To succeed as an entrepreneur you’ve always got to stay on top of – or ahead of – the current trends. What customers want is always changing, as are the conditions you’re operating in. This article will take you through the big headline trends to watch out for as this year enters its second – and likely more unstable – half.
Many of the world’s leading tech entrepreneurs, such as money transfer fintech entrepreneur Taavet Hinrikus and fashion-tech entrepreneur Tom Chapman, got ahead of their competition by spotting how technology was changing industries before anyone else.
Crypto
Much of the coverage of cryptocurrencies surrounds trading them, but this misses that they were originally made as a means of exchange. The past year has seen a big rise in this use which will likely continue. How easy it is to buy and sell cryptos gives companies confidence that they are not going to be stuck with them and more than ever are now accepting cryptocurrencies as payment.
There are currently two major downsides: high levels of government scrutiny and volatility in value. But as crypto becomes better established, more people will appreciate its real use. More cryptocurrencies are likely to emerge, establishing them more.
Remote and Hybrid Working
The move towards remote working was sudden and unexpected. The realities of the coronavirus pandemic brought with them a whole host of new ways of working, and many look like they’re here to stay. Not least among these is the option to work from home, either partially or fully.
Three years ago, remote working was a rare perk in most industries. In fact, many basses would have frowned upon it if an employee had asked to work from home. Yet today, virtually every industry which doesn’t require being present in person as a basic part of the job, like hospitality or construction, is willing to be flexible. Wanting to work remotely is no longer seen as a trick to slack off – businesses appreciate people can often work just as well from home, especially now that the tech is there to facilitate a digital office.
More and more companies, big and small, are actively moving towards at least a hybrid model of working. Working from home means no commuting, saving staff time and money, and if a firm is totally remote there is no need for a physical office – often a company’s single biggest expense.
The Evolution of the Gig Economy
The pandemic also boosted another change in how we work, though this was a trend already noticeable. Many people today are not actually employed by the companies they work for, acting as contractors instead. This has been controversial, but the ever-increasing uptake of jobs in the gig economy should tell you one thing: controversy does not mean unpopularity.
The trend for this year is not the gig economy’s growth, though. Right now, these businesses are being forced – either by legislation, public pressure, or the efforts of their workers – to change the way they treat their labour force. If the businesses hiring gig workers improve conditions and mature into using a sustainable model, they will cement the gig economy as a part of the modern working world.
Entrepreneurs should be aware of the rise of the gig economy and what opportunities it might offer them either as a contractor or a service provider. But they should also be aware of the changes it is seeing and recognise that the gig economy of tomorrow may look very different.
The Importance of Multimedia Outreach
The way businesses interact with their staff is not the only thing that is changing rapidly. Digital outreach is now the single most important means of maintaining visibility with current clients and generating it with new ones. But increasingly, customers now need to be reached through a wide range of different media channels to get a proper profile.
Customers simply won’t be aware of companies without a digital profile, and if they are, will be less likely to follow up and make a purchase. This is because a proper digital profile is essential to looking credible now. To be seen as credible, and to be seen at all, you need to be reaching people on a wide variety of platforms. Entrepreneurs who fail to understand this and be proactive putting themselves out there will find themselves stuck in the mud.
The Need for ESG Strategies
Outreach is not just about publicity – it’s about good publicity. Younger people often rank environmental issues very highly in their concerns in all areas of life. Brands will find they are held back in a range of areas, from recruiting to selling, if they are not visibly eco-friendly.
If you are starting out as an entrepreneur, it is good to star out right: get your ESG strategies in place early and you will reap the rewards. If you are an entrepreneur with an existing company, the change does not have to be immediate, but it does have to happen. Although a very recent trend, it is without question here to stay.
