Entrepreneurship in today's world

Entrepreneurship

Entrepreneurship. Photo: Inc.Africa

By Modupe Yahaya

Many things are different in our world, with nothing left behind, including entrepreneurship. The 21st century has witnessed numerous transformations, with technology and COVID-19 emerging as the most potent driving force. Their influence has permeated every aspect of our lives, shaping our thinking, interactions, and the way we conduct business.

To provide context for the term “entrepreneurship” in this article, it shall be defined as follows: someone who conceives an idea and works diligently to create a product or service that appeals to people while also establishing an organisation to support these efforts.

Entrepreneurial activity encompasses the development and launch of new businesses, along with the implementation of effective marketing strategies, often with the ultimate goal of selling the company to yield a profit. Entrepreneurs frequently initiate new ventures, such as small business owners and first-time startups. However, the act of entrepreneurship has been significantly impacted by both the forces of the pandemic and the advent of AI

Key Trends and Markers of Entrepreneurship in Our World Today

Remote Work

In today’s world, remote work has emerged as a prominent trend among entrepreneurs and their ventures. Many entrepreneurs and small workforce-based businesses now operate primarily from home, capitalising on the benefits of remote work.

However, some entrepreneurs recognise that on-site actions are essential for their business’s success. To accommodate employees and strike a balance, these entrepreneurs are adopting a hybrid work model. This approach allows employees and contractors to retain the flexibility of remote work while encouraging in-person collaboration for more exploratory or hands-on tasks, thereby leveraging the advantages of both remote and in-person work and mitigating their respective drawbacks.

The Age of Mobile Applications

Mobile applications have come a long way since their inception. The journey began with the development of the Psion Organiser I model in the 1980s, branded as the “World’s First Practical Pocket Computer,” which featured apps like a calculator and clock. Subsequently, in 1993, IBM introduced the world’s first smartphone with similar utilitarian apps, marking a significant milestone in the world of entrepreneurship.

Today, the use of mobile applications is a defining factor for companies looking to propel their businesses forward. Nearly every startup has a dedicated mobile application, which has become a crucial aspect of engaging with customers.

Statistics reveal the growing importance of mobile apps in the entrepreneurial landscape.

Approximately 85% of shoppers prefer apps over mobile websites for online shopping. Moreover, Google reports that 50% of shopping apps installed on smartphones are used at least weekly, and projections indicate that global consumer mobile spending will reach $728 billion by 2025.

Furthermore, investors often insist that businesses have mobile applications, recognising the value and marketability they bring to the table. Embracing mobile applications has become a strategic imperative for modern entrepreneurs seeking to stay competitive and meet customer demands.

Specialised Entrepreneurship

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Gone are the days of the jack-of-all-trades approach to businesses. Business owners now prefer to offer niche market services, granting them unique selling points that appeal to consumers seeking something distinct. Entrepreneurs craft businesses with a clear brand identity, target audience, and specialised market offerings.

This shift also affects how entrepreneurs hire, as business owners now prioritise assembling specialist teams that align with their business goals and aims. These specialist teams possess the skills required to deliver high-quality, curated services.

Subscription-Based Business Models

Subscription-based business models have witnessed exponential growth, particularly during the pandemic. As lockdowns took effect in 2020, many people turned to online subscriptions for their safety and convenience. Today, a significant 49%,  of shoppers are actively using subscription services, and this trend is expected to continue driving growth.

In this model, customers rarely purchase products or services outright; instead, they subscribe to ongoing oversight and support from the company. These subscriptions can be categorised into three types: replenishment, curation, and access. They encompass a wide range of industries, including streaming services, SaaS companies, and traditional retail items like food, beauty, and apparel.

Recognising the benefits of subscription-based models, many established businesses are now focusing on adopting this approach. The advantages include consistent revenue streams, improved customer engagement and brand loyalty, and increased customer value. However, achieving success in this realm requires investments in excellent service and robust online infrastructure.

Building lasting customer relationships and tracking metrics over time are among the reasons why this model has gained popularity. Once customers subscribe, there is no constant need to sell or promote services, as they become a part of an ongoing relationship.

Various successful examples of subscription-based services exist, such as Stitch Fix, Blue Apron, and Bark Box. Industries embracing this model span beer and wine, clothing, cosmetics, meal kits, pet food and toys, vitamins and supplements, and even razors, like Harry’s. By capitalising on the idea that selling to existing customers is more straightforward than acquiring new ones, businesses can tap into consistent revenue streams and foster long-term customer loyalty.

Eco-Friendly and Ethical Business Practices

Shoppers are increasingly concerned about the planet’s health, and, as a result, they choose to patronise businesses with sustainable practices. For instance, fast fashion has faced criticism due to environmental concerns, and the conversation surrounding it continues to grow.

According to a 2021 report by RetailDive fast-fashion retailers could face revenue declines of 10% to 30% over the next five to ten years. Consumers are shifting their preferences towards “slow fashion” as a more environmentally friendly choice. Serious business owners cannot ignore the environmental factor, and they must adopt eco-conscious practices to thrive in today’s world.

With the rise of “cancel culture” on social media, customers demand that businesses not only demonstrate environmental consciousness but also adhere to ethical practices in every aspect. A recent example is Balenciaga, which faced criticism for its inappropriate use of child models. Social media platforms like TikTok and Twitter have been instrumental in spreading awareness and calling for people to refrain from purchasing the brand, effectively policing those who do.

HOW TO THRIVE AS AN ENTREPRENEUR IN TODAY’S WORLD

To thrive as an entrepreneur in today’s world, you must take certain vital steps to ensure the success of your business. Here are some essential strategies:

  1. Maintain a Dedicated Online Presence: Have a person dedicated to studying trends and implementing them into your business’s marketing strategy online. As the online world merges with our reality, actions and inactions on the internet can have real-life consequences. A solid social media presence and knowledge are crucial for your company’s success. Social commerce, which involves selling products directly on social media, is projected to reach $604.5 billion by 2027. Therefore, digital marketing is indispensable for all businesses. Numerous instances show how businesses have achieved overnight success simply by going viral on the internet. Almost every business should have an online presence, and you can maximise its benefits through email marketing, influencers, sponsored posts, and content marketing.
  2. Embrace Evolving Payment Methods: Keep a close eye on the continuous improvement of payment methods. Cryptocurrencies, for example, are gaining acceptance as valid payment options, allowing entrepreneurs to accept money from anywhere in the world. E-commerce businesses, in particular, should strive to offer multiple valid payment methods to cater to diverse customer preferences.
  3. Choose the Right Work Model: Assess whether your business requires a hybrid or fully remote work setup. Remote work can work in your favour, enabling you to tap into a global talent pool without being limited by physical location. You can hire the best talents from different parts of the world, either as full-time employees or freelancers. The pandemic has expanded our horizons, and having a dedicated global team can help your business achieve global reach.
  4. Communicate Your Values: Declare your values to your target audience and ensure they are implemented throughout all aspects of your business. People are increasingly conscious of supporting businesses that align with their values. Being transparent about your values and practices can help you avoid potential boycotts due to bad politics, unethical behaviour, or environmentally harmful practices.
  5. Foster a Healthy Work Culture: Implement a healthy work culture that accommodates your employees’ needs and encourages productivity. A positive work environment fosters employee satisfaction and enhances their performance, ultimately contributing to the success of your business

 

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