Let me first explain the term “entrepreneurship”. Entrepreneurship is the term that is the process in which a person starts doing a work for himself by using his skills and talent to achieve their goal in life. You can read more on this: What is Entrepreneurship? The main question that comes to every entrepreneur’s mind is that “What’s the future of entrepreneurship?” and what is beyond this?
When I read the business articles in the newspapers, there is always news regarding, share price reduces, many businesses didn’t survive, bankrupts, business disasters and many more shocking sad news like these. This is either because of the bad business plans, lack of funding or lack of manpower. So starting a business is not a bad thing. Being an entrepreneur is a quite exciting task and also difficult at the same time. You can become an entrepreneur by using your skills that will help you develop a great business in future.
If you are a person that wants to expand the business then you would require some capital as well. You can generate funds for yourself by self-funding, taking loans from a bank or even you can indulge into the MUDRA policy that the government has introduced. You can refer to our article: How to tackle the challenges of a startup business in 2018. This can be highly helpful when you are trying to be an entrepreneur on a big scale. Also, you can become an entrepreneur at a low scale as well by becoming a freelancer, that will not require much money. However, becoming a freelancer requires a lot of efforts.
But the question that still comes in every entrepreneur is “What’s the future of entrepreneurship?” The future is mostly unpredictable. But we have tried our best to answer your question in detail. So let’s get started with the article.
Game-changing Business Giants:
The Big businesses like Facebook, Google, Uber etc. are the big Giants that have made entrepreneurs think twice. Nowadays, the entrepreneurs are working hard on redesigning, rethinking and retooling their techniques to meet the market standards of the big companies. They have to be more innovative and unique in order to survive their businesses. It is the technology that has changed the way we live our life and the way we do our business. The way we eat, sleep, purchase products, do things and perform various activities of our lives have changed. The time has changed and we are not living in the era where we find technology as an opportunity in our business. On the contrary part, the technology has become the drive of all our businesses today.
The way entrepreneurs work:
An entrepreneur is a person that uses his skills to perform different tasks to run a business in order to make a profit out of it. The earlier entrepreneurs use to do work by visiting different places. For example, in order to grow the business, I have to do marketing of my product in various companies. Whereas, today we can grow the business by doing digital marketing. So the way to do business is definitely changed. We can do business by sitting at home not going to any office. This is what’s the future of entrepreneurship is going to be like.
Changing consumer needs:
In early time, banks were not interested in funding the new ideas of the entrepreneurs. However, the time has so changed that the banks and the different funding schemes have been introduced to raise this young talent. They are eagerly looking for an innovative idea where they can invest. The venture capitalist, crowdfunding, MUDRA scheme are some of the ways to fund the entrepreneur’s ideas.
In earlier times, the consumers used to buy the things that were their needs. On the other hand, now the consumers buy things because they have money. The technology has changed the time has changed and the consumer has become rich to afford many things.
As earlier people use to relocate to different areas of the countries because of their jobs in the different area. Nowadays, because of the high-speed internet and the cloud computing, people can do work sitting at home remotely. Now there is number of industries that have employees working from home. In the USA, almost 24% of the people work from home. This process is time-saving, money saving and is comfortable. You can work in a remote environment and on remote technologies.
The remote workers can enjoy their home. There is no need now to move to another location to work. The time is changing and so is the business trend. So for entrepreneurship, most of the companies are heading towards work-from-home policy, in which location is not a foundation. This way the future of entrepreneurship is great.
Challenges will change:
Being an entrepreneur is a lot more difficult task than working for a company. Being a worker, you just have to do the work and then expect the salary. But being an entrepreneur is different, rather than expecting salary, you have work and make the salary for your employees and then think for the company growth, then think for your profit. The tasks will remain the same but the challenges will change as the audience are becoming more technology friendly. The expectations will increase as the standards are rising. So the entrepreneurs should be ready to face the challenges that might have in future.
To conclude, you can run your own business only when you have the power to handle the pressure. You will face challenges in your business and you will have to think of many strategies to tackle the business challenges. If you are ready to take the challenges then start your career as an entrepreneur. The future of entrepreneurship is in your hand, you can spoil it by weak business plan or you can succeed it with good business strategies. “You are the writer of your own business book.” I hope you will find this article helpful.