The post-2020 decade will see a growing list of emerging businesses overtake gigantic businesses that have taken root in our society for the past decade. New business ideas will dominate the global scene with obscene innovations that will propel humanity to the future sooner than later. Here are 5 top trends in entrepreneurship for the new decade.
Paying it Safe While Doubling Down
The recent wave of Covid-19 infections has pushed global markets into a frenzy, with companies forced to reconcile their efforts in achieving efficiencies in contracts along the value chains, procurement, distribution costs, and business operations while growing and innovating into opportunity areas brought about by the crisis. There will come opportunities that you will require to capitalize on when the time comes. Sixty-seven percent of entrepreneurs interviewed by EY are optimistic about pursuing new market opportunities compared to 19 percent of leaders of multinational and large businesses.
More Niche Start-ups
Whereas big businesses achieve greater efficiency in delivering value to large masses through technology, it is the niche start-ups that provide the most value to entrepreneurs due to their greater flexibility and adaptability. The best opportunities for businesses to grow are not always found in the broadest of services but industry-specific niches.
Partnerships With Technology
Non-tech companies are winning big by partnering with technology companies. Indeed, most people with big ideas are not able to code. As such, they rely on others to build out the technologies needed to support their innovations. Tech experts have also turned into entrepreneurship and prefer partnering with non-tech entrepreneurs for sales and marketing support. Sales and Marketing is a field that most non-technology entrepreneurs thrive. Finding a winning partnership is crucial as it is finding the right idea to play out.
Email and Non-Code Web Apps
Whereas Instagram, Facebook, Twitter, and Google have increased over the past decade, entrepreneurs are slowly warming up back into owning mailing lists and subscribers. Social media organic growth continues to decline, and algorithms have tended to be opaquer, leading to higher costs passed to entrepreneurs just to get noticed. Email subscriptions tend to bring you closer to your audience based on trust and value built over time.