communities, entrepreneurs can gain emotional and intellectual support.
Even more, these communities allow entrepreneurs to form meaningful partnerships that have birthed many innovative startups.
So, as you move further in your entrepreneurial journey, develop the habit of networking and building meaningful business relationships.
8. Millenials’ Interests In Entrepreneurship; Trends In Entrepreneurship: Entrepreneurial Trends
There’s also a trend of younger entrepreneurs springing up around the globe.
Precisely, there have been cases of millennials between the ages of 14 to 21 years starting their own businesses.
The recent recession, high unemployment rate, global pandemic, and other geographical/economic factors have contributed to the desire for entrepreneurship in the younger generation.
Furthermore, due to the rise of many high-income skills, many millennials now have the opportunity to turn their side hustle into a business.
In all, we may begin to see many young entrepreneurs spring up.
9. Remote WorkForce
This is not a new trend.
However, it gained global relevance during the 2020 global pandemic that forced many on-site businesses to shut down operations.
Despite the devastating effect of the lockdown on many businesses, it gave way to many opportunities.
Firstly, businesses realized they could save a lot on overhead costs by having workers work from home.
Furthermore, many professionals realized the freedom and flexibility that remote work offers.
Overall, the benefits of remote work have become more popular.
As such, many business owners/professional service providers are adopting remote work culture.
10. Selling On Social Media Platforms; Trends In Entrepreneurship: Entrepreneurial Trends
The social media trend has been on for several years.
Due to the increase in social media use, many businesses have found several ways to leverage social media marketing to increase sales in business.
More so, online users have shown interest in buying products on different social media platforms.
This has given rise to the concept of “social commerce.”
Just as there’s e-commerce, where online shoppers buy products from online stores, social commerce allows online users to buy a product directly from a brand’s social media page.
In all, current social media trends project the increasing popularity of this business model in the coming years.
11. An Expansion Of Subscription-Based Business Model To Cover Other Industries
Before now, the subscription-based business model was popular in the entertainment industry.
However, several businesses in other industries are beginning to adopt this business model.
Specifically, SaaS industries and the education sector are beginning to adopt the subscription-based business model.
Experts predict this industry to grow exponentially to a net worth of up to $11.1 billion by 2027.
You can also analyze this business model to see ways you can incorporate it into your business.
12. Artificial Intelligence (AI)
There has been a massive adoption of ethical AI technologies in most industries, especially telecommunications, healthcare, tech, marketing, manufacturing/production, and even the banking sector.
Many industries use AI tech to automate business processes and improve efficiency, thereby enhancing the customer experience with their business.
Based on how AI has improved human life and many business processes, the expectations are high for what the future holds for this tech.
Research reveals a projected global revenue gain of over $100 billion by 2025.
Overall, there is so much prospect for this tech.
Hence, you can begin to look into this trend to see how you can take advantage of it for your business growth.
13. A Shift From Over-Personalized Marketing
Personalized marketing strategies have gone mainstream in the marketing world.
Many marketing professionals/companies employ this technique in their marketing campaigns.
Unfortunately, customers are becoming more familiar with this technique.
Hence, if you want to be able to break every psychological wall of resistance in your customers’ minds, you’ll need a new marketing approach.
You’ll need to start thinking creatively to come up with more effective ways to pass across your marketing message and build a strong relationship with your customers.
14. Eco-Friendly Businesses
With the increased threat of global warming to the ecosystem, the advocacy for eco-friendly activities has also been on the rise.
People are beginning to adopt lifestyle options that promote the sustainability of the ecosystem, like renewable energy products.
Given this, experts project an increase in the practice of eco-friendly activities.
You can expect to see several Green businesses/companies that produce zero emissions during their business operations.
Also, watch out for eco-friendly designed products and more renewable energy solutions.
In all, you can begin analyzing this trend to identify the best ways you can place your business at an advantage before it goes mainstream.
15. The Rise Of More Mobile Businesses; Trends In Entrepreneurship: Entrepreneurial Trends
Mobile businesses are not a new trend.
They’ve been around for quite some time, with the food/confectionaries truck being the most popular type of mobile business.
However, it’s expected that more businesses will spring up in this industry, considering many aspiring entrepreneurs increasing desire for ways to reduce business startup costs.
So, suppose you’re an aspiring entrepreneur with limited funds looking to start a small business.
In that case, you can analyze this industry to determine its future prospects and how you can use it to your advantage.
Now, we’ve gone through some of the trends in the entrepreneurial world.
The big question becomes, how do you consistently spot and stay on top of trends in your industry.
Here are a few things you could do to build your trend spotting skills.
How To Train Yourself To Spot Trends In Entrepreneurship Before They Become Trending
Study Industry Leaders
Earlier, we stated that spotting trends and taking advantage of them before they become trending could make you a leader in your industry.
Similarly, you can also train yourself to spot trends by studying such industry leaders.
You can follow them on their different social media handle and observe the industry trends they share with their audience.
Also, observe their business practices to identify new patterns that make them different from other businesses.
By doing this consistently, you’re training yourself to understand how things work in your industry.
Shortly, you’ll also be able to predict the turn of events in your industry.
Do A Lot Of Market Research
Another way to train yourself to spot trends in entrepreneurship/entrepreneurial trends is by looking into the market.
Researching the market can give you insight into changing consumer behaviors and preferences.
It could help you accurately predict the next big thing in your market, so you can jump in early on it before everyone else.
This alone could set you apart from your competitors.
You can research the market by sending out online surveys, talking physically to your customers, and gathering relevant feedback from them.
Read Relevant Industry Materials And Resources
Reading can also expose you to a lot of valuable information that could help you prepare for the next big thing in your industry.
It could be blogs, articles by industry experts, books, interviews with market analysts, and other relevant resources in your industry.
The more valuable information you consume, the better you’ll be able to spot upcoming trends that top industry leaders seem to be talking about.
Do A Lot Of Networking
Connecting and sharing ideas with other people in your field can also help you spot trends early on before they become trending.
Ideally, when a group of entrepreneurs/like minded-individuals comes together, they discuss and share opinions.
During this process, they could also share their opinions on the current changes in the industry.
This way, you could gain insight into emerging trends and benefit from them early on.
Wrapping Up On Trends In Entrepreneurship: Entrepreneurial Trends
Trends will come and go.
However, some will transcend beyond years and stick with us for a long time.
For any business to stay relevant, it needs to adapt to the changing needs of consumers in its industry.
You can do this effectively by exploring trends in your industry to your advantage before other businesses in your industry.
So, think of how you can exploit these 15 trends mentioned above for your benefit.
Best of luck!.